Agency
An Ohio buyer's agent discovers the seller has accepted a higher backup offer. The agent should:
AConceal this information to keep the deal from falling apart
BDisclose this information to their buyer-client as it is a material fact✓ Correct
COnly disclose if the buyer directly asks about backup offers
DReport the seller's agent to ODREPL immediately
Explanation
The existence of a backup offer is a material fact that the buyer's agent must disclose to the buyer, as it could affect the buyer's negotiating strategy and decisions.
People Also Study
Related Ohio Questions
- Which of the following is a 'material fact' that an Ohio licensee must disclose to all parties?Agency
- Material facts that an Ohio seller's agent must disclose to buyers include:Agency
- In Ohio, which of the following is true about a 'backup offer'?Contracts
- In Ohio, a seller who accepts an offer and then receives a higher offer cannot simply cancel the first contract because:Contracts
- In Ohio, a seller who intentionally fails to disclose a known material defect on the Residential Property Disclosure Form may face:Property Ownership
- When is an offer considered accepted in an Ohio real estate transaction?Contracts
- A buyer's agent in Ohio has a duty to disclose to the buyer:Agency
- In Ohio, a buyer's agent discovers that their client is a convicted felon. The agent should:Agency
Key Terms to Know
Buyer's Agent
A real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
State-Specific Concepts
DRE Regulation
Study This Topic
Practice More Ohio Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Ohio Quiz →