Agency
What is informed consent in Ohio dual agency?
AThe broker informing both parties of the commission
BBoth parties knowingly agreeing in writing to dual agency after being informed of its limitations✓ Correct
CThe agent's consent to represent both parties
DA court-ordered consent decree
Explanation
Ohio requires informed consent for dual agency: both parties must be fully informed of the limitations of dual representation and must knowingly and voluntarily consent in writing before the dual agency begins.
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Key Terms to Know
Dual Agency
A situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
AgencyA 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.
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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