There is a lot of confusion about what a real estate agent or broker does  

Primarily, a residential real estate agent works with people to help them buy or sell (list) their home.  This can consist of a “stick-built” home, a manufactured home, or bare land. 

All agents and brokers in Oregon are licensed, and closely regulated.  They must attend many hours of training, pass a rigorous test, and complete a very extensive background check.  This is required because agents and brokers must know real estate law, practices and finances in order to represent you under the law. 

Oregon Real Estate Law

Oregon law provides for three types of relationships between real estate agents and their clients:

• Seller’s Agent – Represents the seller only

• Buyer’s Agent – Represents the buyer only

• Disclosed Limited Agency – Represents both the buyer and the seller, or multiple buyers who want to purchase the same property.  This can be done only with the written permission of both clients.

An agent who represents only the buyer or only the seller has an “Agency Relationship” with that client and must provide the following duties to their clients:

1.      To exercise reasonable care and diligence

2.      To deal honestly and in good faith

3.      To present all written offers, notices and other communications in a timely manner whether or not the seller’s property is subject to a contract for sale or the buyer is already a party to a contract to purchase

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

5.      To account in a timely manner for money and property received from or on behalf of the client

6.      To be loyal to their client by not taking action that is adverse or detrimental to the client’s interest in a transaction

7.      To disclose in a timely manner to the client any conflict of interest, existing or contemplated

8.      To advise the client to seek legal advice on matters related to the transaction that are beyond the agent’s expertise

9.      To maintain confidential information from or about the client except under subpoena or court order, even after termination of the agency relationship

10.  When representing a seller, to make a continuous, good faith effort to find a buyer for the property, except that a seller’s agent is not required to seek additional offers to purchase the property while the property is subject to a contract for sale.  When representing a buyer, to make a continuous, good faith effort to find property for the buyer, except that 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.

None of these affirmative duties of an agent may be waived, except #10, which can only be waived by written agreement between client and agent.