justicedao/ipfs_state_laws huggingface dataset:
863-015-0081 Compliance Reviews (1) The Agency will provide a managing principal broker with written notice at least five business days before conducting a compliance review. (2) A compliance review is completed when the Agency delivers a written notice of completion to the managing principal broker. (3) Except as provided in section (4) of this rule, if the Agency determines that a n authorized principal broker is not in compliance with ORS 696.010 to 696.495, 696.600 to 696.785, 696.800 to 696.870, or OAR chapter 863 after the Agency completes a compliance review, the Agency will allow the authorized principal broker at least 30 days from the date the compliance review is completed to cure the noncompliance without sanction. (4) Upon completion of a compliance review, if the Agency has reasonable grounds to believe that the funds belonging to others may be missing, funds may have been misappropriated, or that the authorized principal broker’s records are in such a condition that the authorized principal broker is placing funds belonging to others at risk the Agency may immediately initiate an investigation without providing a n authorized principal broker with an opportunity to cure noncompliance. 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 7-2014, f. 4-14-14, cert. ef. 4-28-14
863-015-0092 Reconciliation Review (1) The Agency will conduct clients’ trust account reconciliation reviews. (2) The Agency will provide a managing principal broker with written notice of a clients’ trust account reconciliation review at least 10 business days before required information and documentation must be provided to the Agency. (3) After the Agency reviews the information and documents provided in a reconciliation review, the Agency will take one of the following actions: (a) If the information and documents comply with statutes and rules, the Agency will provide written notice to the authorized principal broker confirming compliance only as to the information and documents provided; (b) If the information and documents indicate that the authorized principal broker may be subject to additional documentation and procedural requirements that were not part of the reconciliation review, the Agency will provide written notice to the authorized principal broker detailing the Agency’s expectations for compliance on those matters; (c) If the information and documents demonstrate that the authorized principal broker is not in compliance, the Agency will provide written notice to the managing principal broker that: (A) The authorized principal broker must cure all noncompliance issues and provide information and documentation to the Agency that the noncompliance has been cured within 30 days of the date of the notice; and (B) If all noncompliance issues are not cured within 30 days, the Agency may: (i) Issue an educational letter of advice; (ii) Impose sanctions on the principal broker; or (iii) Initiate an investigation and not allow additional time for the authorized principal broker to cure the noncompliance. (d) If the Agency has reasonable grounds to believe that the funds belonging to others may be missing, funds may have been misappropriated, or that the authorized principal broker’s records are in such a condition that the authorized principal broker is placing funds belonging to others at risk, the Agency may immediately initiate an investigation without providing the authorized principal broker with an opportunity to cure noncompliance. (4) If a n authorized principal broker does not respond to a reconciliation review within the time period required in the notice, the Agency may initiate an investigation. (5) The Agency may conduct a reconciliation review: (a) As part of a regular, routine, and random selection of managing principal broker clients' trust accounts for reconciliation reviews; (b) After a compliance review, when the Agency has determined that a n authorized principal broker was not in compliance and provided the authorized principal broker with an opportunity to cure the non-compliance; and (c) After an investigation has been initiated. Statutory/Other Authority: ORS 696.385 Statutes/Other Implemented: 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, adopt filed 11/17/2017, effective 01/01/2018
863-015-0130 Listing Agreements (1) A real estate broker or principal broker who enters into a listing agreement, as defined by ORS 696.800, must give the seller signing the listing agreement a true, legible copy of the signed listing agreement at the time of securing the listing. (2) In addition to the requirements contained in ORS 696.805, listing agreements must also include: (a) An expiration date; (b) The licensee's license number; (c) A statement of whether the agreement is exclusive or nonexclusive; (d) Name and contact information, including telephone number for the authorized principal broker responsible for supervision of the broker; and (e) Signatures by all parties to the agreement. (3) Listing agreements are prohibited from containing the following: (a) Any provision requiring the seller to notify the licensee of the individual's intention to cancel the listing after the stated, definite expiration date; (b) Any provision subjecting the seller of the listed property to the payment of two or more commissions for one sale if the seller lists the same property with a second or subsequent real estate broker or principal broker after the first or preceding listing agreement expires or is terminated by mutual agreement. Statutory/Other Authority: ORS 696.385 Statutes/Other Implemented: ORS 696.800 History: REA 4-2025, amend filed 10/09/2025, effective 01/01/2026 REA 2-2024, amend filed 12/12/2024, effective 01/01/2025 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 863-010-0015 REC 1-1981, f. 10-30-81, ef. 11-1-81 REC 3-1978, f. 6-15-78, ef. 7-1-78 REC 20, f. 5-5-65, ef. 7-1-65
