Mark, an Ohio broker, is involved in a dual agency transaction where he represents both the buyer and seller. Under ORC §4735.71, what specific disclosure must Mark make?
Correct Answer
D) Obtain written consent from both the buyer and seller acknowledging the dual agency relationship
Under ORC §4735.71, dual agency is permitted in Ohio but requires written consent from both the buyer and seller. Both parties must be informed of the dual agency and its implications, and both must agree in writing before the broker can act as a dual agent.
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Related Topics & Key Terms
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Related Concepts
Radon disclosure involves informing buyers about the presence or potential presence of radon gas in a property. Radon is a naturally occurring radioactive gas that can accumulate in buildings and is the second leading cause of lung cancer.
Fair housing laws apply to a broad range of activities related to housing, including sale, rental, financing, and advertising.
A seller's disclosure statement is a form that sellers complete to inform buyers about the condition and history of the property, including known defects, past repairs, insurance claims, and environmental issues.
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