Oregon 30-Hour Real Estate Law Practice Test

What is your relationship with Walt and Mary when they request property details during an open house?

1. Clients

2. Customers

3. Partners

4. Agents

The correct answer is: Customers

When someone attends an open house and requests property details, the relationship they have with the real estate agent is classified as that of customers. At an open house, potential buyers or interested parties are not yet clients, as a client relationship typically involves a formal agreement between the agent and the buyer or seller. Customers are individuals who seek information or assistance without being officially represented by the agent. This relationship allows the agent to provide general information about the property, but the agent does not owe the same fiduciary duties to customers as they would to clients. Fiduciary duties, which include loyalty, confidentiality, and full disclosure, are specifically designated to clients who have entered into a contractual agreement for representation in a real estate transaction. Understanding this distinction is essential in real estate practice, as it guides how agents should interact with potential buyers and outline the level of service and information they can provide at that stage.