§ 4735.58. When statement to
be provided to seller or purchaser; auction sales.
(A) A licensee who is a purchaser's agent or a seller's subagent
working with a purchaser shall present the agency disclosure statement
described in section 4735.57 of the Revised Code to the purchaser and request
the purchaser to sign and date the statement no later than the preparation of
an offer to purchase or lease, or a written request for a proposal to lease.
The licensee shall deliver the statement signed by the purchaser to the
seller's agent, or to the seller if the seller is not represented by an agent.
Prior to presenting the seller with either a written offer to purchase or
lease, or a written request for a proposal to lease, the seller's agent, or the
purchaser's agent if the seller is not represented by an agent, shall present
the agency disclosure statement to the seller and request the seller to sign
and date the statement.
(B) A licensee selling property at auction shall, prior to the
auction, verbally disclose to the audience that the licensee represents the
seller in the real estate transaction. The licensee shall provide the agency
disclosure statement described in section 4735.57 of the Revised Code to the
successful bidder prior to the bidder's signing a purchase contract.
(C) Evidence that a licensee has failed to comply with this section
constitutes prima-facie evidence of misconduct in violation of division (A)(6) of section 4735.18 of the Revised Code.
(D) The disclosure requirements of this section do not apply in any of the
following situations:
(1) The rental or leasing of residential premises as defined in section
5321.01 of the Revised Code, if the rental or lease agreement can be performed
in eighteen months or less;
(2) The referral of a prospective purchaser or seller to another
licensee;
(3) Transactions involving the sale, lease, or exchange of foreign real
estate as defined in division (E) of section 4735.01 of the Revised Code;
(4) Transactions involving the sale of a cemetery lot or a cemetery
interment right.
(E) The licensee is obligated to perform all duties imposed on a real estate
agent at common law except to the extent the duties are inconsistent with the
duties prescribed in this chapter or are otherwise modified by agreement.
HISTORY: 146 v H 354. Eff