863-015-0133 Buyer Agreements A real estate licensee representing a buyer in a residential transaction of residential land or one to four residential units is required to act under a written representation agreement with the buyer. In addition to the requirements contained in ORS 696.810, the representation agreement must also include: (1) Licensee’s license number; (2)The name and contact information including telephone number for the managing principal broker responsible for supervision of the broker; (3) Term, including effective date and expiration date; (4) Description of the legal obligations of a buyer’s agent as described in ORS 686.810 or by reference to the initial agency disclosure pamphlet delivered per ORS 696.820; (5) The buyer’s general search criteria, which may include the price range of desired property and the location of desired property; (6) An explanation of how buyer’s agent may be compensated; (7) Representation agreement termination rights provisions for both buyer and licensee; and (8) A statement whether the agreement is exclusive or nonexclusive. Statutory/Other Authority: ORS 696.385 Statutes/Other Implemented: Oregon Laws 2024, chapter 3, section 17 & Chapter 389, (2025 Laws) History: REA 4-2025, amend filed 10/09/2025, effective 01/01/2026 REA 2-2024, adopt filed 12/12/2024, effective 01/01/2025
863-015-0135 Offers to Purchase (1) When a real estate licensee receives an offer to purchase real property or a counter-offer, the licensee must give the individual signing the offer or counter-offer a true, legible copy thereof. (2) A real estate licensee must promptly deliver to the offeror or offeree every written offer or counter-offer the licensee receives. (3) The licensee must maintain a written record of the date and time of each written offer or counter-offer delivered pursuant to section (2) of this rule and of the seller’s or buyer’s response. The licensee must maintain this record as required under OAR 863-015-0250, and if the seller rejects the offer or counter-offer, the licensee must provide a true copy to the offeror. (4) When a licensee receives a written acceptance of an offer or counter-offer to purchase real property, the licensee must deliver within three banking days true, legible copies of the offer or counter-offer, signed by the seller and buyer, to both the buyer and seller. (5) Real estate licensees must include all of the terms and conditions of the real estate transaction in the offer to purchase or, directly or by reference, in the counter-offer, including but not limited to whether the transaction will be accomplished by way of deed or land sales contract, and whether and at what time evidence of title will be furnished to the prospective buyer. (6) The document serving as an earnest money receipt must specifically state the type of earnest money received, whether in the form of cash, check, or promissory note. (7) In preparing a promissory note for use as earnest money, a licensee must make the note payable upon the seller’s acceptance of the offer or payable within a stated time after the seller's acceptance. Absent a written agreement to the contrary, the note must be made payable to the seller. (8) An offer signed by a prospective buyer is an offer to purchase, regardless of any pending inspections, conditions, or other contingencies. (9) Any amendment or addendum to the purchase agreement or counter-offer must be in writing and include the date of the amendment and the signatures of the seller(s) and buyer(s). Statutory/Other Authority: ORS 696.385 Statutes/Other Implemented: ORS 696.280, ORS 696.800, ORS 696.810 & ORS 696.815 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 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, Renumbered from 863-010-0020 REA 1-1997, f. 4-28-97, cert. ef. 5-5-97 REC 5-1984, f. 6-18-84, ef. 7-1-84 REC 1-1981, f. 10-30-81, ef. 11-1-81 REC 3-1980, f. 10-20-80, ef. 11-1-80 REC 3-1978, f. 6-15-78, ef. 7-1-78 REC 10, f. 8-27-59
