Under Ohio law, which fiduciary duty requires an agent to keep the client informed of all facts that could affect the transaction?
Correct Answer
D) Duty of disclosure
Under ORC §4735.62, the duty of disclosure requires agents to keep clients informed of all material facts and information that could affect the transaction or the client's interests.
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Related Topics & Key Terms
Key Terms:
Related Concepts
In real estate, a client is someone to whom the agent owes fiduciary duties through an agency relationship, while a customer is a third party to whom the agent owes only honesty and fair dealing.
An arrangement where a brokerage assigns separate agents within the firm to represent the buyer and seller in the same transaction, allowing each client to have dedicated representation.
A situation where a single agent or brokerage represents both the buyer and the seller in the same real estate transaction.
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