The PIP2-OAF1 heterodimer acts as a transcriptional activator to induce the transcription of genes encoding proteins involved in fatty acid beta-oxidation, a response called oleic acid induction, when cells grow on fatty acids as sole carbon source. Recognizes and binds to the oleate response element (ORE) (or peroxisome box), two inverted CGG triplets spaced by 14 to 18 intervening nucleotides, in the promoter region of a number of genes (such as CTA1, FOX1 to FOX3, FAA2, PAS8, PAS10, etc.) for peroxisomal proteins. OAF1 acts as the sensor for oleate and inhibits PIP2 activity under non-inducing conditions. Activity is repressed by glucose. Heterodimer of PIP2 and OAF1. the 9aaTAD motif (residues 1034 to 1042) is a transactivation domain present in a large number of yeast and animal transcription factors. Present with 92 molecules/cell in log phase SD medium.