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. Activity is inhibited by OAF1 under non-inducing conditions. Activity is repressed by glucose. Heterodimer of PIP2 and OAF1. Autoregulated. Induced upon growth on fatty acids. the 9aaTAD motif (residues 985 to 993) is a transactivation domain present in a large number of yeast and animal transcription factors.