Agency
In Oregon, a buyer visits an open house and asks the listing agent questions about the property. What agency relationship exists?
AThe listing agent now represents the buyer
BThe listing agent represents the seller; the buyer is an unrepresented customer✓ Correct
CNo agency exists until a purchase offer is made
DThe listing agent owes equal fiduciary duties to both parties
Explanation
At an open house, the listing agent represents the seller. A visitor to an open house who has not entered a buyer agency agreement is an unrepresented customer (third party), not a client. The listing agent owes the seller fiduciary duties and the buyer honest dealing — but NOT fiduciary duties. The agent must provide the Initial Agency Disclosure Pamphlet at first substantial contact.
Related Oregon Agency Questions
- A 'transaction broker' in states that recognize the role is a licensee who:
- An Oregon real estate broker discovers during a listing that the property has a serious structural defect the seller is unaware of. The broker should:
- Under Oregon law, a real estate agent who makes a false statement knowing it to be false to induce a party to enter a transaction has committed:
- An Oregon buyer's agent who also holds a mortgage broker license offers to arrange the buyer's mortgage. The agent must:
- Oregon's 'Initial Agency Disclosure Pamphlet' must be acknowledged by the consumer. The acknowledgment is accomplished by:
- An Oregon buyer's agent discovers that the property their client wants to purchase has a pending code enforcement action. The agent should:
- Oregon requires that an agency agreement between a broker and a buyer client must:
- A listing broker in Portland agrees to act as a 'seller's agent.' The buyer is unrepresented. The broker's duty to the buyer is:
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