Oregon broker James lists a home for sellers Greg and Helen. After the listing agreement is signed, buyer Natalie contacts James directly and says she wants to make an offer on the property without using her own agent. James would like to enter into a disclosed limited agency arrangement. Which of the following actions is required before James can legally proceed as a disclosed limited agent?
Correct Answer
B) James must obtain written informed consent from Greg, Helen, and Natalie before the disclosed limited agency begins
ORS 696.855 explicitly requires written informed consent from all parties — in this case, both the sellers (Greg and Helen) and the buyer (Natalie) — before James may act as a disclosed limited agent. The consent must be in writing and must be obtained before the dual representation begins, not after. This is a strict statutory requirement unique to Oregon's disclosed limited agency framework.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship created by a clear, explicit agreement between the principal and agent, either orally or in writing.
The highest legal obligation of trust and confidence owed by an agent to their principal, requiring the agent to act solely in the principal's best interest.
An agency relationship where the agent agrees to act on behalf of the principal without receiving compensation.
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