Ohio License Law
In Ohio, the 'pocket listing' practice — advertising or selling a property before entering it into MLS — can be problematic because:
AIt always violates Ohio law
BIt may violate MLS clear cooperation policies and broker fiduciary duties✓ Correct
CIt requires a special exemption from ODREPL
DIt is always acceptable if the seller consents
Explanation
While not always illegal, pocket listings may violate MLS clear cooperation rules and may breach the agent's fiduciary duty to the seller by limiting the property's market exposure.
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Key Terms to Know
Fiduciary Duty
The 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.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
State-Specific Concepts
DRE Regulation
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