Agency
When a buyer's agent in Oregon refers a client to a mortgage lender and receives a referral fee, what must they do?
ANothing — referral fees are a normal part of business
BDisclose the referral fee arrangement to the buyer client✓ Correct
CReturn the fee to the buyer
DReport the arrangement to OREA within 10 days
Explanation
Oregon licensees who receive referral fees or financial benefits from recommending service providers to clients must disclose this arrangement. Under RESPA, referral fees for settlement services may be prohibited, but disclosure is always required.
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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.
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.
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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