Consumers: This pamphlet describes the legal obligations of Oregon real estate licensees to consumers. Real estate brokers and principal real estate brokers are required to provide this information to you when they first contact you. A licensed real estate broker or principal broker need not provide the pamphlet to a party who has, or may be reasonably assumed to have, received a copy of the pamphlet from another broker. This pamphlet is informational only. Neither the pamphlet nor its delivery to you may be interpreted as evidence of intent to create an agency relationship between you and a broker or a principal broker.

Initial Agency Disclosure Pamphlet

OREGON REAL ESTATE AGENCY

Duties and Responsibilities of a Seller’s Agent

Definition of “Confidential Information”

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 represents only the seller owes
the following affirmative duties to the seller, the
other parties and the other parties’ 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 to and from the parties in a
timely manner without regard to whether the
property is subject to a contract for sale or the
buyer is already a party to a contract to purchase; and
3. To disclose material facts known by the agent
and not apparent or readily ascertainable to a
party.
A seller’s agent owes the seller the following affirmative duties:
1. To exercise reasonable care and diligence;
2. To account in a timely manner for money
and property received from or on behalf of
the seller;
3. To be loyal to the seller by not taking action
that is adverse or detrimental to the seller’s
interest in a transaction; 

4. To disclose in a timely manner to the seller
any conflict of interest, existing or contemplated;
5. To advise the seller to seek expert advice on
matters related to the transaction that are
beyond the agent’s expertise; 6. To maintain confidential information from
or about the seller except under subpoena
or court order, even after termination of the
agency relationship; and
7. Unless agreed otherwise in writing, 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.
None of these affirmative duties of an agent may be waived, except (7). The affirmative duty listed
in (7) can only be waived by written agreement
between seller and agent.
Under Oregon law, a seller’s agent may show
properties owned by another seller to a prospective buyer and may list competing properties for
sale without breaching any affirmative duty to the
seller.
Unless agreed to in writing, an agent has no duty
to investigate matters that are outside the scope of
the agent’s expertise, including but not limited to
investigation of the condition of property, the legal
status of the title or the seller’s past conformance
with law.

Generally, licensees must maintain confidential information about their clients.
“Confidential information” is information communicated to a real estate licensee or the licensee’s
agent by the buyer or seller of one to four residential units regarding the real property transaction,
including but not limited to price, terms, financial
qualifications or motivation to buy or sell.
“Confidential information” does not mean information that: 

  • The buyer instructs the licensee or the licensee’s agent to disclose about the buyer to the
    seller, or the seller instructs the licensee or the
    licensee’s agent to disclose about the seller to
    the buyer.
  • The licensee or the licensee’s agent knows or
    should know failure to disclose would constitute fraudulent representation.

Real Estate Agency Relationships

Definition of “Confidential Information”

An “agency” relationship is a voluntary legal relationship in which a licensed real estate broker or principal broker (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 all 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. 

Generally, licensees must maintain confidential information about their clients.
“Confidential information” is information communicated to a real estate licensee or the licensee’s
agent by the buyer or seller of one to four residential units regarding the real property transaction,
including but not limited to price, terms, financial
qualifications or motivation to buy or sell.
“Confidential information” does not mean information that: 

  • The buyer instructs the licensee or the licensee’s agent to disclose about the buyer to the
    seller, or the seller instructs the licensee or the
    licensee’s agent to disclose about the seller to
    the buyer.
  • The licensee or the licensee’s agent knows or
    should know failure to disclose would constitute fraudulent representation.

Real Estate Agency Relationships

An “agency” relationship is a voluntary legal relationship in which a licensed real estate broker or principal broker (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 all 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.