Under Oregon's Agency Relationships in Real Estate Transactions Act, which of the following is NOT a duty that an Oregon broker owes exclusively to their own client (as opposed to all parties in the transaction)?
Correct Answer
B) Disclosing known material defects of the property
Disclosing known material defects of the property is a duty owed to ALL parties in the transaction, not exclusively to the licensee's own client. Under ORS 696.810, Oregon licensees must disclose known material defects regardless of whom they represent. This is a non-waivable duty owed to the public to prevent fraud and misrepresentation in real estate transactions.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The legal obligation to reveal information that could affect a party's decision to enter into or the terms of a real estate transaction.
The extent of power and actions an agent is authorized to perform on behalf of the principal, as defined by the agency agreement.
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.
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