Oregon License Law
Oregon requires all real estate transactions involving compensation to be documented by written agreements. This requirement protects all parties by:
APreventing buyers from negotiating lower prices
BEstablishing clear terms, reducing misunderstandings, and providing evidence in disputes✓ Correct
CAllowing OREA to approve each transaction
DRequiring all documents to be notarized
Explanation
Written agreements (listing agreements, buyer agency agreements, purchase contracts) establish clear terms for the transaction, commission, duties, and rights of all parties. They provide evidence in the event of a dispute, reduce misunderstandings, and are required by Oregon law. Oral agreements for real property transactions generally cannot be enforced under the Statute of Frauds.
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