OH HB466

Licensees must enter into a written agency agreement prior to marketing or showing a seller's residential property, making an offer to purchase on behalf of a buyer, or making an offer to lease residential premises for more than 18 months.

Written agency agreements must include an expiration date, fair housing disclosures, blockbusting prohibition statement, HUD equal housing opportunity logotype, agency relationship type (exclusive or nonexclusive), compensation terms, and statement that broker fees are fully negotiable and not set by law.

Each written agency agreement must contain signature lines for the licensee and client, with the licensee required to furnish a copy to the client in a timely manner after execution.

Brokerages must develop and provide a written brokerage policy on agency to prospective buyers and sellers covering available agency relationships, dual agency policies, cooperation with other brokerages, and compensation arrangements.

To change representation from one party to another after agency disclosure or agreement, licensees must obtain written consent from the originally represented party and promptly notify all previously notified persons.