Agency
Oregon's 'Initial Agency Disclosure Pamphlet' must be acknowledged by the consumer. The acknowledgment is accomplished by:
AThe consumer filing a copy with OREA
BThe consumer signing or initialing a receipt for the pamphlet✓ Correct
CThe broker filing the acknowledgment with the county recorder
DThe broker keeping a signed copy for 1 year
Explanation
The broker must obtain a signed or initialed acknowledgment from the consumer confirming receipt of the Initial Agency Disclosure Pamphlet. The broker must retain a copy of the signed acknowledgment in their transaction files.
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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.
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.
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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