Agency
Under Oregon law, a licensee who represents a buyer in a property transaction has a duty to:
ATell the buyer the minimum price the seller will accept
BConduct a reasonable investigation of the property and disclose relevant findings to the buyer✓ Correct
CGuarantee the accuracy of all information in the MLS
DDisclose the seller's tax basis in the property
Explanation
A buyer's agent has duties to their client including: loyalty, confidentiality, obedience to lawful instructions, disclosure of known and discoverable material facts, reasonable care and diligence in investigating the property, and honest dealing. Oregon licensees are expected to conduct reasonable due diligence and share relevant findings — they cannot simply pass on inaccurate information without investigation.
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Key Terms to Know
Buyer's Agent
A real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
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