Earlier this year the Ohio Real Estate Commission amended the rule that sets forth the requirements for the mandatory Brokerage Company Agency Policy that each brokerage must maintain. (This is the longer internal brokerage policy that each company must maintain, not the Consumer Guide.) As a result of these changes, the sample agency policies that are available on Ohio REALTORS’ website have been modified to comply with the new requirements. The policy must now include:
- A list of positions in the brokerage which are designated by the brokerage as principal brokers and if applicable, management level licensees.
- 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).
- If the brokerage operates under more than one trade name, a list of any and all such trade names.
Most importantly, under the revised rule, the principal broker is now required to provide and document receipt of this policy by each employee, independent contractor and affiliated licensee. Therefore, language has also been added to the policies for a signature line. If a broker prefers, this acknowledgment could be in a separate document.
To access the revised samples click here. (Log-in required)
Please note that these samples are available in both a Word and .pdf formats. If you would like to be able to easily see where the changes were made, click on the “Sample Policy” version. The new changes are highlighted in green. Previous changes that were necessitated a few years ago are highlighted in yellow.
It should be stressed that these sample policies are merely suggested formats. Brokerages are free to modify and probably should modify them to fit their particular office.