Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 15 - REAL ESTATE BROKER REGULATION › Section 863-015-0003 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
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) "Bank" is defined in
			 ORS
			 696.010.
(5) "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.
(6) "Branch office" is defined in ORS
			 696.010.
(7) "Buyer" is defined in ORS
			 696.800.
(8) "Business day" is defined in ORS
			 696.010
(9) "Clients' Trust Account" means an account
			 in a "bank," that is subject to the provisions of ORS
			 696.241.
(10) "Closing" means the transfer of all
			 property titles and the disbursement or distributions of all monies and
			 documents for a real estate transaction.
(11) "Commissioner" means the Real Estate
			 Commissioner described in ORS
			 696.375.
(12) "Compensation" is defined in ORS
			 696.010.
(13) "Competitive market analysis" is defined
			 in ORS
			 696.010.
(14) "Compliance review" means an Agency
			 review of a principal real estate broker's records and procedures for the
			 purpose of educating the principal real estate broker on statutes and
			 rules.
(15) "Confidential
			 information" is defined in ORS
			 696.800.
(16) "Cure noncompliance" means a principal
			 real estate broker's acts that resolve the principal real estate broker's
			 failure to comply with statutory and rule requirements.
(17) "Day" or "days" means each calendar day,
			 including legal holidays under ORS
			 187.010.
(18) "Disclosed limited agency" is defined in
			 ORS
			 696.800.
(19) "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.
(20)
			 "Investigation" means an Agency-initiated investigation of a principal real
			 estate broker that may result in administrative actions against the
			 licensee.
(21) "Letter opinion" is
			 defined in ORS
			 696.010.
(22) "Listing agreement" is defined in ORS
			 696.800.
(23) "Offer" is defined in ORS
			 696.800.
(24) "Offering price" is defined in ORS
			 696.800.
(25) "Principal" is defined in ORS
			 696.800.
(26) "Principal broker" means "principal real
			 estate broker," as defined in ORS
			 696.010.
(27) "Real estate" is defined in ORS
			 696.010.
(28) "Real estate activity," "professional
			 real estate activity," and "real estate business" mean "professional real
			 estate activity" as defined in ORS
			 696.010.
(29) "Real estate broker" is defined in ORS
			 696.010.
(30) "Real estate licensee" and "licensee"
			 mean a "real estate licensee" as defined in ORS
			 696.010, unless the
			 context requires otherwise.
(31)
			 "Real property" is defined in ORS
			 696.800.
(32) "Real property transaction" is defined
			 in ORS
			 696.800.
(33) "Reconciliation review" means a review
			 of a principal broker's clients' trust account reconciliation information and
			 documents for compliance with OAR 863-015-0275.
(34) "Registered business name" is defined in
			 ORS
			 696.010.
(35) "Sale" and "sold" are defined in ORS
			 696.800.
(36) "Seller" is defined in ORS
			 696.800.
(37) "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