Agency
An Ohio buyer's agent who learns from MLS that a listed property has had 3 price reductions should:
AUse this information to help their client submit a lower offer✓ Correct
BKeep this information confidential since it affects the seller's negotiating position
CDisclose it to the seller immediately
DReport it as a listing irregularity to ODREPL
Explanation
Price reduction history is publicly available in the MLS and is a legitimate market fact that a buyer's agent can and should use to counsel their client on the market value and potential negotiating leverage.
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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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
State-Specific Concepts
DRE Regulation
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