ORS 696.810
Real estate licensee as buyer’s agent

  • obligations

(1)

A real estate licensee other than the seller’s agent may agree with the buyer to act as the buyer’s agent only. The buyer’s agent is not representing the seller, even if the buyer’s agent is receiving compensation for services rendered, either in full or in part, from the seller or through the seller’s agent.

(2)

A buyer’s agent owes the buyer, other principals and the principals’ agents involved in a real estate transaction the following affirmative duties:

(a)

To deal honestly and in good faith;

(b)

To present all written offers, written notices and other written communications to and from the parties in a timely manner without regard to whether the property is subject to a contract for sale or the buyer is already a party to a contract to purchase; and

(c)

To disclose material facts known by the buyer’s agent and not apparent or readily ascertainable to a party.

(3)

A buyer’s agent owes the buyer involved in a real estate transaction the following affirmative duties:

(a)

To exercise reasonable care and diligence;

(b)

To account in a timely manner for money and property received from or on behalf of the buyer;

(c)

To be loyal to the buyer by not taking action that is adverse or detrimental to the buyer’s interest in a transaction;

(d)

To disclose in a timely manner to the buyer any conflict of interest, existing or contemplated;

(e)

To advise the buyer to seek expert advice on matters related to the transaction that are beyond the agent’s expertise;

(f)

To maintain confidential information from or about the buyer except under subpoena or court order, even after termination of the agency relationship; and

(g)

Unless agreed otherwise in writing, to make a continuous, good faith effort to find property for the buyer, except that a buyer’s agent is not required to seek additional properties for the buyer while the buyer is subject to a contract for purchase or to show properties for which there is no written agreement to pay compensation to the buyer’s agent.

(4)

A buyer’s agent may show properties in which the buyer is interested to other prospective buyers without breaching an affirmative duty to the buyer.

(5)

Except as provided in subsection (3)(g) of this section, an affirmative duty may not be waived.

(6)

Nothing in this section implies a duty to investigate matters that are outside the scope of the real estate licensee’s expertise, including but not limited to investigation of the condition of property, the legal status of the title or the owner’s past conformance with law, unless the licensee or the licensee’s agent agrees in writing to investigate a matter. [1993 c.570 §4; 2001 c.300 §46; 2003 c.398 §12; 2005 c.393 §7]
Note: See note under 696.800 (Definitions).

Source: Section 696.810 — Real estate licensee as buyer’s agent; obligations, https://www.­oregonlegislature.­gov/bills_laws/ors/ors696.­html.

Notes of Decisions

Where defendant real estate agent and buyer, represented by plaintiff trustee, entered into contract that stated defendant was not expected to render specialized professional services to buyer, such as detailed property inspection, defendant did not violate duties of real estate agent under this section by not offering advice about investment strategies because that advice is outside scope of statutory duties. Gibson v. Bankofier, 275 Or App 257, 365 P3d 568 (2015)

