Ohio License Law
Under ORC 4735.18, which of the following actions by a licensee may result in license revocation?
ATaking a listing at 5% commission instead of 6%
BKnowingly making a false statement in a real estate transaction✓ Correct
CWorking with a buyer without a written buyer agency agreement
DAdvertising a property for sale on social media
Explanation
ORC 4735.18 enumerates grounds for discipline including dishonest dealing, false statements, fraud, and misrepresentation.
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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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Math Concepts
State-Specific Concepts
License Law
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