Section 696.810 - [Effective 1/1/2025] Real estate licensee as buyer's agent; obligations(1) A real estate licensee representing a buyer is required to act under a written representation agreement with the buyer. The representation agreement must: (a) Be entered into before, or as soon as reasonably practicable after, the licensee has commenced efforts to assist the buyer in purchasing real property or in identifying real property for purchase;(b) State whether the agreement is exclusive or nonexclusive;(c) Describe the legal obligations of a buyer's agent described in this section either directly or by reference to the initial agency disclosure pamphlet required under ORS 696.820, if such pamphlet has been provided to the buyer; and(d) Contain any other additional requirements prescribed by rule by the Real Estate Commissioner.(2) A real estate licensee may not enter into a representation agreement, or a contract that would require the buyer to enter into a representation agreement in the future, if the duration of the representation agreement or contract, including any automatic renewals of the representation agreement or contract, exceeds 24 months.(3) The requirements of subsections (1) and (2) of this section do not apply to real estate licensees when engaged in a transaction for property that is improved or available for improvement by commercial structures or five or more residential dwelling units.(4) A real estate licensee who acts under a representation agreement with a buyer acts only as the buyer's agent in a real estate transaction unless the buyer has agreed in writing for the buyer's agent to be a disclosed limited agent pursuant to ORS 696.815 , 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.(5) 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.(6) 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.(7) 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.(8) Except as provided in subsection (6)(g) of this section, an affirmative duty may not be waived.(9) 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.Amended by 2024 Ch. 3,§ 17, eff. 1/1/2025.1993 c.570 §4; 2001 c.300 §46; 2003 c. 398, § 12; 2005 c. 393, § 7 This section is set out more than once due to postponed, multiple, or conflicting amendments.