696.007
Statement of legislative purpose
696.010
Definitions
696.015
Legislative finding
696.020
License required for individuals engaged in professional real estate activities
696.022
Licensing system for real estate brokers and property managers
696.024
Payments due and owing to Real Estate Agency
696.026
Registration and renewal of business names
696.030
Exemptions
696.040
Single act sufficient to constitute professional real estate activity
696.110
Exclusive nature of regulation of real estate licensees
696.125
Limited license
696.130
Effect of revocation of license
696.174
License renewal
696.182
Continuing education
696.184
Duties of continuing education provider
696.186
Qualifications of continuing education instructors
696.200
Main office
696.205
Death or incapacity of sole principal real estate broker or sole licensed real estate property manager
696.232
License status of employee of agency
696.241
Clients’ trust accounts
696.243
Substituting copy for original canceled check allowed
696.245
Clients’ trust accounts
696.255
Nonresident license equivalent to appointment of commissioner as agent for service of process
696.265
Recognition of nonresident real estate licensee
696.270
Fees
696.280
Records of licensed real estate property managers and real estate brokers
696.290
Sharing compensation with or paying finder’s fee to unlicensed person prohibited
696.292
Limitation on demand for compensation
696.294
Opinion letter
696.301
Grounds for discipline
696.310
Intracompany supervision and control
696.315
Prohibition against licensee permitting nonlicensed individual to engage in activity with or on behalf of licensee
696.320
Effect of suspension or revocation of principal broker license on associated licensees
696.323
Effect of violations by real estate licensee on associated licensees
696.363
Relationship between licensees as independent contractors or employer and employee
696.365
City or county business license tax
696.375
Real Estate Agency
696.385
Power of agency
696.392
Power of commissioner to administer oaths, take depositions and issue subpoenas
696.395
Power of commissioner
696.396
Investigation of complaints and progressive discipline
696.397
Cease and desist order
696.398
Delegation by commissioner to employees
696.405
Real Estate Board
696.415
Officers
696.425
Powers and duties of board
696.430
Records of commissioner as evidence
696.445
Advancement of education and research
696.490
Real Estate Account
696.495
Revolving fund
696.505
Definitions for ORS 696.505 to 696.590
696.508
Legislative finding
696.511
License requirement
696.520
Application of ORS 696.505 to 696.590
696.523
Application of ORS 696.505 to 696.590 to title insurance activities
696.525
Bond for escrow agents
696.527
Deposits in lieu of bond
696.530
Expiration and renewal of license
696.532
Limited license
696.534
Records of escrow agents
696.535
Grounds for refusing, suspending or revoking license or reprimanding licensee
696.541
Authority of commissioner over escrow agents
696.545
Investigation
696.555
Commissioner to take possession of property and assets of escrow agent when assets or capital impaired
696.570
Hearings procedure under ORS 696.505 to 696.590
696.575
Civil or criminal actions not limited by ORS 696.505 to 696.590
696.577
Commissioner’s order against unlicensed agent
696.578
Deposit and designation of funds held in escrow
696.579
Funds exempt from execution or attachment
696.581
Written escrow instructions or agreement required
696.582
Escrow agent to hold certain compensation
696.585
Civil penalties
696.590
Penalty amounts
696.600
Definitions for ORS 696.392, 696.600 to 696.785 and 696.995
696.603
License requirement
696.606
Real estate marketing organization license
696.609
Exemptions from ORS 696.392, 696.600 to 696.785 and 696.995
696.612
Grounds for disciplinary action
696.615
Publication of sanctions imposed for violations
696.618
Denial of right to court action for unlicensed real estate marketing organization
696.621
Real Estate Marketing Account
696.624
Consent by nonresident real estate marketing organization to service of summons or process required
696.627
On-site inspection allowed
696.710
Necessity of alleging license in action to collect compensation
696.720
Remedies are concurrent
696.730
Jurisdiction of courts for violations
696.775
Authority of commissioner when license lapsed, expired, revoked, suspended or surrendered
696.785
Commissioner duties when illegal commingling of funds found
696.790
Authority of commissioner to require fingerprints
696.795
Authority of commissioner to conduct investigations and proceedings
696.800
Definitions
696.805
Real estate licensee as seller’s agent
696.810
Real estate licensee as buyer’s agent
696.815
Representation of both buyer and seller
696.820
Agency disclosure pamphlet
696.822
Liability of principal for act, error or omission of agent or subagent
696.835
Buyer and seller responsibilities
696.840
Compensation and agency relationships
696.845
Acknowledgment of existing agency relationships form
696.855
Common law application to statutory obligations and remedies
696.870
Duties of real estate licensee under ORS 105.462 to 105.490, 696.301 and 696.870
696.880
Licensee not required to disclose proximity of registered sex offender
696.890
Duties of real estate property managers
696.990
Penalties
696.995
Civil penalties for violation of ORS 696.603, 696.606 or 696.612
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