Agency
Under Ohio agency law, the 'principal' in a real estate agency relationship is:
AThe sponsoring broker
BThe client (buyer or seller) who hires the agent to act on their behalf✓ Correct
CThe Ohio Division of Real Estate
DThe lead licensee on the transaction
Explanation
The principal is the party (buyer, seller, landlord, or tenant) who authorizes an agent to act on their behalf. In real estate, the listing broker represents the seller (principal) or a buyer's agent represents the buyer (principal).
Related Ohio Agency Questions
- In Ohio, a licensee may represent both buyer and seller in the same transaction as a dual agent ONLY if:
- When does an agency relationship typically terminate in a listing agreement?
- An Ohio buyer's agent who helps a client draft an offer to purchase is exercising:
- What is vicarious liability in real estate brokerage?
- What is an agency relationship in Ohio and how is it created?
- What is the significance of Ohio's agency disclosure requirements?
- When an Ohio real estate agent receives an offer on their listing, they must present it to the seller:
- What is the concept of 'gratuitous agency' in real estate?
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