Agency
In Oregon, a listing agent who has a personal relationship with the buyer (e.g., a family member) must:
AAutomatically become a disclosed limited agent
BDisclose the relationship to the seller client so the seller can make an informed decision about proceeding✓ Correct
CWithdraw from the transaction automatically
DRepresent the buyer exclusively since family comes first
Explanation
An Oregon listing agent who has a personal relationship (family, close friendship) with a prospective buyer must disclose this relationship to the seller client. The potential conflict of interest could affect the agent's ability to represent the seller's best interests.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
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