(1) Disclosed limited agency agreements
required by ORS 696.815 must be in writing,
signed and dated by the parties to be bound or by their duly appointed real
estate agents.
(2) Each disclosed
limited agency agreement must contain the following:
(a) The name under which the representation
will take place, which must be the registered business name or, if none, the
licensed name of the principal broker;
(b) Identification of any existing listing or
service agreement between the parties to the disclosed limited agency
agreement;
(c) The name(s) of the
licensee(s), including the principal real estate broker, who will represent the
client; and
(d) A plain language
description of the requirements of ORS
696.815;
(e) Full disclosure of the duties and
responsibilities of an agent who represents more than one party to a real
estate transaction. This requirement can be met by providing the client with a
copy of the initial agency disclosure pamphlet required by ORS
696.820, discussing the portion
of the pamphlet entitled "Duties and Responsibilities of an Agent Who
Represents More that One Party to a Transaction" with the client, and
incorporating the pamphlet into the disclosed limited agency agreement by
reference; and
(f) Consent and
agreement between the parties to the disclosed limited agency agreement
regarding representation of the client in future transactions.
(3) Use of a disclosed limited
agency agreement for sellers in substantially the following form is prima facie
evidence of compliance with sections (1) and (2) of this rule:
Property Address ______________________________
Addendum to Listing Agreement Dated ____________
Real Estate Firm ______________________________
DISCLOSED LIMITED AGENCY AGREEMENT FOR SELLER
The Parties to this Disclosed Limited Agency Agreement
are:
Listing Agent (print) ___________________________
Listing Agent's Principal Broker (print) ____________
Seller (print) _________________________________
Seller (print) _________________________________
The Parties to this Agreement understand that Oregon law allows
a single real estate agent to act as a disclosed limited agent - to represent
both the seller and the buyer in the same real estate transaction, or multiple
buyers who want to purchase the same property. It is also understood that when
different agents associated with the same principal broker (the broker who
directly supervises the other agents) establish agency relationships with the
buyer and seller in a real estate transaction, the agents' principal broker
shall be the only broker acting as a disclosed limited agent representing both
seller and buyer. The other agents shall continue to represent only the party
with whom they have an established agency relationship, unless all parties
agree otherwise in writing.
In consideration of the above understanding, and the mutual
promises and benefits exchanged here and in the Listing Agreement, the Parties
now agree as follows:
(1) Seller
acknowledge they have received the initial agency disclosure pamphlet required
by ORS 696.820 and have read and
discussed with the Listing Agent that part of the pamphlet entitled "Duties and
Responsibilities of an Agent Who Represents More than One Party to A
Transaction." The initial agency disclosure pamphlet is hereby incorporated
into this Disclosed Limited Agency Agreement by reference.
(2) Seller, having discussed with the Listing
Agent the duties and responsibilities of an agent who represents more than one
party to a transaction, consent and agree as follows:
(a) The Listing Agent and the Listing Agent's
Principal Broker, in addition to representing Seller, may represent one or more
buyers in a transaction involving the listed property;
(b) In a transaction involving the listed
property where the buyer is represented by an agent who works in the same real
estate business as the Listing Agent and who is supervised by the Listing
Agent's Principal Broker, the Principal Broker may represent both Seller and
Buyer. In such a situation, the Listing Agent will continue to represent only
the Seller and the other agent will represent only the Buyer, consistent with
the applicable duties and responsibilities as set out in the initial agency
disclosure pamphlet; and
(c) In all
other cases, the Listing Agent and the Listing Agent's Principal Broker shall
represent Seller exclusively.
Seller signature __________________
Date ___________________________
Seller signature __________________
Date ___________________________
Listing Agent signature ____________
Date __________________________
(On their own and on behalf of Principal Broker)
Broker initial and review date_______________
(4) Use of a disclosed
limited agency agreement for buyers in substantially the following form is
prima facie evidence of compliance with sections (1) and (2) of this rule.
Property Address ______________________________
Addendum to Buyer Service Agreement Dated _______
Real Estate Firm _______________________________
DISCLOSED LIMITED AGENCY AGREEMENT FOR BUYER
The Parties to this Disclosed Limited Agency Agreement
are:
Buyer's Agent (print) ____________________________
Buyer's Agent's Principal Broker (print)______________
Buyer (print) ___________________________________
Buyer (print) ___________________________________
The Parties to this Agreement understand that Oregon law allows
a single real estate agent to act as a disclosed limited agent - to represent
both the seller and the buyer in the same real estate transaction, or multiple
buyers who want to purchase the same property. It is also understood that when
different agents associated with the same principal broker (the broker who
directly supervises the other agents) establish agency relationships with the
buyer and seller in a real estate transaction, the agents' principal broker
shall be the only broker acting as a disclosed limited agent representing both
seller and buyer. The other agents shall continue to represent only the party
with whom they have an established agency relationship, unless all parties
agree otherwise in writing.
In consideration of the above understanding, and the mutual
promises and benefits exchanged here and, if applicable, in the Buyer Service
Agreement, the Parties now agree as follows:
(1) Buyer(s) acknowledge they have received
the initial agency disclosure pamphlet required by ORS
696.820 and have read and
discussed with the Buyer's Agent that part of the pamphlet entitled "Duties and
Responsibilities of an Agent Who Represents More than One Party to A
Transaction." The initial agency disclosure pamphlet is hereby incorporated
into this Disclosed Limited Agency Agreement by reference.
(2) Buyer(s), having discussed with Buyer's
Agent the duties and responsibilities of an agent who represents more than one
party to a transaction, consent and agree as follows:
(a) Buyer's Agent and the Buyer's Agent's
Principal Broker, in addition to representing Buyer, may represent the seller
or another buyer in any transaction involving Buyer;
(b) In a transaction where the seller is
represented by an agent who works in the same real estate business as the
Buyer's Agent and who is supervised by the Buyer's Agent's Principal Broker,
the Principal Broker may represent both seller and Buyer. In such a situation,
the Buyer's Agent will continue to represent only the Buyer and the other agent
will represent only the Seller, consistent with the applicable duties and
responsibilities set out in the initial agency disclosure pamphlet;
(c) In all other cases, the Buyer's Agent and
the Buyer's Agent's Principal Broker shall represent Buyer exclusively.
Buyer signature____________________
Date __________________________
Buyer signature _________________
Date __________________________
Buyer's Agent signature___________
Date __________________________
(On their own and on behalf of Principal Broker)
Broker initial and review date________________
