Each year home buyers and sellers use the services of real estate
agents who are compensated for their services in commissions. Although the agents
provide valuable services, research shows that most consumers understand very little about
whom their agents actually represent. The Federal Trade Commission (FTC) conducted a
study and released findings which confirmed how widespread the confusion is among home
buyers and sellers. State by state, regulators have looked at this consumer education
problem and promulgated regulations and agency disclosure forms to help consumers
understand their options.
The Ohio Division of Real Estate has adopted an acknowledgement form with
the purpose of enabling consumers to make informed choices before working with a real
estate licensee. The form must be provided at the first substantive meeting that you have
with an agent to discuss a specific property . This form gives you the opportunity to
interview the real estate agents to find out who they will represent, how they will get
paid for their work, and if they have any conflicts of interest (eg, listings for which
they previously agreed to work for the sellers). Keep in mind that until you know
who the agents work for, it is in your best interest to keep your financial
information and motivation for buying or selling confidential.
A copy of the MANDATORY
Disclosure of Agency Relationship form can be downloaded below. You must have the FREE Adobe Acrobat
Reader installed on your computer to view the form. All real estate licensees you meet
with to inquire about properties should be discussing this form with you and explaining
your choices.
Ohio's Agency Disclosure Form
