Oregon broker Chloe represents buyers who are making an offer on a home listed by a different brokerage. The sellers' broker, Ryan, calls Chloe and asks whether her buyers have a firm pre-approval or just a pre-qualification letter. Chloe knows her buyers only have a pre-qualification. How should Chloe respond under Oregon agency law?
Correct Answer
B) Chloe should disclose only what is required in the written offer and decline to share additional confidential financial details about her buyers
Under ORS 696.810, a buyer's agent in Oregon owes a duty of confidentiality to their client. The buyers' financial strength and the distinction between pre-qualification and pre-approval is confidential information that could weaken the buyers' negotiating position. Chloe should protect this information and disclose only what is required by the transaction documents, not volunteer additional details that could harm her clients' interests.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
A non-agency relationship where the broker facilitates a real estate transaction without representing either party, owing limited duties of honesty, fairness, and competence to both.
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