863-015-0205 Disclosed Limited Agency (1) Licensees must establish the agency relationships described in OAR 863-015-0200(1) only by written agreement. Such agreements must meet all the requirements of OAR 863-015-0210. (2) A disclosed limited agency relationship exists when a single licensee undertakes by written agreement or course of conduct to represent more than one party to a real estate transaction. For the purpose of this rule, two or more buyers are involved in the same real estate transaction when all have submitted offers on the same real property. (3) Except as provided for in section (5), a disclosed limited agency relationship exists when two or more licensees associated with the same managing principal broker undertake by written agreement or course of conduct to represent more than one party to a real estate transaction. Notwithstanding the other provisions of this rule, individual agents may be designated to represent the buyer exclusively or the seller exclusively as described in OAR 863-015-0200(1). (4) The following conditions apply to the disclosed limited agency relationship described in OAR 863-015-0200(1): (a) The authorized principal broker by whom the licensee is supervised must ensure that a licensee who represents one client will not have access to and will not obtain confidential information concerning another client involved in the same transaction; (b) In situations where a real estate business has one or more authorized principal brokers who are not the managing principal broker, each authorized principal broker must be the disclosed limited agent of all clients in the transaction , unless each of the following conditions is met: (A) The managing principal broker s executed a written supervisory agreement with one or more of the authorized principal brokers dividing control and supervision responsibilities. Authorized principal brokers may comply with subsection (a) above by holding open records of real estate activity in different offices or by otherwise initiating procedures that secure open records so as to prevent licensees representing different parties to the same transaction from accessing or obtaining confidential information concerning another party to the transaction; (B) The licensees designated to represent the seller exclusively and the buyer exclusively are associated with the same authorized principal broker . If the authorized principal broker has an existing agency relationship with one party to the transaction (either as a seller's agent or buyer's agent), the authorized principal broker, pursuant to the requirements of OAR 863-015-0210, must act as the disclosed limited agent of both parties, and another licensee must be designated to represent the other party exclusively; and (C) Each client to the transaction has signed a disclosed limited agency agreement that indicates which principal broker will act as the disclosed limited agent in the transaction. (5) If a managing principal broker has executed a written supervisory agreement with authorized principal brokers dividing control and supervision responsibilities, and the authorized principal brokers have individually complied with subsection (4)(a) above by holding open records of real estate activity in different offices or by otherwise initiating procedures that secure open records in such a way as to prevent licensees representing different parties to the same transaction from accessing or obtaining confidential information concerning another principal in the transaction, then a transaction involving agents supervised by different authorized principal broker s creates a disclosed limited agency transaction for the managing principal broker only . Statutory/Other Authority: 696.385 Statutes/Other Implemented: 696.805, 696.810, 696.815 & Chapter 389, (2025 Laws) History: REA 4-2025, amend filed 10/09/2025, effective 01/01/2026 REA 6-2008, f. 12-15-08, cert. ef. 1-1-09 REA 1-2002, f. 5-31-02, cert. ef. 7-1-02