Underwater Home: What Should You Do if You Owe More on Your

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Closing the deal on your terms is our mission. To ensure that business (such as a license application) is on the agenda for the Commission's consideration at its next meeting, submit all documentation to the Commission office no later than 4:30 PM ten full working days before the meeting date. Amended by 129th General AssemblyFile No.28, HB 153, §101.01, eff. 9/29/2011. 4735.56 Written brokerage policy on agency required - disclosure to client. (A) Each brokerage shall develop a written brokerage policy on agency to be given to prospective sellers and purchasers in accordance with divisions (C) and (D) of this section. (B) The brokerage policy on agency described in division (A) of this section shall include all of the following information: (1) An explanation of the permissible agency relationships available under section 4735.53 of the Revised Code and the duties that the agent owes the agent's client; (2) The brokerage's policy on representation of purchasers or sellers; (3) Whether at some time during the agency relationship the brokerage and its licensee may act as a dual agent, and the options and consequences for the client if a dual agency situation arises including the right of the client to terminate the agency relationship and seek representation from another source; (4) Whether at some time during the agency relationship, another licensee affiliated with the same brokerage as the licensee may become the exclusive agent for the other party in the transaction and whether each licensee will represent only the interests of that licensee's client; (5) The brokerage's policy on cooperation with other brokerages, including whether the brokerage offers compensation to other brokerages or will seek compensation from other brokerages; (6) That a brokerage that has a purchaser as a client represents the purchaser's interests even though the seller's agent or the seller may compensate that purchaser's brokerage; (7) That the signature of the purchaser or the seller indicates acknowledgement of receipt of the brokerage policy on agency. (C) A licensee acting as a seller's agent shall provide the seller with the brokerage policy on agency described in this section prior to marketing or showing the seller's real estate and shall obtain a signature from the seller acknowledging receipt unless the seller refuses to provide a signature.

Pages: 168

Publisher: CreateSpace Independent Publishing Platform (November 15, 2010)

ISBN: 1456365703

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