Effective: October 12, 2006
Latest Legislation: House Bill 150 - 126th General Assembly
(A) In representing a seller in an agency relationship, a licensee shall:
(1) Seek a purchase offer at a price and with terms acceptable to the seller. Unless the seller so directs, the licensee is not obligated to seek additional offers if the property is subject to a contract of sale, lease, or letter of intent to lease;
(2) Accept delivery of and present any purchase offer to the seller in a timely manner, even if the property is subject to a contract of sale, lease, or letter of intent to lease;
(3) Within the scope of knowledge required for licensure, answer the seller's questions and provide information to the seller regarding any offers or counteroffers;
(4) Assist the seller in developing, communicating, and presenting offers or counteroffers;
(5) Within the scope of knowledge required for licensure, answer the seller's questions regarding the steps the seller must take to fulfill the terms of any contract.
(B) A licensee does not breach any duty or obligation to a seller with whom the licensee has an agency relationship by showing alternative properties to a prospective purchaser or by acting as an agent or subagent for other sellers.
(C) Nothing in this section shall be construed as permitting a licensee to perform any act or service that constitutes the practice of law.
Structure Ohio Revised Code
Title 47 | Occupations-Professions
Chapter 4735 | Real Estate Brokers
Section 4735.01 | Real Estate Broker Definitions.
Section 4735.02 | Requirement of License.
Section 4735.021 | Contracts - Fees.
Section 4735.022 | Nonresident Commercial Brokers and Salespersons.
Section 4735.023 | Oil and Gas Land Professionals.
Section 4735.03 | Ohio Real Estate Commission - Powers and Duties.
Section 4735.04 | Subpoena Power.
Section 4735.05 | Organization of Commission - Confidentiality.
Section 4735.051 | Investigating Complaints.
Section 4735.052 | Civil Penalty.
Section 4735.06 | Broker's License Application.
Section 4735.07 | Broker's Examination - License Qualifications.
Section 4735.08 | Conditions for Issuing License.
Section 4735.081 | Designation of Principal Broker.
Section 4735.09 | Salesperson's Application - License Qualifications.
Section 4735.091 | Relationship With Brokerage.
Section 4735.10 | Administrative Rules.
Section 4735.11 | License Form and Size.
Section 4735.12 | Real Estate Recovery Fund.
Section 4735.13 | Definite Place of Business Required; Display and Care of Licenses.
Section 4735.14 | License Term; Notice of Change of Address; Notice of Renewal.
Section 4735.141 | Continuing Education.
Section 4735.142 | License on Permanently Resigned Status.
Section 4735.143 | Criminal Records Check.
Section 4735.15 | Nonrefundable Fees.
Section 4735.16 | Sign on Business Premises; Advertising.
Section 4735.17 | License for Nonresidents.
Section 4735.18 | Disciplinary Actions.
Section 4735.181 | Sanctions for Noncompliance With Statutory Requirements - Disposition of Fines.
Section 4735.182 | Fee Instrument Returned Unpaid - Additional Fee - Sanctions.
Section 4735.19 | Records of Commission.
Section 4735.20 | Commissions, Fees, or Other Compensation.
Section 4735.21 | Right of Action - Limits on Salespersons.
Section 4735.211 | Division of Real Estate Operating Fund.
Section 4735.22 | Referral of Home Inspectors.
Section 4735.23 | Review of Programs.
Section 4735.24 | Earnest Money to Be Maintained in Special Account.
Section 4735.25 | Dealing in Foreign Real Estate.
Section 4735.26 | Refusing to Qualify Foreign Real Estate.
Section 4735.27 | Foreign Real Estate Dealer's License.
Section 4735.28 | Foreign Real Estate Salesperson's License.
Section 4735.30 | False Representations of Material or Relevant Facts.
Section 4735.32 | Investigations.
Section 4735.33 | Effect of Child Support Default on License.
Section 4735.51 | Agency Relationship - Disclosure Definitions.
Section 4735.52 | Scope of Chapter.
Section 4735.53 | Agency Relationships Permitted.
Section 4735.54 | Written Company Policy for Types of Agency Relationships for Brokerage.
Section 4735.55 | Written Agency Agreements.
Section 4735.56 | Written Brokerage Policy on Agency Required - Disclosure to Client.
Section 4735.57 | Agency Disclosure Statement - Dual Agency Disclosure.
Section 4735.58 | When Disclosure Statements to Be Provided.
Section 4735.59 | Changing the Party a Licensee Represents.
Section 4735.60 | Licensee Representing Purchaser Disclosures.
Section 4735.61 | Prohibiting False Information.
Section 4735.62 | Fiduciary Duties Generally.
Section 4735.621 | Waiver of Fiduciary Duties.
Section 4735.63 | Representing Seller in Agency Relationship - Duty to Promote Interests of Client.
Section 4735.64 | Representing Seller in Agency Relationship - Prohibited Acts.
Section 4735.65 | Representing Buyer in Agency Relationship - Duty to Promote Interests of Client.
Section 4735.66 | Representing Buyer in Agency Relationship - Prohibited Acts.
Section 4735.67 | Disclosures to Purchaser.
Section 4735.68 | Liability for False Information.
Section 4735.69 | Assisting Party Who Is Not a Client.
Section 4735.70 | Dual Agency Definitions.
Section 4735.71 | Dual Agency - Disclosure Statement.
Section 4735.72 | Dual Agency - Brokerage and Management Level Licensees.
Section 4735.74 | Duties Following Closing of Transaction.
Section 4735.75 | Authorization of Other Brokers by Exclusive Agent.
Section 4735.76 | Compliance With Law Regarding Sanctions for Human Trafficking.