As used in ORS 696.392 (Power of commissioner to administer oaths, take depositions and issue subpoenas), 696.600 (Definitions for ORS 696.392, 696.600 to 696.785 and 696.995) to 696.785 (Commissioner duties when illegal commingling of funds found), 696.800 (Definitions) to 696.870 (Duties of real estate licensee under ORS 105.462 to 105.490, 696.301 and 696.870) and 696.995 (Civil penalties for violation of ORS 696.603, 696.606 or 696.612), unless the context requires otherwise:
(1) “Agent” means:
(a) A principal real estate broker who has entered into:
(A) A listing agreement with a seller;
(B) A service contract with a buyer to represent the buyer; or
(C) A disclosed limited agency agreement; or
(b) A real estate broker associated with a principal real estate broker to act as the principal real estate broker’s agent in connection with acts requiring a real estate license and to function under the principal real estate broker’s supervision.
(2) “Buyer” means a potential transferee in a real property transaction, and includes a person who:
(a) Executes an offer to purchase real property from a seller through an agent; or
(b) Enters into an exclusive representation contract or buyer’s service agreement with an agent, whether or not a sale or transfer of property results.
(3) “Confidential information” means information communicated to an agent by the buyer or seller of one to four residential units regarding the real property transaction, including but not limited to price, terms, financial qualifications or motivation to buy or sell. “Confidential information” does not mean information that:
(a) The buyer instructs the agent to disclose about the buyer to the seller or the seller instructs the agent to disclose about the seller to the buyer; and
(b) The agent knows or should know failure to disclose would constitute fraudulent representation.
(4) “Disclosed limited agency” means a real property transaction in which the representation of a buyer and seller or the representation of two or more buyers occurs within the same real estate business.
(5) “Listing agreement” means a contract between an agent and a seller of real property that authorizes the agent, in exchange for compensation, to act on behalf of the seller in offering the real property for sale or in finding and obtaining a buyer.
(6) “Listing price” means the amount expressed in dollars, specified in the listing agreement, for which the seller is willing to sell the real property through the listing agent.
(7) “Offer” means a written proposal executed by a buyer for the sale or lease of real property.
(8) “Offering price” is the amount expressed in dollars specified in an offer to purchase for which the buyer is willing to buy the real property.
(9) “Principal” means the person who has permitted or directed an agent to act on the principal’s behalf. In a real property transaction, this generally means the buyer or the seller.
(10) “Real property” means any estate in real property, including a condominium as defined in ORS 100.005 (Definitions), a timeshare property as defined in ORS 94.803 (Definitions for ORS 94.803 and 94.807 to 94.945) and the granting of an option or right of first refusal. “Real property” also includes a manufactured structure, as defined in ORS 446.561 (Definitions for ORS 446.566 to 446.646), owned by the same person who owns the land upon which the manufactured structure is situated. “Real property” does not include a leasehold in real property.
(11) “Real property transaction” means a transaction regarding real property in which an agent is employed by one or more of the principals to act in that transaction and includes but is not limited to listing agreements, buyer’s service agreements, exclusive representation contracts and offers to purchase.
(12) “Sale” or “sold” refers to a transaction for the transfer of real property from the seller to the buyer and includes:
(a) Exchanges of real property between the seller and the buyer and third parties; and
(b) Land sales contracts.
(13) “Seller” means a potential transferor in a real property transaction and includes an owner:
(a) Who enters into a listing agreement with an agent, whether or not a transfer results; or
(b) Who receives an offer to purchase real property that the seller owns from an agent acting on behalf of a buyer. [1993 c.570 §2; 2001 c.300 §44; 2003 c.655 §84; 2005 c.116 §§13,14; 2007 c.319 §21; 2017 c.234 §27]
Note: Section 351, chapter 79, Oregon Laws 1995, provides:
Sec. 351. The provisions of ORS 696.800 (Definitions) to 696.855 (Common law application to statutory obligations and remedies) [series became 696.800 (Definitions) to 696.870 (Duties of real estate licensee under ORS 105.462 to 105.490, 696.301 and 696.870)] apply to ORS 696.010 (Definitions) to 696.495 (Revolving fund). [1995 c.79 §351]
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.