Agency
What is a non-exclusive buyer agency agreement in Ohio?
AA buyer agency agreement with no terms
BAn agreement where the buyer may work with multiple agents and owes commission only to the agent who procures the property✓ Correct
CAn exclusive agreement requiring use of only one agent
DAn agreement for non-residential property buyers
Explanation
A non-exclusive buyer agency agreement allows the buyer to work with multiple agents simultaneously. Commission is owed only to the agent who actually procures (is the procuring cause of) the property the buyer ultimately purchases.
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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.
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.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Math Concepts
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