Maria is a licensed Oregon broker who has just been contacted by a potential buyer, Tom, who wants to tour a listing she represents. Before showing the property, Maria must provide Tom with a written agency disclosure. According to Oregon law, what must this disclosure minimally explain?
Correct Answer
A) The types of agency relationships available and whom the licensee represents
Under ORS 696.820, Oregon licensees must provide a written Initial Agency Disclosure Pamphlet that explains the types of agency relationships available in Oregon (seller's agent, buyer's agent, disclosed limited agent) and clearly identifies whom the licensee currently represents. This allows consumers to make informed decisions before sharing confidential information.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The fiduciary obligations owed by a listing agent to the seller, including marketing the property, presenting all offers, and protecting the seller's confidential information.
A practice where the agent or brokerage represents only one party in a transaction — either the buyer or the seller, but never both.
A relationship where a listing broker authorizes other brokers to act as agents of the seller, extending the seller's agency relationship to cooperating brokers.
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