863-015-0003 Definitions As used in this division, unless the context requires otherwise, the following definitions apply: (1) “Addendum” means additional material attached to and made part of a document. The addendum must refer to the document and be dated and signed or otherwise acknowledged by all the parties. (2) “Agent” is defined in ORS 696.800. (3) "Agency" means the Real Estate Agency. (4) "Authorized principal broker" means a managing principal broker or a principal broker associated with the managing principal broker to whom applicable supervisory control and responsibility has been allocated through a written supervisory agreement as described in ORS 696.310. (5) “Bank” is defined in ORS 696.010. (6) “Banking day” means each day a financial institution is required to be open for the normal conduct of its business but does not include Saturday, Sunday, or any legal holiday under ORS 187.010. (7) “Branch office” is defined in ORS 696.010. (8) “Buyer” is defined in ORS 696.800. (9) "Business day" is defined in ORS 696.010 (10) "Clients' Trust Account" means an account in a “bank,” that is subject to the provisions of ORS 696.241. (11) “Closing” means the transfer of all property titles and the disbursement or distributions of all monies and documents for a real estate transaction. (12) "Commissioner" means the Real Estate Commissioner described in ORS 696.375. (13) “Compensation” is defined in ORS 696.010. (14) “Competitive market analysis” is defined in ORS 696.010. (15) “Compliance review” means an Agency review of a n authorized principal broker’s records and procedures for the purpose of educating the authorized principal broker on statutes and rules. (16) “Confidential information” is defined in ORS 696.800. (17) “Cure noncompliance” means a n authorized principal broker’s acts that resolve the authorized principal broker’s failure to comply with statutory and rule requirements. (18) "Day" or "days" means each calendar day, including legal holidays under ORS 187.010. (19) “Disclosed limited agency” is defined in ORS 696.800. (20) "First contact with a represented party" means the initial contact by a licensee, whether in person, by telephone, over the Internet, or by electronic mail, electronic bulletin board, or similar electronic method, with an individual who is represented by a real estate licensee or can reasonably be assumed from the circumstances to be represented or seeking representation. (21) “Investigation” means an Agency-initiated investigation of a licensee that may result in administrative actions against the licensee. (22) “Letter opinion” is defined in ORS 696.010. (23) “Listing agreement” is defined in ORS 696.800. (24) “Managing principal broker” is defined in HB 3137 section 2a(1)(a). (25) “Offer” is defined in ORS 696.800. (26) “Offering price” is defined in ORS 696.800. (27) “Principal” is defined in ORS 696.800. (28) “Principal broker” means “principal real estate broker,” as defined in ORS 696.010. (29) “Real estate” is defined in ORS 696.010. (30) "Real estate activity," "professional real estate activity," and "real estate business" mean "professional real estate activity" as defined in ORS 696.010. (31) "Real estate broker" is defined in ORS 696.010. (32) "Real estate licensee" and "licensee" mean a "real estate licensee" as defined in ORS 696.010, unless the context requires otherwise. (33) “Real estate teams” is defined in HB 3137 section 13. (34) “Real property” is defined in ORS 696.800. (35) “Real property transaction” is defined in ORS 696.800. (36) “Reconciliation review” means a review of a n authorized principal broker’s clients’ trust account reconciliation information and documents for compliance with OAR 863-015-0275. (36) “Registered business name” is defined in ORS 696.010. (37) “Sale” and “sold” are defined in ORS 696.800. (38) “Seller” is defined in ORS 696.800. (39) "Timely" means as soon as is practicable under the circumstances. Statutory/Other Authority: ORS 696.385 Statutes/Other Implemented: ORS 696.010, Chapter 234, 2017 Laws & Chapter 389, (2025 Laws) History: REA 4-2025, amend filed 10/09/2025, effective 01/01/2026 REA 1-2022, amend filed 04/27/2022, effective 05/01/2022 REA 1-2017, amend filed 11/17/2017, effective 01/01/2018 REA 7-2014, f. 4-14-14, cert. ef. 4-28-14 REA 1-2009, f. 12-15-09, cert. ef. 1-1-10 Renumbered from 863-015-0120, REA 6-2008, f. 12-15-08, cert. ef. 1-1-09 REA 3-2003, f. 7-28-03, cert. ef. 8-1-03 REA 1-2003(Temp), f. 2-27-03, cert. ef. 2-28-03 thru 8-27-03 REA 1-2002, f. 5-31-02, cert. ef. 7-1-02