justicedao/ipfs_state_laws huggingface dataset:
863-015-0190 Competitive Market Analyses; Letter Opinions; Lending Collateral Analysis; Default Collateral Analysis (1) Real estate licensees may provide competitive market analyses and letter opinions in the normal course of their business when they are giving an opinion in pursuit of a listing, to assist a potential buyer in formulating an offer, or to provide a broker's price opinion, whether or not done for a fee. (2) The term "value" as used in a competitive market analysis or letter opinion is the estimated worth of or price for a specific property and is not intended to mean or imply the "value" was arrived at by any method of appraisal. (3) A competitive market analysis or letter opinion must be in writing and contain at least the following: (a) A statement of purpose and intent; (b) A brief property description; (c) The basis for the value, including the applicable market data and/or capitalization computation; (d) Any limiting conditions; (e) A disclosure of any existing or contemplated interest of the licensee in the subject property; (f) The licensee’s signature and the date it was prepared; (g) A disclaimer that, unless the licensee is also licensed by the Appraiser Certification and Licensure Board, the report is not intended to meet the requirements set out in the Uniform Standards of Appraisal Practice; and (h) A disclaimer that the competitive market analysis or letter opinion is not intended as an appraisal and that if an appraisal is desired, the services of a competent professional licensed appraiser should be obtained. (4) Real estate licensees can provide a "lending collateral analysis" or "default collateral analysis," if the analysis is used only for the internal purposes of a financial institution and, in the case of a "lending collateral analysis,” that any loan transaction at issue is less than $250,000. (a) "Lending collateral analysis" means a real property market analysis where the purpose of the analysis is for use by a lending institution in support of a loan application. (b) "Default collateral analysis" means a real property market analysis where the purpose of the analysis is for use by a lending institution in considering its actions with respect to a loan in default (5) If a real estate broker or principal broker completes a lending collateral analysis or default collateral analysis on a property in which the real estate broker or principal broker has either a current, active listing agreement or is representing the buyer or seller in a pending transaction, the real estate broker or principal broker must disclose to the buyer and seller the real estate broker's or principal broker's relationships with the lending institution. Statutory/Other Authority: ORS 696.385 Statutes/Other Implemented: ORS 696.022 History: REA 1-2017, amend filed 11/17/2017, effective 01/01/2018 REA 6-2008, f. 12-15-08, cert. ef. 1-1-09 REA 1-2002, f. 5-31-02, cert. ef. 7-1-02, Renumbered from 863-010-0270 REA 4-1997, f. 11-24-97, cert. ef. 12-1-97
863-015-0250 Professional Real Estate Activity Records and Document Transmittal Requirements (1) Complete and adequate records of professional real estate activity include complete, legible, and permanent copies of all documents required by law or voluntarily generated during a real estate transaction, including all offers received by or through real estate brokers or principal brokers to the client, including, but not limited to, the following: (a) A copy of any written agreement creating an agency relationship between a real estate broker or principal broker and a client that must be signed by all parties to the agreement. (b) A copy of any written acknowledgment of an agency relationship between a real estate broker or principal broker and a client that must be signed by all parties to such acknowledgment. (c) A copy of any written agreement for a listing, buyer representation, sale, purchase, rental, lease, lease option, or exchange of real property generated by a real estate broker or principal broker while engaging in professional real estate activity that must be signed by all parties to such agreement. (d) A copy of any receipt issued by a real estate broker or principal broker to evidence acceptance of funds or documents. (e) A copy of any vouchers or bills or obligations paid by the real estate broker or principal broker for the account of a client or customer. (f) A copy of any other document within the scope of the agency relationship provided to or received by a client through a real estate broker or principal broker during the term of an agency relationship. (g) All financial records as required in OAR 863-015-0255 and 863-015-0275. (2) When a real estate licensee receives any document referred to in (1) of this rule, the real estate licensee must transmit the document to the licensee’s authorized principal broker within 3 banking days of real estate broker’s receipt of the document. (3) In any real estate transaction in which a n authorized principal broker performed or supervised the closing, the authorized principal broker must retain a copy of any closing statement showing receipts, disbursements and adjustments, which must contain the signature s of the seller(s) and the buyer(s). Statutory/Other Authority: ORS 696.385 Statutes/Other Implemented: ORS 696.280 & Chapter 389, (2025 Laws) History: REA 4-2025, amend filed 10/09/2025, effective 01/01/2026 REA 1-2017, amend filed 11/17/2017, effective 01/01/2018 REA 1-2009, f. 12-15-09, cert. ef. 1-1-10 REA 6-2008, f. 12-15-08, cert. ef. 1-1-09 REA 1-2002, f. 5-31-02, cert. ef. 7-1-02
