(1) A real estate licensee may represent both the seller and the buyer in a real estate transaction as a disclosed limited agent under a disclosed limited agency agreement, with full disclosure of the relationship under the agreement. The real estate licensee must also have a written listing agreement with the seller that meets the requirements of ORS 696.805 and a written representation agreement with the buyer that meets the requirements of ORS 696.810. (2) A real estate licensee acting pursuant to a disclosed limited agency agreement has the following duties and obligations: (a) To the seller, the duties under ORS 696.805 as applicable; (b) To the buyer, the duties under ORS 696.810 as applicable; and (c) To both seller and buyer, except with express written permission of the respective person, the duty not to disclose to the other person: (A) That the seller will accept a price lower or terms less favorable than the listing price or terms; (B) That the buyer will pay a price greater or terms more favorable than the offering price or terms; or (C) Specific confidential information as defined in ORS 696.800 (3). (3) Nothing in this section implies a duty to investigate matters that are outside the scope of the real estate licensees expertise unless the licensee agrees in writing to investigate a matter. (4) In a real estate transaction in which different real estate licensees associated with the same managing principal broker establish agency relationships with different parties to the real estate transaction, the managing principal broker shall be the only broker acting as a disclosed limited agent representing both seller and buyer. Other brokers shall continue to represent only the party with whom the broker has an agency relationship unless all parties agree otherwise in writing. (5) The managing principal broker and the real estate licensees representing either seller or buyer shall owe the following duties to the seller and buyer: (a) To disclose a conflict of interest in writing to all parties; (b) To take no action that is adverse or detrimental to either partys interest in the transaction; and (c) To obey the lawful instructions of both parties. Note: See note under 696.800.
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