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 managing principal broker who has entered into: (A) A listing agreement with a seller; (B) A representation agreement with a buyer to represent the buyer; or (C) A disclosed limited agency agreement; or (b) A real estate broker or principal real estate broker associated with a managing principal broker who is authorized to act as the managing principal brokers agent in connection with acts requiring a real estate license and to function under the managing principal brokers 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 a buyers representation agreement with an agent, whether or not a sale or transfer of property results. (3) Confidential information means information communicated to an 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 agent to disclose about the buyer to the seller or the seller instructs the agent to disclose about the seller to the buyer; and (b) The 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 an agent and a seller of real property that authorizes the agent, in exchange for compensation, to act on behalf of the seller in offering the real property for sale or in finding and obtaining 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 principals behalf. In a real property transaction, this generally means the buyer or the seller. (10) Purchase refers to a transaction for the acquisition of real property by the buyer from the seller and includes: (a) Exchanges of real property between the seller and the buyer and third parties; and (b) Land sales contracts. (11) 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. (12) 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, buyers representation agreements and offers to purchase. (13) Representation agreement means a contract between an agent and buyer of real property that authorizes the agent, in exchange for compensation, to act on behalf of the buyer in purchasing real property or identifying real property for purchase. (14) 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. (15) Seller means a potential transferor in a real property transaction and includes an owner: (a) Who enters into a listing agreement with an agent, whether or not a transfer results; or (b) Who receives an offer to purchase real property that the seller owns from an agent acting on behalf of a buyer. 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.
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