Section 696.890 – Duties of real estate property managers.
(1) As used in this section: (a) “Management of rental real estate” has the meaning given that term in ORS 696.010. (b) “Property management agreement” has the meaning given that term in ORS 696.010. (c) “Real estate property manager” has the meaning given that term in ORS 696.010. (2) A real estate property manager who […]
Section 696.990 – Penalties.
(1) Violation of any provision of ORS 696.010 to 696.130, 696.200, 696.205, 696.241 to 696.375, 696.392, 696.395 to 696.430, 696.490, 696.600 to 696.785 and 696.995 is a Class A misdemeanor. (2) Any officer, director or shareholder or agent of a corporation, or member or agent of a partnership or association, who personally participates in or […]
Section 696.995 – Civil penalties for violation of ORS 696.603, 696.606 or 696.612.
(1) Any person who violates ORS 696.603, 696.606 or 696.612 may be required by the Real Estate Commissioner to forfeit and pay to the General Fund of the State Treasury a civil penalty in an amount determined by the commissioner of: (a) Not less than $100 nor more than $500 for the first violation of […]
Section 696.815 – Representation of both buyer and seller; obligations.
(1) A real estate licensee may represent both the seller and the buyer in a real estate transaction under a disclosed limited agency agreement, with full disclosure of the relationship under the agreement. (2) A real estate licensee acting pursuant to a disclosed limited agency agreement has the following duties and obligations: (a) To the […]
Section 696.820 – Agency disclosure pamphlet; rules.
(1) The Real Estate Commissioner shall prescribe by rule the format and content of an initial agency disclosure pamphlet. The rules must provide that the initial agency disclosure pamphlet is informational only and may not be construed to be evidence of intent to create an agency relationship. (2) An agent shall provide a copy of […]
Section 696.822 – Liability of principal for act, error or omission of agent or subagent.
(1) A principal is not liable for an act, error or omission by an agent or subagent of the principal arising out of an agency relationship established under ORS 696.805, 696.810, 696.815 or 696.820: (a) Unless the principal participates in or authorizes the act, error or omission; and (b) Only to the extent that: (A) […]
Section 696.835 – Buyer and seller responsibilities.
None of the affirmative obligations of a real estate licensee or agent in a real estate transaction under ORS 696.805, 696.810 or 696.815 relieves a seller or a buyer from the responsibility to protect the seller’s or buyer’s own interests respectively. [1993 c.570 §9] Note: See note under 696.800.
Section 696.840 – Compensation and agency relationships.
The payment of compensation or the obligation to pay compensation to a real estate licensee by the seller or the buyer is not necessarily determinative of a particular agency relationship between a real estate licensee and the seller or the buyer. After full disclosure of agency relationships, a listing agent, a selling agent or a […]
Section 696.845 – Acknowledgment of existing agency relationships form; rules.
When signing an offer to purchase, each buyer shall acknowledge the existing agency relationships, if any. When a seller accepts or rejects an offer to purchase in writing, each seller shall acknowledge the existing agency relationships, if any. An agent to the real property transaction shall obtain the signatures of the buyers and the sellers […]
Section 696.855 – Common law application to statutory obligations and remedies.
(1) ORS 696.301, 696.392, 696.600 to 696.785, 696.890 and 696.995 do not directly, indirectly or by implication limit or alter any preexisting common law or statutory right or remedy including actions for fraud, negligence or equitable relief. (2) Common law and statutory remedies are not affected by ORS 696.301, 696.392, 696.600 to 696.785, 696.890 and […]