Under Oregon law, what is the correct term for the agency relationship in which a single licensee represents both the seller and the buyer in the same transaction with the written consent of all parties?
Correct Answer
A) Disclosed limited agency
Oregon statute ORS 696.800–696.890 uses the specific term 'disclosed limited agency' to describe the arrangement in which one licensee represents both buyer and seller in the same transaction. Written informed consent from all parties is required before the relationship is established.
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Related Concepts
The legal ending of an agency relationship, which can occur through completion, expiration, mutual agreement, breach, death, incapacity, or bankruptcy of either party.
The fiduciary obligation to protect a client's private information and not disclose it to third parties without permission, surviving even after the agency relationship ends.
In real estate, a client is someone to whom the agent owes fiduciary duties through an agency relationship, while a customer is a third party to whom the agent owes only honesty and fair dealing.
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