Added additional definitions of residential real property and residential premises.
Amended to include requirement licensed real estate broker must enter into a written agency agreement prior to marketing or showing a seller's residential real property.
Also prior to making offer to purchase residential real property for a purchaser, or making offer to lease residential premises for purchaser for term over 18 months.
Agreement must include licensee appointed as agent of client, if agency relationship exclusive or nonexclusive; compensation terms; fees and commissions terms.
Legislative History
On Mar. 27, 2024, bill introduced in the House; on May 8, 2024, bill passed House.
On May 14, 2024, bill introduced in the Senate; on Jun. 26, 2024, bill passed Senate.
Jul. 2024 OH LEG Governor Approval
On Jul. 24, 2024, OH LEG reported bill approval by governor; OH bills are generally effective the 91st day after being signed by the governor, so on Oct. 24, 2024.
Regulators
OH LEG
Entity Types
Corp; IB; MG Orig
Reference
PR, Bill HB466, 7/24/2024; Bill, HB466, 7/3/2024; Citation: OH LEG 4735.55; OH LEG 4735.56; OH LEG 4735.59;
