Oregon Real Estate Broker Exam — All Questions
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When must an Oregon licensee provide the Initial Agency Disclosure Pamphlet to a consumer?
- a.Only at closing
- b.At first contact with a party who has not signed a service agreement, before entering into any representation discussion✓
- c.Only if the consumer requests it in writing
- d.Never, because Oregon does not require agency disclosure
Oregon requires licensees to provide the Initial Agency Disclosure Pamphlet, which explains representation options, at the beginning of the relationship, before the consumer discloses confidential information or enters into a representation agreement.
Under Oregon agency law, what term describes the situation where one licensee or firm represents both the buyer and the seller in the same transaction with informed consent?
- a.Subagency
- b.Single agency
- c.Designated exclusive agency
- d.Disclosed limited agency✓
Oregon law uses the term 'disclosed limited agency' for representing both parties (or both a buyer and seller who are each clients of the same principal broker) in one transaction. It is permitted only with the informed written consent of all clients, and the licensee's duties are limited accordingly.