863-015-0255 Clients’ Trust Account Requirements (1) This rule applies to clients’ trust accounts that hold funds from transactions involving the sale, purchase, lease option, or exchange of real property. The purpose of clients’ trust accounts is to preserve clients’ monies and keep them separate from the principal broker's general and personal funds. (2) Within 10 business days from the date a clients’ trust account is opened, the authorized principal broker must notify the Agency using an online process established by the Agency. The notification will include the information required in ORS 696.245, including a copy of the completed and signed “Notice of Clients’ Trust Account and Authorization to Examine.” (3) Within 10 business days from the date a clients’ trust account is closed or transferred, the authorized principal broker must notify the Agency using an online process established by the Agency. (4) Authorized principal brokers must retain and store the records described in this rule as required by OAR 863-015-0250 and 863-015-0260. However, where clients’ trust accounts are maintained at branch offices, the financial records described in this rule may be maintained and located either at the managing principal broker’s main office or, if the authorized principal broker conducts the real estate business from that branch office, at that branch office. (5) Checks used to disburse funds from a clients’ trust account must be pre-numbered, issued from one numbering sequence, and bear the words "Clients' Trust Account" or “Client Trust Account” upon the face thereof. Principal brokers must account for all checks, including voided checks, as a part of the records they maintain. (6) A managing principal broker may not use or allow the use of any form of debit card on clients’ trust accounts. (7) The authorized principal broker must retain a copy of each executed agreement required under ORS 696.241 and OAR 863-015-0265 for interest-bearing clients’ trust accounts. Statutory/Other Authority: ORS 696.385 Statutes/Other Implemented: ORS 696.241, ORS 696.280 & Chapter 389, (2025 Laws) History: REA 4-2025, amend filed 10/09/2025, effective 01/01/2026 REA 1-2017, amend filed 11/17/2017, effective 01/01/2018 REA 1-2009, f. 12-15-09, cert. ef. 1-1-10 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
863-015-0259 Recordkeeping and Tracking of Received Funds (1) For all funds received under OAR 863-015-0257, the authorized principal broker must comply with the following requirements: (a) Account for all funds received, (b) Maintain a copy of any check received, and (c) Maintain a dated, acknowledged receipt for any check returned to the offeror. (2) For all checks received under OAR 863-015-0257 made payable to the seller, the principal broker must also keep the following information: (a) Date received, (b) Name of payor, (c) Purpose of payment, (d) File reference assigned to the offer or transaction, (e) Date delivered to seller, and (f) Documentation of delivery to the seller. (3) Every deposit made under ORS 696.241 must be made with deposit slips identifying each offer or transaction by a written notation of the file reference assigned to the offer or transaction. (4) Authorized principal brokers must maintain a complete ledger account and record all funds received in their professional real estate activity. This ledger account must show: (a) From whom the funds were received, (b) The date the funds were received, (c) The date the funds were deposited, (d) Where the funds were deposited, and (e) When the transaction has been completed or the offer has failed, the final disposition of the funds. (5) Authorized principal brokers must record and track the transfer of promissory notes and other forms of consideration by a ledger account or by other means including, but not limited to, written proof of transmittal or receipt retained in their offer or transaction file. Statutory/Other Authority: ORS 696.385 Statutes/Other Implemented: ORS 696.241 & Chapter 234, 2017 Laws History: REA 4-2025, amend filed 10/09/2025, effective 01/01/2026 REA 33-2018, minor correction filed 01/19/2018, effective 01/19/2018 REA 1-2017, adopt filed 11/17/2017, effective 01/01/2018
863-015-0260 Records Retention (1) Authorized principal broker s must maintain and store complete and accurate records of professional real estate activity , pursuant to ORS 696.280 and OAR 863-015-0250. (2) Authorized principal brokers must store records in a secure location protected from unauthorized access. (3) Records must be stored in a way that prevents unauthorized alteration. (4) Authorized principal brokers must maintain records in a manner that readily allows for inspection by the Commissioner or the Commissioner’s authorized representatives under ORS 696.280. (5) Authorized principal brokers must, at their expense, provide copies of any records the Agency requests in the manner and form as directed by the Agency. (6) Electronic signature records and document routing information must be preserved when electronic signature services are used. Statutory/Other Authority: ORS 696.385 Statutes/Other Implemented: ORS 696.280 History: REA 4-2025, amend filed 10/09/2025, effective 01/01/2026 REA 1-2017, amend filed 11/17/2017, effective 01/01/2018 REA 1-2009, f. 12-15-09, cert. ef. 1-1-10 REA 6-2008, f. 12-15-08, cert. ef. 1-1-09 REA 1-2005, f. 5-5-05, cert. ef. 5-6-05 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
