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.
Statutory/Other Authority
ORS 696.385
Statutes/Other Implemented
Oregon Laws 2024, chapter 3, section 17 & Chapter 389, (2025 Laws)
History
REA 4-2025, amend filed 10/09/2025, effective 01/01/2026
REA 2-2024, adopt filed 12/12/2024, effective 01/01/2025