As used in ORS 696.392, 696.600 to 696.785, 696.800 to 696.870 and 696.995, unless the context requires otherwise:
(1) “Agent” means:
(a) A real estate broker or principal real estate broker who has entered into:
(A) A listing agreement with a seller;
(B) A service contract with a buyer to represent the buyer; or
(C) A disclosed limited agency agreement; or
(b) An individual licensed under ORS 696.022 who has entered into a written contract with a real estate broker or principal real estate broker to act as the broker’s agent in connection with acts requiring a real estate license and to function under the broker’s supervision.
(2) “Buyer” means a potential transferee in a real property transaction, and includes a person who:
(a) Executes an offer to purchase real property from a seller through an agent; or
(b) Enters into an exclusive representation contract or buyer’s service agreement with a real estate broker or principal real estate broker, whether or not a sale or transfer of property results.
(3) “Confidential information” means information communicated to a real estate licensee or the licensee’s agent by the buyer or seller of one to four residential units regarding the real property transaction, including but not limited to price, terms, financial qualifications or motivation to buy or sell. “Confidential information” does not mean information that:
(a) The buyer instructs the licensee or the licensee’s agent to disclose about the buyer to the seller or the seller instructs the licensee or the licensee’ agent to disclose about the seller to the buyer; and
(b) The licensee or the licensee’s agent knows or should know failure to disclose would constitute fraudulent representation.
(4) “Disclosed limited agency” means a real property transaction in which the representation of a buyer and seller or the representation of two or more buyers occurs within the same real estate business.
(5) “Listing agreement” means a contract between a seller of real property and a real estate broker or principal real estate broker by which the broker has been authorized to act as an agent of the seller for compensation to offer the real property for sale or to find and obtain a buyer.
(6) “Listing price” means the amount expressed in dollars, specified in the listing agreement, for which the seller is willing to sell the real property through the listing agent.
(7) “Offer” means a written proposal executed by a buyer for the sale or lease of real property.
(8) “Offering price” is the amount expressed in dollars specified in an offer to purchase for which the buyer is willing to buy the real property.
(9) “Principal” means the person who has permitted or directed an agent to act on the principal’s behalf. In a real property transaction, this generally means the buyer or the seller.
(10) “Real property” means any estate in real property, including a condominium as defined in ORS 100.005, a timeshare property as defined in ORS 94.803 and the granting of an option or right of first refusal. “Real property” also includes a manufactured structure, as defined in ORS 446.561, owned by the same person who owns the land upon which the manufactured structure is situated. “Real property” does not include a leasehold in real property.
(11) “Real property transaction” means a transaction regarding real property in which an agent is employed by one or more of the principals to act in that transaction and includes but is not limited to listing agreements, buyer’s service agreements, exclusive representation contracts and offers to purchase.
(12) “Sale” or “sold” refers to a transaction for the transfer of real property from the seller to the buyer and includes:
(a) Exchanges of real property between the seller and the buyer and third parties; and
(b) Land sales contracts.
(13) “Seller” means a potential transferor in a real property transaction and includes an owner:
(a) Who enters into a listing agreement with a real estate broker or principal real estate broker, whether or not a transfer results; or
(b) Who receives an offer to purchase real property, of which the seller is the owner, from an agent acting on behalf of a buyer. [1993 c.570 §2; 2001 c.300 §44; 2003 c.655 §84; 2005 c.116 §§13,14; 2007 c.319 §21]
Note: Section 351, chapter 79, Oregon Laws 1995, provides:
Sec. 351. The provisions of ORS 696.800 to 696.855 [series became 696.800 to 696.870] apply to ORS 696.010 to 696.495. [1995 c.79 §351]
Section: Previous 696.740 696.745 696.775 696.785 696.790 696.793 696.795 696.800 696.805 696.810 696.815 696.820 696.822 696.825 696.830 NextLast modified: August 7, 2008