Requires written real estate agency agreement for representation

HB 466 requires licensed real estate brokers in Ohio to have a written agreement with clients before representing them in residential transactions involving one to four units or vacant land. This written contract must include specific details such as an expiration date, compensation terms, and mandatory statements about fair housing laws and illegal practices like blockbusting. The bill also mandates that brokers provide clients with a written policy explaining their agency duties, potential dual agency situations, and how the brokerage handles cooperation with other firms. Brokers must obtain a signed acknowledgment from the client receiving this policy, ensuring both parties clearly understand their rights and the nature of the representation.