OREGONREALESTATEAGENCY
1 ThispamphletdescribesthelegalobligationsofrealestateagentsinOregon.RealestateagentsandPrincipalBrokersare 2 requiredtoprovidethisinformationtoyouwhentheyfirstmeetyou.
3 Thispamphletisinformationalonly.Neitherthepamphletnoritsdeliverytoyoumaybeinterpretedasevidenceofintentto 4 createanagencyrelationshipbetweenyouandanagentoraPrincipalBroker.
6An"agency"relationshipisavoluntarylegalrelationshipinwhichalicensedrealestateagentorPrincipalBroker,agreestoacton 7behalfofabuyeroraseller(the"client")inarealestatetransaction.
8Oregonlawprovidesforthreetypesofagencyrelationshipsbetweenrealestateagentsandtheirclients:
9 Seller'sAgent -Representstheselleronly; 10 Buyer'sAgent -Representsthebuyeronly; 11 DisclosedLimitedAgent -Representsboththebuyerandseller,ormultiplebuyerswhowanttopurchasethesame 12property.Thiscanbedoneonlywiththewrittenpermissionofallclients.
13 Theactualagencyrelationshipsbetweentheseller,buyerandtheiragentsinarealestatetransactionmustbeacknowledgedat 14 thetimeanoffertopurchaseismade.Pleasereadthispamphletcarefullybeforeenteringintoanagencyrelationshipwithareal 15 estateagent.
16
Definitionof“ConfidentialInformation”
17Generally,agentsmustmaintainconfidentialinformationabouttheirclients.“Confidentialinformation”isinformationcommunicated 18totheagentortheagent'sPrincipalBrokerbythebuyerorsellerofonetofourresidentialunitsregardingtherealproperty 19transaction,includingbutnotlimitedtoprice,terms,financialqualificationsormotivationtobuyorsell.“Confidentialinformation” 20doesnotmeaninformationthat:
21a.Thebuyerinstructstheagentortheagent'sPrincipalBrokertodiscloseaboutthebuyertotheseller,ortheseller 22instructstheagentortheagent'sPrincipalBrokertodiscloseaboutthesellertothebuyer;and 23b.Theagentortheagent'sPrincipalBrokerknowsorshouldknowfailuretodisclosewouldconstitutefraudulent 24representation.
25
DutiesandResponsibilitiesofSeller'sAgent
26Underawrittenlistingagreementtosellproperty,anagentrepresentsonlythesellerunlesstheselleragreesinwritingtoallowthe 27agenttoalsorepresentthebuyer.Anagentwhorepresentsonlythesellerowesthefollowingaffirmativedutiestotheseller,the 28otherpartiesandtheotherparties'agentsinvolvedinarealestatetransaction:
291.Todealhonestlyandingoodfaith;
302.Topresentallwrittenoffers,noticesandothercommunicationstoandfromthepartiesinatimelymannerwithoutregard 31towhetherthepropertyissubjecttoacontractforsaleorthebuyerisalreadyapartytoacontracttopurchase;and
323.Todisclosematerialfactsknownbytheagentandnotapparentorreadilyascertainabletoaparty;
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33ASeller'sAgentowesthesellerthefollowingaffirmativeduties;
341.Toexercisereasonablecareanddiligence;
352.Toaccountinatimelymannerformoneyandpropertyreceivedfromoronbehalfoftheseller;
363.Tobeloyaltothesellerbynottakingactionthatisadverseordetrimentaltotheseller'sinterestinatransaction; 374.Todiscloseinatimelymannertotheselleranyconflictofinterest,existingorcontemplated;
385.Toadvisethesellertoseekexpertadviceonmattersrelatedtothetransactionsthatarebeyondtheagent'sexpertise;
396.Tomaintainconfidentialinformationfromoraboutthesellerexceptundersubpoenaorcourtorder,evenaftertermination 40oftheagencyrelationship;and
417.Unlessagreedotherwiseinwriting,tomakeacontinuous,goodfaithefforttofindabuyerfortheproperty,exceptthata 42Seller'sAgentisnotrequiredtoseekadditionalofferstopurchasethepropertywhilethepropertyissubjecttoacontract 43forsale.
44Noneoftheaboveaffirmativedutiesofanagentmaybewaived,except#7.Theaffirmativedutylistedin#7canonlybewaivedby 45writtenagreementbetweensellerandagent.
46UnderOregonlaw,aSeller'sAgentmayshowpropertiesownedbyanothersellertoaprospectivebuyerandmaylistcompeting 47propertiesforsalewithoutbreachinganyaffirmativedutytotheseller.
48Unlessagreedtoinwriting,anagenthasnodutytoinvestigatemattersthatareoutsidethescopeoftheagent'sexpertise,including 49butnotlimitedtoinvestigationoftheconditionofproperty,thelegalstatusofthetitleortheseller'spastconformancewithlaw.
50 DutiesandResponsibilitiesofBuyer'sAgent
51Anagent,otherthantheSeller'sAgent,mayagreetoactastheBuyer'sAgentonly.TheBuyer'sAgentisnotrepresentingthe 52seller,eveniftheBuyer'sAgentisreceivingcompensationforservicesrendered,eitherinfullorinpart,fromthesellerorthrough 53theSeller'sAgent.
