Oregon Agency Relationships and Disclosure
Oregon law defines how licensees represent buyers and sellers and requires early, written disclosure of representation options. This chapter reviews Oregon's agency terminology, the Initial Agency Disclosure Pamphlet, and the concept of disclosed limited agency.
Initial Agency Disclosure Pamphlet
Oregon requires licensees to give consumers the Initial Agency Disclosure Pamphlet at the beginning of the relationship, before the consumer reveals confidential information or signs a representation agreement. The pamphlet explains the representation choices available: seller agency, buyer agency, and disclosed limited agency. The goal is to ensure consumers understand who a licensee represents before proceeding.
Seller Agency and Buyer Agency
A licensee may represent the seller, the buyer, or in some cases neither as a full agent. When representing a client, the licensee owes fiduciary-type duties including loyalty, confidentiality, disclosure of material facts, accounting, and reasonable care. These duties are set out in Oregon statute and administrative rule and continue for the duration of the representation.
Disclosed Limited Agency
Oregon uses the term 'disclosed limited agency' to describe representing both parties in a transaction, or representing a buyer and seller who are both clients of the same principal broker. It is permitted only with the informed written consent of all clients. In a disclosed limited agency, certain duties (such as full undivided loyalty and unrestricted disclosure) are limited so the licensee can treat both clients fairly.