863-015-0265 Interest-Bearing Accounts (1) The written approval necessary to establish a federally insured interest-bearing clients’ trust account must specify to whom and under what circumstances the interest earnings from the account will accrue and be paid. (2) In a transaction subject to ORS 696.241(7), funds belonging to others may not be invested in any type of account or security or certificate of deposit that has a fixed term for maturity or imposes any fee or penalty for withdrawal before maturity unless the written consent of all parties to the transaction has been secured. Statutory/Other Authority: ORS 696.385 Statutes/Other Implemented: ORS 696.241 History: REA 1-2017, amend filed 11/17/2017, effective 01/01/2018 REA 6-2008, f. 12-15-08, cert. ef. 1-1-09 REA 1-2002, f. 5-31-02, cert. ef. 7-1-02, Renumbered from 863-010-0026 REA 4-1997, f. 11-24-97, cert. ef. 12-1-97 REA 2-1991, f. 11-5-91, cert. ef. 1-1-92 REA 3-1989, f. 12-13-89, cert. ef. 2-1-90 REA 3-1987, f. 12-3-87, ef. 1-1-88 REC 5-1984, f. 6-18-84, ef. 7-1-84 REC 1-1981, f. 10-30-81, ef. 11-1-81 REC 3-1978, f. 6-15-78, ef. 7-1-78
863-015-0275 Clients’ Trust Account Reconciliation and Records (1) An authorized principal broker must reconcile each clients’ trust account at least once each month. The reconciliation must comply with all of the following conditions: (2) The reconciliation must have three components: (a) The bank statement balance, adjusted for outstanding checks and other reconciling bank items; (b) The balance of the receipts and disbursements journal or check book register as of the bank statement closing date; and (c) The sum of all the balances of the individual trust account ledgers as of the bank statement closing date. (3) The balances of each component of the reconciliation must be equal to and reconciled with each other. If any adjustment is needed, the adjustment must be clearly identified and explained. (4) The authorized principal broker must verify, sign, and date the reconciliation when completed. (5) Outstanding checks must be listed by check number, issue date, payee, and amount. (6) The authorized principal broker must preserve and file in logical sequence the reconciliation worksheet, bank statements, and all supporting documentation, including but not limited to, copies of the receipts and disbursements journal or check book register and a listing of each individual clients’ trust fund account with a balance as of the reconciliation date. If these records are computerized, they must be printed out for filing with the reconciliation. (7) All reconciling items must be identified and cleared promptly. Statutory/Other Authority: ORS 696.385 Statutes/Other Implemented: ORS 696.280 & 696.241 History: REA 4-2025, amend filed 10/09/2025, effective 01/01/2026 REA 19-2018, minor correction filed 01/05/2018, effective 01/05/2018 REA 1-2009, f. 12-15-09, cert. ef. 1-1-10 REA 6-2008, f. 12-15-08, cert. ef. 1-1-09 REA 1-2002, f. 5-31-02, cert. ef. 7-1-02, Renumbered from 863-010-0245 REA 1-1992, f. 1-13-92, cert. ef. 2-1-92 REA 3-1989, f. 12-13-89, cert. ef. 2-1-90
863-017-0000 Applicability and Purpose (1) This division sets forth the requirements and process for registering residential property wholesalers, as those terms are defined in Oregon Laws 2024, chapter 3, section 1 and 2. (2) The purpose of this division is to specify the requirements for obtaining the desired residential property wholesaling registration. Statutory/Other Authority: Oregon Laws 2024, chapter 3, section 3 Statutes/Other Implemented: Oregon Laws 2024, chapter 3, sections 1 and 2 History: REA 4-2024, adopt filed 12/12/2024, effective 07/01/2025
863-017-0005 Definitions As used in this division, unless the context requires otherwise, the following definitions apply: (1) "Agency" means the Real Estate Agency with powers pursuant to ORS 696.385. (2) “Agency-approved form” means an electronic or paper form approved by the Real Estate Agency. (3) "Commissioner" means the Real Estate Commissioner described in ORS 696.375. (4) “Legal name” means the first name, middle name and last or surname, without the use of initials or nicknames and is the name given at birth or subsequently acquired through marriage, court order or adoption. (5) "Registered Name" means the name of a residential property wholesaler as it appears on the current, valid registration issued to the registrant pursuant to Oregon Laws 2024, chapter 3, section 3. (6) “Residential Property Wholesaler” means any individual who engages in residential property wholesaling and is registered as a residential property wholesaler under Oregon Laws 2024, chapter 3, section 3. (7) “Residential Property Wholesaling” means to market residential property for which the marketer has only an equitable interest or option to purchase and, at the time of marketing, the marketer has: (a) Held such interest or option for fewer than 90 days; and (b) Invested less than $10,000 in land development or improvement costs associated with the residential property. Statutory/Other Authority: Oregon Laws 2024, chapter 3, section 3 Statutes/Other Implemented: Oregon Laws 2024, chapter 3, section 2 and 3 History: REA 4-2024, adopt filed 12/12/2024, effective 07/01/2025
