§ 4735.57. Agency
disclosure statement.
(A) The superintendent of real estate, with the approval of the
(1) Unless confidential, the names of all the parties in the
transaction;
(2) The address of the real estate being sold or leased;
(3) The name of the licensee or licensees and the brokerage with which each
licensee is affiliated;
(4) The party that each licensee in the named brokerage represents in the
transaction;
(5) If a licensee representing a purchaser of real estate and a licensee
representing the seller of that real estate are affiliated with the same
brokerage, whether the two licensees are acting as dual agents or are individually
representing the purchaser and seller separately;
(6) If only one licensee is involved in the transaction, whether that
licensee is a dual agent or represents only one party to the transaction;
(7) If both the purchaser and the seller are represented by licensees
affiliated with the same brokerage, that the brokerage is a dual agent;
(8) That the signature of the client indicates the client's informed consent
to the agency relationship and that if the client does not understand the
agency disclosure statement, the client should consult an attorney.
(B) The agency disclosure statement shall specify the duties of a
licensee acting as a dual agent and shall contain sections disclosing all of
the following:
(1) An explanation of the nature of a dual agency relationship, including a
statement that in serving as a dual agent, licensees in the brokerage represent
two clients whose interests are, or at times could be, different or
adverse;
(2) That as a result of the dual agency relationship, the dual agent may not
be able to advocate on behalf of the client to the same extent the agent may
have if the agent represented only one client;
(3) A description of the duties the brokerage and its affiliated licensees
and employees owe to each client, including the duty of confidentiality;
(4) That neither the brokerage nor its affiliated licensees have any
material relationship with either client other than incidental to the
transaction, or if the brokerage or its affiliated licensees have a material
relationship, a disclosure of the nature of the relationship. For purposes of
this division, "material relationship" means any actually known
personal, familial, or business relationship between the brokerage or an
affiliated licensee and a client that could impair the ability of the brokerage
or affiliated licensee to exercise lawful and independent judgment relative to
another client.
(5) That as a dual agent, the brokerage cannot engage in conduct that is
contrary to the interests or instructions of one party or act in a biased
manner on behalf of one party;
(6) A section specifying the source of compensation to the real estate
broker;
(7) That the client does not have to consent to the dual agency
relationship, and the options available to the client for representation in the
transaction if the client does not consent, including the right of the client
to terminate the agency relationship and seek representation from another
source;
(8) That the consent to the dual agency relationship by the client has been
given voluntarily, that the signature indicates informed consent, and that the
duties of a licensee acting as a dual agent disclosed to the client pursuant to
division (B) of this section have been read and understood.
HISTORY: 150 v S 106, § 1, eff.