Ohio Code 4735.51 – Agency relationship – disclosure definitions
As used in sections 4735.51 to 4735.74 of the Revised Code:
Terms Used In Ohio Code 4735.51
- Another: when used to designate the owner of property which is the subject of an offense, includes not only natural persons but also every other owner of property. See Ohio Code 1.02
- Brokerage: includes the affiliated licensees who have been assigned management duties that include supervision of licensees whose duties may conflict with those of other affiliated licensees. See Ohio Code 4735.01
- Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Licensee: means any individual licensed as a real estate broker or salesperson by the Ohio real estate commission pursuant to this chapter. See Ohio Code 4735.01
- Person: includes an individual, corporation, business trust, estate, trust, partnership, and association. See Ohio Code 1.59
- Property: means real and personal property. See Ohio Code 1.59
- Real estate: includes leaseholds as well as any and every interest or estate in land situated in this state, whether corporeal or incorporeal, whether freehold or nonfreehold, and the improvements on the land, but does not include cemetery interment rights. See Ohio Code 4735.01
- Real estate broker: includes any person, partnership, association, limited liability company, limited liability partnership, or corporation, foreign or domestic, who for another, whether pursuant to a power of attorney or otherwise, and who for a fee, commission, or other valuable consideration, or with the intention, or in the expectation, or upon the promise of receiving or collecting a fee, commission, or other valuable consideration does any of the following:
(1) Sells, exchanges, purchases, rents, or leases, or negotiates the sale, exchange, purchase, rental, or leasing of any real estate;
(2) Offers, attempts, or agrees to negotiate the sale, exchange, purchase, rental, or leasing of any real estate;
(3) Lists, or offers, attempts, or agrees to list, or auctions, or offers, attempts, or agrees to auction, any real estate;
(4) Buys or offers to buy, sells or offers to sell, or otherwise deals in options on real estate;
(5) Operates, manages, or rents, or offers or attempts to operate, manage, or rent, other than as custodian, caretaker, or janitor, any building or portions of buildings to the public as tenants;
(6) Advertises or holds self out as engaged in the business of selling, exchanging, purchasing, renting, or leasing real estate;
(7) Directs or assists in the procuring of prospects or the negotiation of any transaction, other than mortgage financing, which does or is calculated to result in the sale, exchange, leasing, or renting of any real estate;
(8) Is engaged in the business of charging an advance fee or contracting for collection of a fee in connection with any contract whereby the broker undertakes primarily to promote the sale, exchange, purchase, rental, or leasing of real estate through its listing in a publication issued primarily for such purpose, or for referral of information concerning such real estate to brokers, or both, except that this division does not apply to a publisher of listings or compilations of sales of real estate by their owners;
(9) Collects rental information for purposes of referring prospective tenants to rental units or locations of such units and charges the prospective tenants a fee. See Ohio Code 4735.01
- Real estate salesperson: means any person associated with a licensed real estate broker to do or to deal in any acts or transactions set out or comprehended by the definition of a real estate broker, for compensation or otherwise. See Ohio Code 4735.01
- Seller: includes an owner of property who is seeking to sell the property and a landlord who is seeking to rent or lease property to another person. See Ohio Code 4735.01
(A) “Agency” and “agency relationship” mean a relationship in which a licensee represents another person in a real estate transaction.
(B) “Agency agreement” means a contract between a licensee and a client in which the client promises to pay the broker a valuable consideration, or agrees that the licensee may receive a valuable consideration from another, for performing an act that requires a real estate license under this chapter.
(C) “Agent” and “real estate agent” mean a person licensed by this chapter to represent another in a real estate transaction.
(D) “Affiliated licensee” means a real estate broker or a real estate salesperson licensed by this chapter who is affiliated with a brokerage.
(E) “Client” means a person who has entered into an agency relationship with a licensee.
(F) “Confidential information” means all information that a client directs to be kept confidential or that if disclosed would have an adverse effect on the client’s position in the real estate transaction, except to the extent the agent is required by law to disclose such information, and all information that is required by law to be kept confidential.
(G) “Contemporaneous offers” means offers to purchase or lease on behalf of two or more clients represented by the same licensee for the same property that the licensee knows, has known, or has reason to know will be taken under consideration by the owner or owner’s authorized representative during the same period of time.
(H) “Dual agency relationship” means any of the dual agency relationships set forth in section 4735.70 of the Revised Code.
(I) “In-company transaction” means a real estate transaction in which the purchaser and seller are both represented by the same brokerage.
(J) “Purchaser” means a party in a real estate transaction who is the potential transferee of property. “Purchaser” includes a person seeking to buy property and a person seeking to rent property as a tenant or lessee.
(K) “Real estate transaction” means any act that is described in division (A) of section 4735.01 of the Revised Code or that is related to the execution of an act described in that section.
(L) “Subagency” and “subagency relationship” mean an agency relationship in which a licensee acts for another licensee in performing duties for the client of that licensee.
(M) “Timely” means as soon as possible under the particular circumstances.