Current through Register Vol. 63, No. 9, September 1, 2024
(1)
Unless the parties expressly agree to a different relationship not otherwise
prohibited by law, the types of agency relationships a real estate licensee may
establish in a real estate transaction are limited to the following:
(a) An agency relationship between a real
estate licensee and the seller exclusively;
(b) An agency relationship between a real
estate licensee and the buyer exclusively;
(c) A disclosed limited agency relationship
where one or more real estate licensees associated with the same principal
broker represents both the seller and the buyer in the same real estate
transaction;
(d) A disclosed
limited agency relationship where real estate licensees associated with the
same principal broker are designated to represent, respectively, the buyer
exclusively and the seller exclusively;
(e) A disclosed limited agency relationship
where one or more real estate licensees associated with the same principal
broker represent more than one buyer in the same real estate
transaction.
(2) Unless
the parties expressly agree to a different relationship not otherwise
prohibited by law:
(a) A licensee
representing a seller by written agreement or course of conduct establishes an
agency relationship under sections (1)(a) or (d) above;
(b) A licensee representing a buyer by
written agreement or course of conduct establishes an agency relationship under
sections (1)(b) or (d) above;
(c) A
licensee representing both a buyer and a seller or two or more buyers in the
same real estate transaction is a disclosed limited agent of both the buyer and
seller or all buyers under sections (1)(c) or (e) above,
(3) When an agency relationship is formed
between a real estate licensee and a client under section (2) above, the
following apply:
(a) The principal broker
with whom the licensee is associated is the client's disclosed limited
agent;
(b) In a real estate
transaction in which different real estate licensees associated with the same
principal broker establish agency relationships with different parties to the
real estate transaction, the principal broker is the only disclosed limited
agent of both parties; and
(c) In a
real estate transaction in which one or more real estate licensees associated
with the same principal broker establish agency relationships with more than
one party to the real estate transaction, those licensees and the principal
broker are the only disclosed limited agents of those parties.
(4) Except as provided in sections
(2) and (3) above, licensees associated with the same real estate business are
not agents of all clients of the real estate business.
(5) Payment, or promise of payment, of a real
estate commission or other fee does not by itself create an agency
relationship.
(6) A principal real
estate broker acting as a disclosed limited agent under section (3) above must
do each of the following:
(a) Supervise the
licensees associated with the principal broker in fulfilling their duties and
obligations to their respective clients;
(b) Avoid advocating on behalf of either the
seller or the buyer; and
(c) Avoid
disclosing or using, without permission, confidential information of any client
with whom the principal broker has an agency relationship.
(7) Real estate licensees associated with a
principal broker who is acting as a disclosed limited agent under section (3)
above must do both of the following:
(a)
Serve as the agent of only the party or parties in the transaction with whom
the real estate licensee has established an agency relationship; and
(b) Fulfill the duties owed to the respective
client as set forth in the ORS
696.815 and as agreed in a
disclosed limited agency agreement entered into pursuant to OAR
863-015-0210.
(8) All
real estate licensees associated with a principal broker who are acting as
disclosed limited agents under section (2) above must refrain from disclosing
or using any confidential information relating to the other party that has been
acquired as a result of the licensee's association with the principal broker,
unless authorized to do so by that party.
(9) Nothing in this rule prohibits licensees
from disclosing or using factual, non-confidential information relating to all
parties to a transaction in order to fulfill a licensee's duties to the client
under ORS 696.815.
(10) If a principal real estate broker acting
as a disclosed limited agent under section (3) above determines that
confidential information of one principal to a transaction has become known to
another client in the transaction as the result of a violation of this rule,
the principal broker must promptly and fully disclose the violation to the
affected client in writing.
(11)
Affirmative duties under ORS
696.805 and
696.810, where appropriate,
apply to the agents, principal, other principals, and the principals' agents.
The duties do not, however, create fiduciary or other similar duties
inconsistent with the actual legal relationship between an agent and other
principals to a transaction or that principal's agents.
(12)
(a)
The Final Agency Acknowledgement of the agency relationships described in this
rule and required by ORS
696.845 must be printed in
substantially the following form:
FINAL AGENCY ACKNOWLEDGEMENT
Both Buyer and Seller acknowledge having received the Oregon
Real Estate Agency Disclosure Pamphlet, and hereby acknowledge and consent to
the following agency relationships in this transaction:
(1)___________(Name of Selling Licensee) of
______________ (Name of Real Estate Firm) is the agent of (check one) __ The
Buyer exclusively. __ The Seller exclusively (Seller Agency"). __ Both the
Buyer and the Seller ("Disclosed Limited Agency").
(2) ____________________ (Name of Listing
Licensee) of ______________ (Name of Real Estate Firm) is the agent of (check
one) __ The Seller exclusively. __ Both the Buyer and the Seller ("Disclosed
Limited Agency").
(3) If both
parties are each represented by one or more licensees in the same real estate
firm, and the licensees are supervised by the same principal broker in that
real estate firm, Buyer and Seller acknowledge that said principal broker shall
become the disclosed limited agent for both Buyer and Seller as more fully
explained in the disclosed Limited Agency Agreements that have been reviewed
and signed by Buyer, Seller and Licensee(s).
Buyer shall sign this acknowledgment at the time of signing
this Agreement before submission to Seller. Seller shall sign this
acknowledgment at the time this Agreement is first submitted to Seller, even if
this Agreement will be rejected or a counter offer will be made. Seller's
signature to this Final Agency Acknowledgment shall not constitute acceptance
of the Agreement or any terms therein.
ACKNOWLEDGED
Buyer: ________ Print _________________Dated: ________
Buyer: ________ Print _________________Dated: ________
Seller: ________ Print _________________Dated: ________
Seller: ________ Print _________________Dated: ________
(b) If incorporated as
a part of a preprinted agreement, the Final Agency Acknowledgement required by
subsection (a) shall appear at the top of the first page of the preprinted
agreement, separate and apart from the sale agreement and shall be signed
separately from the sale agreement. If the Final Agency Acknowledgement
required by subsection (a) is not included within a preprinted agreement, the
Final Agency Acknowledgement shall also include the property address or legal
description of the subject property, a reference to the attached sale
agreement, and shall include separate signature lines for buyers and
sellers.
Stat. Auth.: ORS
696.385
Stats. Implemented: ORS
696.805,
696.810 &
696.815
