Agency
In Ohio, a 'buyer representation agreement' should include all of the following EXCEPT:
AThe buyer's agency fee structure
BThe buyer's maximum purchase price✓ Correct
CThe duration of the agreement
DThe geographic area covered
Explanation
A buyer representation agreement typically covers the fee structure, duration, geographic scope, and buyer's obligations — but NOT the buyer's maximum purchase price, which is confidential information protected under the duty of confidentiality.
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Key Terms to Know
Agency
A 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.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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