2006 Ohio Revised Code - 4735.63. Duties of licensee representing seller.

§ 4735.63. Duties of licensee representing seller.
 

(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. 
 

HISTORY: 146 v H 354. Eff 12-13-96; 151 v H 150, § 1, eff. 10-12-06.
 

The effective date is set by section 6 of HB 354. 

 

Effect of Amendments

151 v H 150, effective October 12, 2006, rewrote the section.