OAR 863-015-0210
Disclosed Limited Agency Agreement
(1)
Disclosed limited agency agreements required by ORS 696.815 (Representation of both buyer and seller) must be in writing, signed and dated by the parties to be bound or by their duly appointed real estate agents.(2)
Each disclosed limited agency agreement must contain the following:(a)
The registered business name under which the representation will take place;(b)
Identification of any existing listing or service agreement between the parties to the disclosed limited agency agreement;(c)
The name(s) of the licensee(s), including the principal broker, who will represent the client; and(d)
A plain language description of the requirements of ORS 696.815 (Representation of both buyer and seller);(e)
Full disclosure of the duties and responsibilities of an agent who represents more than one party to a real estate transaction. This requirement can be met by providing the client with a copy of the initial agency disclosure pamphlet required by ORS 696.820 (Agency disclosure pamphlet), discussing the portion of the pamphlet entitled “Duties and Responsibilities of an Agent Who Represents More that One Party to a Transaction” with the client, and incorporating the pamphlet into the disclosed limited agency agreement by reference; and(f)
Consent and agreement between the parties to the disclosed limited agency agreement regarding representation of the client in future transactions.(3)
Use of a disclosed limited agency agreement for sellers in substantially the following form is prima facie evidence of compliance with sections (1) and (2) of this rule:(1)
Seller acknowledge they have received the initial agency disclosure pamphlet required by ORS 696.820 (Agency disclosure pamphlet) and have read and discussed with the Listing Agent that part of the pamphlet entitled “Duties and Responsibilities of an Agent Who Represents More than One Party to A Transaction.” The initial agency disclosure pamphlet is hereby incorporated into this Disclosed Limited Agency Agreement by reference.(2)
Seller, having discussed with the Listing Agent the duties and responsibilities of an agent who represents more than one party to a transaction, consent and agree as follows:(a)
The Listing Agent and the Listing Agent’s Principal Broker, in addition to representing Seller, may represent one or more buyers in a transaction involving the listed property;(b)
In a transaction involving the listed property where the buyer is represented by an agent who works in the same real estate business as the Listing Agent and who is supervised by the Listing Agent’s Principal Broker, the Principal Broker may represent both Seller and Buyer. In such a situation, the Listing Agent will continue to represent only the Seller and the other agent will represent only the Buyer, consistent with the applicable duties and responsibilities as set out in the initial agency disclosure pamphlet; and(c)
In all other cases, the Listing Agent and the Listing Agent’s Principal Broker shall represent Seller exclusively.(4)
Use of a disclosed limited agency agreement for buyers in substantially the following form is prima facie evidence of compliance with sections (1) and (2) of this rule.(1)
Buyer(s) acknowledge they have received the initial agency disclosure pamphlet required by ORS 696.820 (Agency disclosure pamphlet) and have read and discussed with the Buyer’s Agent that part of the pamphlet entitled “Duties and Responsibilities of an Agent Who Represents More than One Party to A Transaction.” The initial agency disclosure pamphlet is hereby incorporated into this Disclosed Limited Agency Agreement by reference.(2)
Buyer(s), having discussed with Buyer’s Agent the duties and responsibilities of an agent who represents more than one party to a transaction, consent and agree as follows:(a)
Buyer’s Agent and the Buyer’s Agent’s Principal Broker, in addition to representing Buyer, may represent the seller or another buyer in any transaction involving Buyer;(b)
In a transaction where the seller is represented by an agent who works in the same real estate business as the Buyer’s Agent and who is supervised by the Buyer’s Agent’s Principal Broker, the Principal Broker may represent both seller and Buyer. In such a situation, the Buyer’s Agent will continue to represent only the Buyer and the other agent will represent only the Seller, consistent with the applicable duties and responsibilities set out in the initial agency disclosure pamphlet;(c)
In all other cases, the Buyer’s Agent and the Buyer’s Agent’s Principal Broker shall represent Buyer exclusively.
Source:
Rule 863-015-0210 — Disclosed Limited Agency Agreement, https://secure.sos.state.or.us/oard/view.action?ruleNumber=863-015-0210
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