With the advent of buyer’s brokers, both buyers and sellers have the benefit of exclusive representation. Real estate brokers are required to disclose whom they represent and the terms of the representation by providing an agency disclosure form when a working relationship is initiated.
The primary duty a broker owes his/her client is to place his/her client’s interests above everyone else’s, including her/his own. To the party he/she does not represent, he/she must disclose all essential information about the property and treat that party fairly and honestly. When a licensee represents both parties, limited representation applies.
While real estate brokers perform vital functions in the industry, it is not wise or fair to ask them to provide services outside the scope of their profession. Legal, tax, construction, inspection, title and financing concerns should be directed to professionals in those areas.
Brokers in Oregon are required by law to provide an Agency Disclosure Pamphlet to the consumer, disclose whom they represent and the terms of that representation, and have the consumer acknowledge this agency representation. Understanding the different agency roles will assist you in choosing how you want to work with a broker in your real estate transaction.
This pamphlet describes agency relationships and the duties and responsibilities of real estate licensees in Oregon. This pamphlet is informational only and neither the pamphlet nor its delivery to you may be construed to be evidence of intent to create an agency relationship.
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