Final answer:
Under ORS 696.800, an agent in real estate is a licensed individual representing sellers or buyers in transactions to facilitate sales or leases for compensation.
Step-by-step explanation:
According to ORS 696.800, an agent is defined as a real estate broker or principal real estate broker. This typically means an individual who is licensed to engage in the practice of real estate activities on behalf of a seller, buyer, lessor, or lessee with the intention to facilitate a real estate transaction for a commission or other compensation.
In the context of real estate, an agent acts as a representative for a client, using their expertise to advise on, negotiate, and conclude property sales or leases.