An agency relationship arises whenever two persons agree that one is to act on behalf of the other and in accordance with the other's directions.

A real estate licensee other than the seller's agent can agree with the buyer to act as the agent for the buyer only. In this situation, the buyer's agent is not representing the seller, even if the buyer's agent is receiving compensation for services rendered, either in full or in part, from the seller or through the seller's agent. &nbspA buyer's agent has the affirmative obligations (under [Or Laws 1993, ch 570 &4]):
(1) To the buyer: The fiduciary duties of loyalty, obedience, disclosure, confidentiality, reasonable care and diligence, and accounting in dealings with the buyer.
(2) To the buyer and to the seller: Honest dealing and disclosure.

An agent who acts under a listing agreement with the seller acts as the agent for the seller only.
A seller's agent has affirmative obligations (under [Or Laws 1993, ch 570, &3]):
(1) To the seller: The fiduciary duties of loyalty, obedience, disclosure, confidentially, reasonable care and diligence, and accounting in dealings with the seller.
(2) To the buyer and to the seller: Honest dealing and disclosure.

None of the foregoing duties of the agent in a real estate transaction relieves a seller or a buyer from the responsibility to protect the seller's or buyer's own interests respectively. The seller and the buyer should carefully read all agreements to assure that the agreements adequately express the seller's or the buyer's understanding of the transaction.