Agency
Under Oregon's agency law, a seller's broker owes the buyer which of the following duties?
AFull fiduciary duties identical to those owed the seller
BThe duty to disclose known material facts about the property and transaction that could affect the buyer's decision✓ Correct
CNo duties whatsoever
DThe duty to negotiate the lowest possible price for the buyer
Explanation
Even though a seller's broker (listing agent) represents the seller, Oregon law (ORS 696.810) requires disclosure of known material facts to all parties. A seller's broker is not a fiduciary to the buyer but must deal honestly and cannot misrepresent or conceal material defects. The broker's fiduciary duties of loyalty, confidentiality, and best-price negotiation run only to the seller.
Related Oregon Agency Questions
- An Oregon buyer's agent shows a property listed by another brokerage. The buyer makes an offer. The buyer's agent owes which duties to the seller in this transaction?
- A real estate licensee in Oregon may not act as a principal (buyer or seller for their own account) in a transaction they are involved in as an agent without:
- In Oregon, when an agent represents both the buyer and seller in the same transaction without proper disclosure and consent, this is called:
- In Oregon, a buyer visits an open house and asks the listing agent questions about the property. What agency relationship exists?
- In an Oregon in-company transaction, if two different brokers from the same firm represent the buyer and seller respectively, this is called:
- Oregon's agency disclosure law requires that the 'Initial Agency Disclosure Pamphlet' be given to consumers:
- When does an Oregon listing agency relationship with a seller automatically terminate?
- What is 'constructive fraud' in the context of Oregon real estate agency?
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