(1) A real estate licensee representing a seller in a transaction is required to act under a written listing agreement with the seller. The listing agreement must: (a) Be entered into before the real estate licensee begins offering the property for sale or making efforts to find or obtain a buyer for the property; (b) State whether the agreement is exclusive or nonexclusive; (c) Describe the legal obligations of a sellers agent, either directly or by referring to the initial agency disclosure pamphlet required by ORS 696.820, if such pamphlet has been provided to the seller; and (d) Contain any other additional requirements prescribed by rule by the Real Estate Commissioner. (2) A real estate licensee may not enter into a listing agreement if the duration of the listing agreement, including any automatic renewals of the listing agreement, exceeds 24 months. (3) The requirements of subsections (1) and (2) of this section do not apply to real estate licensees when engaged in a transaction for property that is improved or available for improvement by commercial structures or five or more residential dwelling units. (4) A real estate licensee who acts under a listing agreement with the seller acts only as the sellers agent in a real estate transaction unless the seller has agreed in writing for the listing agent to be a disclosed limited agent pursuant to ORS 696.815. (5) A sellers agent owes the seller, other principals and the principals agents involved in a real estate transaction the following affirmative duties: (a) To deal honestly and in good faith; (b) To present all written offers, written notices and other written communications to and from the parties in a timely manner without regard to whether the property is subject to a contract for sale or the buyer is already a party to a contract to purchase; and (c) To disclose material facts known by the sellers agent and not apparent or readily ascertainable to a party. (6) A sellers agent owes the seller involved in a real estate transaction the following affirmative duties: (a) To exercise reasonable care and diligence; (b) To account in a timely manner for money and property received from or on behalf of the seller; (c) To be loyal to the seller by not taking action that is adverse or detrimental to the sellers interest in a transaction; (d) To disclose in a timely manner to the seller any conflict of interest, existing or contemplated; (e) To advise the seller to seek expert advice on matters related to the transaction that are beyond the agents expertise; (f) To maintain confidential information from or about the seller except under subpoena or court order, even after termination of the agency relationship; and (g) Unless agreed otherwise in writing, to make a continuous, good faith effort to find a buyer for the property, except that a sellers agent is not required to seek additional offers to purchase the property while the property is subject to a contract for sale. (7) A sellers agent may show properties owned by another seller to a prospective buyer and may list competing properties for sale without breaching any affirmative duty to the seller. (8) Except as provided in subsection (6)(g) of this section, an affirmative duty may not be waived. (9) Nothing in this section implies a duty to investigate matters that are outside the scope of the real estate licensees expertise, including but not limited to investigation of the condition of property, the legal status of the title or the owners past conformance with law, unless the licensee or the licensees agent agrees in writing to investigate a matter. Note: See note under 696.800.
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