863-015-0140 Manager Principal Broker Supervision Responsibilities (1) A managing principal broker must comply with the supervision and control requirements in HB 3137 section 20 (1). (2) A managing principal broker may not state or imply to current or prospective licensees or the public that the real estate licensees associated with the managing principal broker are not fully subject to the managing principal broker’s supervision or are not acting as the managing principal broker’s agents. (3) A n authorized principal broker must supervise and control the professional real estate activity at any main or branch office registered by the managing principal broker. (4) An authorized principal broker must directly supervise the licensees associated with the managing principal broker in fulfilling their duties and obligations to their respective clients. The authorized principal broker must review each document of agreement generated in a real estate transaction within seven banking days after it has been accepted, rejected, or withdrawn. The document review may be done electronically or in hard copy. If the authorized principal broker reviews a document electronically, the authorized principal broker must make an electronic record of the review showing the name of the reviewer and the date of the review. If the authorized principal broker reviews a hard copy document, the authorized principal broker must initial and date the document in writing at the time of review. Statutory/Other Authority: ORS 696.385 Statutes/Other Implemented: ORS 696.200, ORS 696.222, ORS 696.310 & 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 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, Renumbered from 863-010-0043 REA 1-1997, f. 4-28-97, cert. ef. 5-5-97 REC 5-1984, f. 6-18-84, ef. 7-1-84 REC 1-1981, f. 10-30-81, ef. 11-1-81 REC 3-1980, f. 10-20-80, ef. 11-1-80 REC 1-1980, f. 2-1-80, ef. 3-1-80 REC 3-1978, f. 6-15-78, ef. 7-1-78 REC 17, f. 3-1-63
863-015-0143 Real Estate Team Disclosure (1) For purposes of this rule, “at first contact” means at the time the agent has sufficient contact information about a person to be able to provide a real estate team disclosure to that person. Contact with a person includes, but is not limited to contacts in person, by telephone, over the Internet, by electronic mail, or by similar methods. (2) A member of a real estate team must provide a copy of the real estate team disclosure, which complies with section (5) of this rule, at first contact with: (a) A prospective party to a real property transaction; or (b) An unrepresented party seeking representation during the course of a real property transaction. (3) A member of a real estate team must provide the real estate team disclosure in a written format by email, over the Internet, by USPS mail, facsimile, hand delivery or similar delivery method. (4) A member of a real estate team does not need to provide a copy of the real estate team disclosure to a party who has received a copy of the disclosure from another member of the same team. (5) The real estate team disclosure must contain: (a) The name and role of each member of the real estate team; (b) Whether individual members of the real estate team are real estate licensees; (c) The name of any members of the real estate team responsible for supervision and control of some or all members of the real estate team, if any; (d) The name of the managing principal broker with whom the real estate licensees on the real estate team are associated, (e) A statement that the real estate team is a subdivision of the registered business name; and (f) A statement to the effect that the real estate team must have a disclosed limited agency agreement in place before any members of the real estate team may perform any professional real estate activities for a buyer or seller when the real estate team already represents : (A) Another buyer or seller in the same real estate transaction; or (B) Another buyer who wants to purchase the same property. (6) The Real Estate Agency will make available a sample of a real estate team disclosure that complies with section (5) of this rule on the Agency’s website. Statutory/Other Authority: ORS 696.385 Statutes/Other Implemented: HB 3137, 2025 Regular Session History: REA 4-2025, adopt filed 10/09/2025, effective 01/01/2026
863-015-0145 Real Estate Transactions Involving a Licensee as a Principal to the Transaction (1) If a real estate broker or principal broker, whether active or inactive, either directly or indirectly offers or negotiates for the sale, exchange, lease option, or purchase of real estate within this state and the licensee is a principal to the transaction, the licensee shall disclose to the other party to the offer or transaction that the licensee is a real estate licensee: (a) On all advertising; and (b) In writing on at least the first written document of agreement concerning the offer or transaction. (2) The disclosure set forth on the first written document of agreement also shall state that the real estate licensee is self-represented as either the buyer or the seller in the transaction. (3) Transactions described in section (1) of this rule of a principal broker shall be processed in the same manner as the licensee’s other professional real estate activities and comply with the records requirements under OAR 863-015ex. (4) Each transaction described in section (1) of this rule of a real estate broker or principal broker associated with a managing principal broker shall be conducted under the supervision of an authorized principal broker