Oregon broker James represents seller Patricia. A buyer named Kevin contacts James directly and asks James to also represent him in purchasing Patricia's property. James agrees. Under Oregon law, which of the following must occur BEFORE James can proceed as a disclosed limited agent?
Correct Answer
D) James must obtain written informed consent from both Patricia and Kevin before the disclosed limited agency is established
ORS 696.840 requires that before a licensee may act as a disclosed limited agent representing both buyer and seller, the licensee must obtain written informed consent from all parties to the transaction. This consent must be obtained before the disclosed limited agency relationship is established—not after the fact. This is a critical Oregon-specific requirement that distinguishes it from states that allow verbal consent.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship where the agent agrees to act on behalf of the principal without receiving compensation.
An agency relationship created by the conduct or actions of the parties rather than by a written or oral agreement.
The legal obligation to reveal information that could affect a party's decision to enter into or the terms of a real estate transaction.
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