Oregon Real Estate Agency Disclosure Pamphlet
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1
2OREGON REAL ESTATE AGENCY
DISCLOSURE PAMPHLET
OAR 863-015-215 (4)
This pamphlet describes agency relationships and the duties and responsibilities of real estate licensees in Oregon. This pamphlet is
informational only and neither the pamphlet nor its delivery to you may be construed to be evidence of intent to create an agency
relationship.
Real Estate Agency Relationships
An "agency" relationship is a voluntary legal relationship in which a real estate licensee (the "agent"), agrees to act on behalf of a
buyer or a seller (the "client") in a real estate transaction.
Oregon law provides for three types of agency relationships between real estate agents and their clients:
Seller's Agent - Represents the seller only;
Buyer's Agent - Represents the buyer only;
Disclosed Limited Agent - Represents both the buyer and seller, or multiple buyers who want to purchase the same
property. This can be done only with the written permission of both clients.
The actual agency relationships between the seller, buyer and their agents in a real estate transaction must be acknowledged at
the time an offer to purchase is made. Please read this pamphlet carefully before entering into an agency relationship with a real
estate agent.
Duties and Responsibilities of an Agent
Who Represents Only the Seller or Only the Buyer
Under a written listing agreement to sell property, an agent represents only the seller unless the seller agrees in writing to allow
the agent to also represent the buyer. An agent who agrees to represent a buyer acts only as the buyer's agent unless the
buyer agrees in writing to allow the agent to also represent the seller. An agent who represents only the seller or only the buyer
owes the following affirmative duties to their client, as well as other parties and their agents involved in a real estate
transaction:
1.
To deal honestly and in good faith;
2.
To present all written offers, notices and other communications in a timely manner whether or not the seller's property is
subject to a contract for sale or the buyer is already a party to a contract to purchase;
3.
To disclose material facts known by the agent and not apparent or readily ascertainable to a party;
In addition to Nos. 1, 2, and 3, above, an agent who represents only the seller or only the buyer owes the following
affirmative duties only to their client:
4.
To exercise reasonable care and diligence;
5.
To account in a timely manner for money and property received from or on behalf of the client;
6.
To be loyal by not taking action that is adverse or detrimental to the client's interest in a transaction;
7.
To disclose in a timely manner any conflict of interest, existing or contemplated;
8.
To advise the client to seek expert advice on matters related to the transactions that are beyond the agent's expertise;
9.
To maintain confidential information from or about the client except under subpoena or court order, even after termination
of the agency relationship; and
10. When representing a seller, to make a continuous, good faith effort to find a buyer for the property, except that a seller's
agent is not required to seek additional offers to purchase the property while the property is subject to a contract for sale.
When representing a buyer, to make a continuous, good faith effort to find property for the buyer, except that buyer's
agent is not required to seek additional properties for the buyer while the buyer is subject to a contract for purchase or to
show properties for which there is no written agreement to pay compensation to the buyer's agent.
This form has been licensed for use solely by Rob Levy pursuant to a Forms License Agreement with Oregon Real Estate Forms, LLC.
Provided by Oregon Real Estate Forms, LLC
2006
Rev 01/12
OREF 042
May not be reproduced without express permission of Oregon Real Estate Forms, LLC
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