Ohio Real Estate Broker Exam — All Questions

Ohio requires a licensee to give the consumer the Agency Disclosure Statement:

• a.Only after an offer has been accepted
• b.Within 30 days after closing
• c.Before the licensee begins to represent a party or at a specific point required by law, so the consumer understands who each licensee represents✓
• d.Only if the consumer asks for it in writing

Ohio's agency law (ORC 4735.51 through 4735.74) requires use of the Agency Disclosure Statement so consumers know who represents the buyer and who represents the seller before the transaction moves forward. Timely disclosure lets a consumer make an informed choice about representation before sharing confidential negotiating information.

In Ohio, dual agency, in which the same brokerage represents both the buyer and the seller in one transaction, is:

• a.Prohibited in all residential transactions
• b.Permitted only with the informed, written consent of both the buyer and the seller✓
• c.Automatically created whenever two agents in the same firm are involved, with no consent needed
• d.Allowed only for commercial property

Ohio allows dual agency, but only with the informed written consent of both parties. Because a dual agent cannot fully advocate for either side, the brokerage must disclose the limited representation and obtain consent, and it may not reveal one party's confidential information (such as the most a buyer will pay) to the other.

When two different agents in the same Ohio brokerage separately represent the buyer and the seller, the brokerage commonly manages the conflict through:

• a.Terminating one of the agents
• b.Refusing to disclose that both agents work for the same firm
• c.Referring the buyer to a competing brokerage after the offer
• d.A dual-agency arrangement in which the management-level broker oversees the transaction and each agent works with their own client✓

Ohio permits a brokerage to designate that each agent continues to represent their own client while the brokerage as a whole is a dual agent. The management-level broker supervises the transaction impartially, and confidential information is not shared between the two sides. This must be disclosed and consented to on the Agency Disclosure Statement.