863-017-0010 Registration Application Content (1) Before the Agency will accept any documents or information relating to an applicant’s qualifications, an applicant for a residential property wholesaler registration must apply and pay the fee required under this rule using an online application process that is available through the Agency’s website. (2) The registration application includes: (a) The applicant’s legal name as defined in OAR 863-017-0005, mailing address, email address and phone number. (b) The applicant’s date and place of birth. (c) The applicant’s Social Security Number as required by ORS 25.785 and ORS 305.385. (d) Certification by the applicant that the applicant has a high school diploma, or a certificate for passing an approved high school equivalency test such as the General Educational Development (GED) test or the international equivalent. (e) Certification by the applicant that the applicant is at least 18 years of age. (f) A list of all entities, business names and assumed business names under which the applicant has conducted or will conduct residential property wholesaling activity, along with evidence that all business names and assumed business names are registered with the Secretary of State and all entities, including foreign entities, are authorized by the Secretary of State to transact business in this state. (g) For a residential property wholesaler registration applicant who is not an active or inactive Oregon real estate licensee, whether the applicant: (A) Has ever been convicted of or is under arrest, investigation, or indictment for a felony or misdemeanor; (B) Has ever been refused a real estate license or any other occupational or professional license in any other state or country; (C) Has ever had any real estate license or other occupational or professional license or registration revoked or suspended; or (D) Has ever been fined or reprimanded as such a licensee or registrant. (h) Any other information the Commissioner considers necessary to evaluate the applicant's trustworthiness and competency to engage in residential property wholesaling in a manner that protects the public interest. (i) Certification by the applicant that all information provided by the applicant is true and correct. (3) Every registration application must be accompanied by the registration fee authorized by ORS 696.270. At all periods of the year, the fee for all licenses issued is as authorized by ORS 696.270. That is, the Agency does not pro-rate license fees Statutory/Other Authority: Oregon Laws 2024, chapter 3, section 3 Statutes/Other Implemented: Oregon Laws 2024, chapter 3, section 2 and 3 History: REA 4-2024, adopt filed 12/12/2024, effective 07/01/2025
863-017-0015 Background Check Application and Fingerprint (1) An applicant for a Residential property wholesaler registration must submit to a background check, except an applicant who is currently licensed as a real estate broker, principal real estate broker, or real estate property manager. (2) The background check includes a criminal background check as provided in OAR chapter 863, division 005, which requires the applicant to provide fingerprints. (3) The Agency and a vendor for fingerprinting services (“fingerprint service provider”) have contractually agreed that: (a) The fingerprint service provider will provide fingerprint services to registration applicants and submit the fingerprints to the Oregon State Police for Oregon and nationwide criminal history checks. (b) A registration applicant may only submit fingerprints required by the Agency through the fingerprint services provider. (c) A registration applicant must pay the fee for fingerprinting, directly to the fingerprint services provider. (d) A registration applicant must provide fingerprints according to the requirements and instructions of the fingerprint services provider. (e) A registration applicant must have submitted a registration application to the Agency before providing fingerprints. (4) As provided in ORS 181A.225, all fingerprint cards, photographs, records, reports, and criminal offender information obtained or compiled by the Agency are confidential and exempt from public inspection. The Commissioner will keep such information segregated from other information on the applicant or registrant and maintain such information in a secure place. (5) If the Agency determines that additional information is necessary to conduct a background check, the Agency may request such information in writing, and the applicant must provide the requested information. If the applicant fails to provide the requested information, the Agency may determine that the registration application is incomplete and terminate the application. Statutory/Other Authority: Oregon Laws 2024, chapter 3, section 3 Statutes/Other Implemented: Oregon Laws 2024, chapter 3, section 3 History: REA 4-2024, adopt filed 12/12/2024, effective 07/01/2025
863-017-0020 Term of Registration (1) A new residential property wholesaler registration shall be for a period of not more than 13 months and a renewal of such registration shall be for a period of not more than 12 months from the expiration of the prior registration. (2) A residential property wholesaler registration expires on June 30 each year. A registrant may not engage in residential proprety wholesaling after a registration expires. (3) The Agency may renew a residential property wholesaler registration when the ageny has received the following: (a) The renewal fee authorized by ORS 696.270; and (b) An online renewal (4) If the registrant fails to renew a license by the end of the renewal period but wishes to engage in residential property wholesaling, the registrant must submit a new initial registration application pursuant to OAR 863-017-0010 and pay all the required fees. Statutory/Other Authority: Oregon Laws 2024, chapter 3, section 3 Statutes/Other Implemented: Oregon Laws 2024, chapter 3, section 3 History: REA 4-2024, adopt filed 12/12/2024, effective 07/01/2025