Oregon License Law
Under ORS Chapter 696, Oregon real estate brokers are required to provide a written agency disclosure at what point in a transaction?
AOnly at the time of offer
BAt the first substantial contact with a consumer regarding a specific property✓ Correct
COnly after the offer is accepted
DAt the first open house visit
Explanation
Oregon ORS 696.820 requires licensees to provide the Initial Agency Disclosure Pamphlet at the first substantial contact with a consumer in a real estate transaction.
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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.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
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
License Law
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