Agency
In Oregon, a seller's agent learns that the buyer is divorcing and must sell their current home quickly. The seller's agent should:
ADisclose this information to the seller as it may help negotiate a better price✓ Correct
BKeep this information confidential since it was shared in confidence
CReport the information to OREA
DDisclose it to the seller only if the buyer gives written consent
Explanation
The seller's agent owes loyalty to the seller. Information about the buyer's motivation or circumstances (like a pressing financial need) that could affect negotiations is material to the seller and should be disclosed.
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Key Terms to Know
Fiduciary Duty
The highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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