Oleate-activated transcription factor; subunit of a heterodimeric complex with Pip2p, which binds to oleate-response elements (ORE) in the promoter of genes involved in beta-oxidation of fatty acids, peroxisome organization and biogenesis, activating transcription in the presence of oleate; regulates chromatin silencing at telomeres; involved in diauxic shift; OAF1 has a paralog, PIP2, that arose from the whole genome duplication