and all documents and funds shall be transmitted through the authorized principal broker. (5) If the licensee holds an inactive license while an offer or transaction described in section (1) of this rule is being effected: (a) The licensee shall place all funds received in or necessary to effect the offer or transaction into a neutral escrow depository within this state; and (b) The licensee shall maintain documents concerning the matter as required under OAR 863-015-0250. (6) This section applies to offers and transactions entered into by corporations, partnerships, limited partnerships, or other legal entities in which any real estate licensee, active or inactive, is an owner and where the licensee at any time participates in negotiations concerning the offer or transaction on behalf of the entity. As used in this rule, "owner" means an individual having an ownership interest equaling more than five percent of the total ownership interest in the legal entity. Statutory/Other Authority: ORS 696.385 Statutes/Other Implemented: ORS 696.015, ORS 696.241, ORS 696.280, ORS 696.301 & Chapter 389, (2025 Laws) History: REA 4-2025, amend filed 10/09/2025, effective 01/01/2026 REA 2-2020, amend filed 11/24/2020, effective 01/01/2021 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 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, Renumbered from 863-010-0046 REA 1-1997, f. 4-28-97, cert. ef. 5-5-97 REA 1-1992, f. 1-13-92, cert. ef. 2-1-92 REC 1-1981, f. 10-30-81, ef. 11-1-81 REC 3-1978, f. 6-15-78, ef. 7-1-78
863-015-0150 Closing Real Estate Transactions (1) Unless all parties to the transaction agree in writing to delegate the closing function to an escrow agent licensed in Oregon, an attorney, or another authorized principal broker engaged in the transaction, a n authorized principal broker must promptly close any real estate transaction in which the authorized principal broker is the listing broker. (2) A real estate broker associated with a n authorized principal broker may handle a closing function only if authorized in writing by the authorized principal broker and only under the authorized principal broker’s direct supervision. A copy of the written authorization bearing the authorized principal broker's signature must be maintained in the transaction file. Statutory/Other Authority: ORS 696.385 Statutes/Other Implemented: ORS 696.022 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, Renumbered from 863-010-0060 REC 1-1981, f. 10-30-81, ef. 11-1-81 REC 3-1978, f. 6-15-78, ef. 7-1-78 REC 19, f. 8-5-64
863-015-0155 Attorney’s Advice A real estate licensee must not discourage any party to a real estate transaction from seeking the advice of an attorney concerning any matter involving real estate activity in which such licensee is involved. Statutory/Other Authority: ORS 696.385 Statutes/Other Implemented: ORS 696.805, 696.810 & 696.815 History: 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 863-010-0090 REC 3-1978, f. 6-15-78, ef. 7-1-78 REC 10, f. 8-27-59
863-015-0175 Reporting Litigation Involving Licensees (1) A real estate licensee must notify the Commissioner of the following: (a) Any criminal conviction (felony or misdemeanor), including a “no contest” plea or bail forfeiture; (b) Any adverse decision or judgment resulting from any civil or criminal suit or action or arbitration proceeding or any administrative or Oregon State Bar proceeding related to the licensee in which the licensee was named as a party and against whom allegations concerning any business conduct or professional real estate activity is asserted; and (c) Any adverse decision or judgment resulting from any other criminal or civil proceeding that reflects adversely on the “trustworthy and competent” requirements contained in ORS Chapter 696 and its implementing rules. (2) The Agency’s administrative proceeding determinations are not subject to this rule’s notification requirements. (3) The notification required by this rule must be in writing and must include a brief description of the circumstances involved, the names of the parties, and a copy of the adverse decision, judgment, or award and, in the case of a criminal conviction, a copy of the sentencing order. If any such judgment, award, or decision is appealed, each subsequent appellate court decision is subject to this rule’s notification requirements. (4) The notification required by this rule must be made within twenty 20 calendar days after receiving written notification of an adverse judgment, award, or decision described in this rule. Notification must be made under this rule whether or not the decision is appealed. (5) Arbitration proceedings between licensees concerning only a commission payment dispute are not subject to this rule’s notification requirements. Statutory/Other Authority: ORS 696.385 Statutes/Other Implemented: ORS 696.301 History: REA 18-2018, minor correction filed 01/05/2018, effective 01/05/2018 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, Renumbered from 863-010-0120 REA 1-1997, f. 4-28-97, cert. ef. 5-5-97 REC 1-1981, f. 10-30-81, ef. 11-1-81 REC 3-1978, f. 6-15-78, ef. 7-1-78 REC 23, f. 7-3-69, ef. 9-1-69