Agency
What is the significance of Ohio's agency disclosure requirements?
AOnly the broker needs to know agency relationships
BParties must be informed of agency relationships before substantive discussions to make informed decisions✓ Correct
CAgency disclosure is optional if both parties agree
DDisclosure must be made at closing
Explanation
Ohio requires licensees to disclose their agency relationships to parties in a transaction before substantive discussions begin, using specific forms like the Consumer Guide to Agency Relationships, ensuring all parties understand who represents whom.
People Also Study
Related Ohio Questions
- In Ohio, the Consumer Guide to Agency Relationships (CGAR) must be provided:Agency
- In Ohio, which document must a licensee provide to a consumer to explain agency relationships?Agency
- Ohio's agency disclosure law requires that a licensee provide the Agency Disclosure Statement:Agency
- Ohio law requires sellers of residential property to disclose the presence of known hazardous materials on the Ohio Residential Property Disclosure Form. This includes:Environmental
- Ohio requires that the Agency Disclosure Statement be provided to consumers in real estate transactions. This document must be provided:Ohio License Law
- What disclosure must Ohio licensees make regarding their compensation?Ohio License Law
- Which document must a licensee provide to all parties before entering an agency agreement in Ohio?Ohio License Law
- Under Ohio agency law, the duty of 'obedience' requires the agent to:Agency
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.
State-Specific Concepts
Disclosure Requirements
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 →