Under Oregon's Agency Relationships in Real Estate Transactions Act, which of the following duties does a licensee owe to ALL parties in a transaction — including those the licensee does NOT represent?
Correct Answer
A) Providing honest and accurate information and disclosing known material defects
Under ORS 696.810, Oregon licensees owe certain duties to all parties in a transaction, regardless of whom they represent. These non-waivable duties include providing honest and accurate information and disclosing known material defects of the property. These duties exist to protect the public and apply even to parties the licensee does not formally represent.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
An arrangement where a brokerage assigns separate agents within the firm to represent the buyer and seller in the same transaction, allowing each client to have dedicated representation.
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