Oregon Administrative Rules
Chapter 863 - REAL ESTATE AGENCY
Division 15 - REAL ESTATE BROKER REGULATION
Section 863-015-0133 - Buyer Agreements
Current through Register Vol. 64, No. 3, March 1, 2025
A real estate licensee representing a buyer in a residential transaction of residential land or one to four residential units is required to act under a written representation agreement with the buyer. In addition to the requirements contained in ORS 696.810, the representation agreement must also include:
(1) Licensee's license number;
(2) The name and contact information including telephone number for a principal broker responsible for supervision of the broker;
(3) Term, including effective date and expiration date;
(4) Description of the legal obligations of a buyer's agent as described in ORS 686.810 or by reference to the initial agency disclosure pamphlet delivered per ORS 696.820;
(5) The buyer's general search criteria, which may include the price range of desired property and the location of desired property;
(6) An explanation of how buyer's agent may be compensated;
(7) Representation agreement termination rights provisions for both buyer and licensee; and
(8) A statement whether the agreement is exclusive or nonexclusive.
Statutory/Other Authority: ORS 696.385
Statutes/Other Implemented: Oregon Laws 2024, chapter 3, section 17
