Agency
In Oregon, when does a listing broker's authority to bind the seller to a sales contract arise?
AThe listing broker has authority to accept offers on the seller's behalf automatically
BOnly when the seller has expressly granted the broker authority to accept offers on the seller's behalf✓ Correct
CWhen the broker presents the offer to the seller
DWhenever the broker determines an offer meets the listing price
Explanation
Under Oregon agency law, a listing broker does NOT automatically have authority to accept a purchase offer and bind the seller to a contract. The broker's standard authority is to find a buyer and present offers — not to accept on the seller's behalf.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
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