Agency Disclosure

OAR created a task force in fall of 2001 which addressed challenges encountered with the agency disclosure process. Following is a synopsis of the recommendations:

• Provide the Company Policy on Agency at first substantive contact and the Agency Disclosure Form as soon as is practicable but no later than the signing of the purchase contract.  
• The Agency Disclosure Form will also incorporate the Dual Agency Disclosure Statement on the reverse side.  This form will be made into a brochure.
• Brokers/Managers will represent the clients of affiliated agents unless the manager personally represents a buyer/seller or unless the manager is the buyer/seller.
• Agency Disclosure methodology will apply to commercial/industrial transactions also.
• That, in cases where a violation of the agency disclosure laws is alleged but the public has not been harmed, licensees can opt to receive a citation instead of going through the hearing process.

Status:  In January, OAR Directors approved the Agency Disclosure Task Force report, which had already garnered the support of the Ohio Division of Real Estate and the Ohio Real Estate Commission.  Currently, legislation is being drafted by the Legislative Service Commission.  We expect to see the draft legislation and have it introduced as a bill yet this summer.