Oregon License Law
Oregon's 'Material Facts' disclosure obligation means a licensee must disclose:
AOnly defects the licensee personally observed
BAll facts known to the licensee that a reasonable person would want to know in deciding whether to purchase the property✓ Correct
CDefects only if listed in the Seller's Property Disclosure Statement
DOnly physical defects, not economic or neighborhood issues
Explanation
Oregon's material fact disclosure obligation is broad — licensees must disclose all known facts that a reasonable buyer would consider material (important) in their decision to purchase. This includes physical defects, environmental hazards, neighborhood issues, and legal encumbrances.
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Key Terms to Know
Encumbrance
Any claim, lien, charge, or liability attached to real property that affects its value or limits its use.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
State-Specific Concepts
Disclosure Requirements
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