Agency
In Oregon, which of the following describes 'implied agency'?
AAn agency relationship created by a written contract
BAn agency relationship created by the conduct of the parties rather than explicit agreement✓ Correct
CAn agency relationship authorized by the court
DAn agency that arises when a broker shows property without a formal agreement
Explanation
Implied agency arises from the conduct of the parties rather than from a formal written agreement. For example, if a broker consistently acts as a buyer's representative and the buyer reasonably relies on that relationship, an implied agency may exist even without a written agreement.
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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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