AGENCY LAW RESOURCES
AGENCY LAW IN OHIO…
To view FAQs concerning all aspects of the law, click here.
For your convenience we have also posted this Manual online. It is in pdf format and each chapter is bookmarked.
Note: The Fair Housing Language was revised in Sept. 2011. This affects the Consumer Guides to Agency Relationships and the Fair Housing Language contained in the “Requirements of the Agency Agreement” section of the Agency Compliance Manual.
View 2005 Agency Compliance Manual
If you have problems opening the online Agency Disclosure Manual or using the online order form contact Nikki Gasbarro at 614.228-6675 or e-mail firstname.lastname@example.org.
The highlights of the changes to Ohio’s agency law are as follows:
“CONSUMER GUIDE TO AGENCY RELATIONSHIPS”
Consumers must be given one document regarding agency during the initial disclosure process titled, “Consumer Guide to Agency Relationships.” This will be the sole vehicle for delivering information regarding agency to buyers and sellers at first contact. Brokerages must develop their own brokerage policy on agency that must meet certain statutory guidelines. That policy must be included in the “Consumer Guide to Agency Relationships.”
NOTE: Effective Sept. 29, 2013 the “Consumer Guide to Agency Relationships” will no longer be required on commercial real estate transactions. Instead the Consumer Guide is only required in the following situations:
- The sale or lease of vacant land (regardless of how it is zoned);
- The sale of a parcel of real estate containing one to four residential units;
- The leasing of residential premises if the rental or lease agreement is for a term of more than 18 months.
SAMPLE COMPANY POLICIES
Ohio license law requires that every brokerage have a brokerage company policy and develop a “Consumer Guide to Agency Relationships” to give to the public. Besides satisfying the license law, having a brokerage company policy will serve other vital functions. First, it will allow brokerages to set the types of agency relationships it will allow its agents to establish and the manner in which they are created. It can also serve as a tool to educate and train affiliated licensees on how to make required disclosures and how the brokerage wants certain situations handled.
It should be stressed that these sample policies are merely suggested formats. Brokerages are free to modify and probably should modify them to fit their particular office. Therefore, the sample policies are NOT in an interactive format. There are certainly several ways to handle some of the issues involved, especially in the area of procedures to protect confidential information. Those indicated are merely an example of how each area could be addressed.
The policies come in pdf and word format. If you have problems opening the documents, contact Nikki Gasbarro at 614.228.6675 or e-mail at email@example.com
Note: The Ohio Association of REALTORS is not responsible for the use or misuse of the brokerage company policies provided.
September 2013–Due to changes in the real estate license law regarding the sale or purchase of a real estate licensee’s own property, modifications were made to the Company Policies. To see the new language click on SAMPLE, which marks the changes in yellow highlights.
Company Policy A: Exclusive Seller Agency (PDF … Word … SAMPLE changes)
Company Policy B: Exclusive Buyer Agency (PDF … Word … SAMPLE changes)
Company Policy C: Split Agency (PDF … Word … SAMPLE change)
Company Policy D: Dual Agency (PDF … Word … SAMPLE change)
Company Policy E: Split Agency, but never Dual Agency (PDF … Word … SAMPLE change)
The New Agency Disclosure Statement
The Division of Real Estate has adopted the Agency Disclosure Statement.
The Agency Disclosure Statement is easy for licensees to complete and for the public to understand. It will include all of the necessary disclosures, as well as complete disclosure and consent to dual agency, thereby eliminating the need for a separate dual agency form.
The new Disclosure Statement is 8-1/2 x 11 and 2 sided.
Management Level Licensees
There are two exceptions with respect to the dual agency provisions affecting management level licensees.
These exceptions apply when managers are handling their personal real estate and when they are personally representing a party in a transaction involving another licensee in their brokerage.
The Superintendent of Real Estate & Professional Licensing has the discretion to issue a $200 citation for agency law violations. Such citations will be much less costly to licensees than the formal hearing process required under the old law.
- See more at: http://ohiorealtors.org/legal/agency-law-resources/#sthash.2NmaDxlK.dpuf