Or. Admin. Code § 863-015-0133

Current through Register Vol. 64, No. 1, January 1, 2025

Section 863-015-0133 - Buyer Agreements

A real estate licensee representing a buyer in a residential transaction of residential land or one to four residential units is required to act under a written representation agreement with the buyer. In addition to the requirements contained in ORS 696.810, the representation agreement must also include:

(1) Licensee's license number;

(2) The name and contact information including telephone number for a principal broker responsible for supervision of the broker;

(3) Term, including effective date and expiration date;

(4) Description of the legal obligations of a buyer's agent as described in ORS 686.810 or by reference to the initial agency disclosure pamphlet delivered per ORS 696.820;

(5) The buyer's general search criteria, which may include the price range of desired property and the location of desired property;

(6) An explanation of how buyer's agent may be compensated;

(7) Representation agreement termination rights provisions for both buyer and licensee; and

(8) A statement whether the agreement is exclusive or nonexclusive.

Or. Admin. Code § 863-015-0133

REA 2-2024, adopt filed 12/12/2024, effective 1/1/2025

Statutory/Other Authority: ORS 696.385

Statutes/Other Implemented: Oregon Laws 2024, chapter 3, section 17