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

Current through all regulations passed and filed through July 1, 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.