54Anagentwhorepresentsonlythebuyerowesthefollowingaffirmativedutiestothebuyer,theotherpartiesandtheotherparties' 55agentsinvolvedinarealestatetransaction:
561.Todealhonestlyandingoodfaith;
572.Topresentallwrittenoffers,noticesandothercommunicationstoandfromthepartiesinatimelymannerwithoutregard 58towhetherthepropertyissubjecttoacontractforsaleorthebuyerisalreadyapartytoacontracttopurchase;and 593.Todisclosematerialfactsknownbytheagentandnotapparentorreadilyascertainabletoaparty.
60ABuyer'sAgentowesthebuyerthefollowingaffirmativeduties:
611.Toexercisereasonablecareanddiligence; 622.Toaccountinatimelymannerformoneyandpropertyreceivedfromoronbehalfofthebuyer; 633.Tobeloyaltothebuyerbynottakingactionthatisadverseordetrimentaltothebuyer'sinterestinatransaction; 644.Todiscloseinatimelymannertothebuyeranyconflictofinterest,existingorcontemplated; 655.Toadvisethebuyertoseekexpertadviceonmattersrelatedtothetransactionthatarebeyondtheagent'sexpertise; 666.Tomaintainconfidentialinformationfromoraboutthebuyerexceptundersubpoenaorcourtorder,evenaftertermination 67oftheagencyrelationship;and
687.Unlessagreedotherwiseinwriting,tomakeacontinuous,goodfaithefforttofindpropertyforthebuyer,exceptthata 69buyer'sagentisnotrequiredtoseekadditionalpropertiesforthebuyerwhilethebuyerissubjecttoacontractfor 70purchase.
71Noneoftheseaffirmativedutiesofanagentmaybewaived,except#7.Theaffirmativedutylistedin#7canonlybewaivedby 72writtenagreementbetweenbuyerandagent.
73UnderOregonlaw,aBuyer'sAgentmayshowpropertiesinwhichthebuyerisinterestedtootherprospectivebuyerswithout 74breachinganaffirmativedutytothebuyer.
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75Unlessagreedtoinwriting,anagenthasnodutytoinvestigatemattersthatareoutsidethescopeoftheagent'sexpertise,including 76butnotlimitedtoinvestigationoftheconditionofproperty,thelegalstatusofthetitleortheseller'spastconformancewithlaw.
77 DutiesandResponsibilitiesofanAgent
78 WhoRepresentsMorethanOneClientinaTransaction
79Oneagentmayrepresentboththesellerandthebuyerinthesametransaction,ormultiplebuyerswhowanttopurchasethesame 80property,onlyunderawritten"DisclosedLimitedAgencyAgreement”signedbythesellerandbuyer(s).
81DisclosedLimitedAgentshavethefollowingdutiestotheirclients:
821.Totheseller,thedutieslistedaboveforaseller'sagent;and 832.Tothebuyer,thedutieslistedaboveforabuyer'sagent; 843.Tobothbuyerandseller,exceptwithexpresswrittenpermissionoftherespectiveperson,thedutynottodisclosetothe 85otherperson:
86a.Thatthesellerwillacceptapricelowerortermslessfavorablethanthelistingpriceorterms; 87b.Thatthebuyerwillpayapricegreaterortermsmorefavorablethantheofferingpriceorterms;or 88c.Confidentialinformationasdefinedabove.
89Unlessagreedtoinwriting,anagenthasnodutytoinvestigatemattersthatareoutsidethescopeoftheagent'sexpertise.
90WhendifferentagentsassociatedwiththesamePrincipalBroker(arealestateagentwhosupervisesotheragents)establish 91agencyrelationshipswithdifferentpartiestothesametransaction,onlythePrincipalBrokerwillactasaDisclosedLimitedAgent 92forbothbuyerandseller.Theotheragentscontinuetorepresentonlythepartywithwhomtheagentshavealreadyestablishedan 93agencyrelationshipunlessallpartiesagreeotherwiseinwriting.ThePrincipalBrokerandtherealestateagentsrepresentingeither 94sellerorbuyershallowethefollowingdutiestothesellerandbuyer:
951.Todiscloseaconflictofinterestinwritingtoallparties; 962.Totakenoactionthatisadverseordetrimentaltoeitherparty'sinterestinthetransaction;and 973.Toobeythelawfulinstructionofbothparties.
98Nomatterwhomtheyrepresent,anagentmustdiscloseinformationtheagentknowsorshouldknowthatfailuretodisclosewould 99constitutefraudulentmisrepresentation.
100 Youareencouragedtodiscusstheaboveinformationwiththeagentdeliveringthispamphlettoyou.Ifyouintendforthat 101 agent,oranyotherOregonrealestateagent,torepresentyouasaSeller'sAgent,Buyer'sAgent,orDisclosedLimited 102 Agent,youshouldhaveaspecificdiscussionwiththeagentaboutthenatureandscopeoftheagencyrelationship. 103 Whetheryouareabuyerorseller,youcannotmakeanagentyouragentwithouttheagent'sknowledgeandconsent,and 104 anagentcannotmakeyoutheirclientwithoutyourknowledgeandconsent.
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NoportionofthisformmaybereproducedwithouttheexpresspermissionofOregonRealEstateForms,LLC|CopyrightOregonRealEstateForms,LLC2022 ThisformhasbeenlicensedforusesolelybytheusernamedbelowunderthetermsoftheOregonRealEstateFormslicenseagreementlocatedat: https://orefonline.com/oref-forms-license-terms-and-conditions