Ohio Administrative Code
Title 1301:5 - Division of Real Estate
Chapter 1301:5-6 - Management Level Licensees: Dual Agency
Section 1301:5-6-03 - Mandatory company policy
Universal Citation: OH Admin Code 1301:5-6-03
Current through all regulations passed and filed through September 16, 2024
(A) The written company policy required under section 4735.54 of the Revised Code shall be available to all affiliated licensees and, at a minimum, address the following information and be applicable to all offices of the brokerage:
(1)
The types of agency relationships the affiliated licensees of the brokerage may
establish including an explanation of each agency relationship authorized and
whether any dual agency relationships are permitted;
(2) A current list of
positions in the brokerage, if any, which are designated by the brokerage as
principal brokers, and management level
licensees;
(3) The procedure to
be followed for an affiliated licensee to be appointed to represent the client
of another affiliated licensee, including the procedure for giving prior
notification and obtaining approval of the client for this
representation;
(4) The type of agency relationship that shall be
established and the disclosures that shall be made when licensees are handling
real estate transactions involving persons with whom they have a personal,
business, or familial relationship;
(5) The type of agency
relationship that shall be established and the disclosures that shall be made
when licensees are handling real estate transactions involving themselves or
any affiliated licensee as a party to the transaction;
(6)
The procedures to be followed to ensure that confidential information is not
disclosed in violation of the licensee's agency duties. These procedures shall
include those steps affiliated licensees are required to follow to protect
confidential information from being disclosed to other licensees within the
brokerage who are not bound by the agency relationship. This policy must
address the following:
(a) Office files;
(b) Computerized
records and messages;
(c) Office meetings
and discussions;
(d) Facsimile transmissions;
(e)
Telephone messages, inter-office messages, and any kind of
conversations;
(f) Meetings and conversations with clients;
(g)
Internet websites including social networking sites and blogs.
(7) If the brokerage practices dual agency, the
procedures to be followed by a licensee in the event any of the following
occurs:
(a) A party to a real estate transaction refuses to
consent to dual agency;
(b) A party to a real
estate transaction seeks to terminate an agency relationship as the result of
an attempt to create a dual agency relationship;
(c) There is a
material change to any of the information that was previously disclosed to any
party prior to obtaining full consent to the dual agency.
(8)
The procedures to be followed by a licensee who wishes to change an agency
relationship, to include but not be limited to procedures for securing the
written consent of the client(s) to such change; and,
(9)
The types of cooperation, and explanation thereof, which are offered other
brokerages, including:
(a) Whether the brokerage offers subagency;
(b)
Whether the brokerage offers compensation to subagencies and buyer's
brokerages;
(c) Whether the brokerage accepts compensation from
other brokerages; and,
(d) Whether the types
of cooperation are offered on a consistent and equal basis to all
brokerages.
(10)
If the principal broker is approved by the
superintendent to serve as principal broker in more than one brokerage, the
name(s) and business address(es) of the additional
brokerage(s).
(11)
If the brokerage operates under more than one trade
name, a list of any and all such trade names.
(B) The principal broker is responsible for providing and documenting receipt of such policy by each employee, independent contractor and affiliated licensee.
Disclaimer: These regulations may not be the most recent version. Ohio may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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