OAR 863-015-0210: Disclosed Limited Agency Agreement

(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 registered business name under which the representation will take place; (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 managing principal 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________________"