Agency Disclosure Statement - Ohio

Agency Disclosure Statement is a legal document that was released by the Ohio Department of Commerce - a government authority operating within Ohio.

FAQ

Q: What is an Agency Disclosure Statement?
A: An Agency Disclosure Statement is a document that states the relationship between a real estate agent and their client.

Q: Why is an Agency Disclosure Statement necessary?
A: An Agency Disclosure Statement is necessary to inform the client about the agent's duties, responsibilities, and potential conflicts of interest.

Q: What information is included in an Agency Disclosure Statement?
A: An Agency Disclosure Statement includes the name and contact information of the agent, the client's name, the type of agency relationship, and any potential conflicts of interest.

Q: What are the types of agency relationships that can be disclosed in the statement?
A: The types of agency relationships that can be disclosed in the statement include a seller's agent, a buyer's agent, a dual agent, or a transactional agent.

Q: What is a seller's agent?
A: A seller's agent is a real estate agent who represents the seller in a real estate transaction.

Q: What is a buyer's agent?
A: A buyer's agent is a real estate agent who represents the buyer in a real estate transaction.

Q: What is a dual agent?
A: A dual agent is a real estate agent who represents both the buyer and the seller in a real estate transaction.

Q: What is a transactional agent?
A: A transactional agent is a real estate agent who facilitates a real estate transaction but does not represent either the buyer or the seller.

Q: Can an agent act as both a seller's agent and a buyer's agent in the same transaction?
A: No, an agent cannot act as both a seller's agent and a buyer's agent in the same transaction. This would create a conflict of interest.

Q: What should a client do if they have any questions or concerns about the Agency Disclosure Statement?
A: A client should ask their agent for clarification and seek legal advice if needed. It's important for the client to fully understand the terms and implications of the agency relationship.