Under Ohio law, a listing agent receives an offer while another offer is already being considered by the seller. What is the listing agent's duty regarding the new offer?
Correct Answer
B) Present the new offer to the seller promptly, along with information about the existing offer being considered
Under ORC §4735.67, Ohio listing agents must present all offers to the seller in a timely manner. When multiple offers exist, all must be presented so the seller can make an informed decision.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A practice where the agent or brokerage represents only one party in a transaction — either the buyer or the seller, but never both.
A relationship where a listing broker authorizes other brokers to act as agents of the seller, extending the seller's agency relationship to cooperating brokers.
A non-agency relationship where the broker facilitates a real estate transaction without representing either party, owing limited duties of honesty, fairness, and competence to both.
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