OAR 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 the managing 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.