This brochure describes agency relationships and the obligations and responsibilities of real estate licensors in Oregon. This brochure is for informational purposes only and neither the brochure nor its notification can be interpreted as proof of the intention to establish an agency relationship. In general, the agent must maintain confidential information about his clients. `confidential information` means information communicated to an agent or the agent`s chief agent by the buyer or seller of one to four residential units concerning the real estate transaction, including, but not limited to, the price, conditions, financial qualifications or motivation for the purchase or sale. “Confidential Information” does not mean the information used: agency agreements where one of the parties authorizes another party to conduct transactions on its behalf. The authorizing party is designated as the sponsor, while the party managing the transaction is designated as an agent. There are a large number of cases where agency contracts can be used, including limited employment agreements, real estate transactions, and transactions for the sale of property. If two different licensees working for the same prime broker participate in a transaction where one represents the seller and the other the buyer, the prime broker is a double agent. This is the case because the services provided by each client are provided on behalf of the prime broker. However, the listing and sales agents only personally established an agency relationship with one of the parties to the transaction. The leaked restricted agency allows individual agents who have collaborated with only one party to continue to represent only that party. It is the main agent who is the double agent. 40K When representing a seller, make continuous and good faith efforts to find a buyer for the property, except that a seller`s broker is not required to obtain additional offers for the purchase of the property while the property is subject to a contract of sale.
When it comes to representing a buyer in order to constantly and in good faith search for property for the buyer, with the exception of the fact that the representative of a buyer is not required to search for additional real estate for the buyer while the buyer is subject to a contract of sale, or to present real estate for which there is no written agreement, to pay compensation to the buyer`s agent….