Ohio Code 4735.621 – Waiver of fiduciary duties
(A) The duties required of a licensee under section 4735.62 of the Revised Code may not be waived by a client.
Terms Used In Ohio Code 4735.621
- Fiduciary: A trustee, executor, or administrator.
- 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
- 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
- Rule: includes regulation. See Ohio Code 1.59
(B) A licensee shall perform the duties required under section 4735.63 or 4735.65 of the Revised Code unless the client agrees to waive these duties, and signs a waiver of duties statement pursuant to division (C) of this section.
(C) The superintendent of real estate, with the approval of the Ohio real estate commission, shall establish by rule a waiver of duties statement that shall contain the following:
(1) The fiduciary duties required of all licensees under section 4735.62 of the Revised Code;
(2) A list of those duties contained in section 4735.63 or 4735.65 of the Revised Code, which shall be set forth in a manner that allows for the parties to indicate which of those duties are being waived;
(3) A statement that no other licensee is required to perform the waived duty on behalf of the client;
(4) A statement that legal counsel or other professionals may be hired by the client;
(5) A place for the client and licensee to sign and date the statement.