Schmidt Introduces Legislation to Set Statewide Standards for Real Estate Representation Agreements

COLUMBUS-State Rep. Jean Schmidt (R-Loveland) recently introduced House Bill 466, legislation to establish minimum standards for what must be included in real estate representation agreements.

More specifically, the standards created under this bill will ensure written representation agreements between a real estate brokerage and its clients include the terms of representation by a brokerage and its agents and the commission structure.

Written representation agreements in the real estate industry are needed to ensure consumers have a clear understanding of the services being provided by real estate brokerages. It also protects real estate professionals by establishing a uniform standard that these agreements must follow and can help avoid misunderstandings over the services provided as well as the commission structure.

"This important bill will improve transparency and promote uniformity throughout the homebuying process, ultimately protecting all parties involved," said Schmidt.

House Bill 466 awaits a House committee assignment.