reglab/statecodes huggingface dataset:
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 14 - REAL ESTATE BROKER LICENSING › Section 863-014-0020 - Examinations

Current through Register Vol. 63, No. 7, July 1, 2024
(1) For purposes of
			 this rule, "examination provider" means the vendor, under a contract with the
			 Agency, which provides licensing examination services and collects the fee for
			 such services directly from a license applicant.
(2) In addition to any other licensing
			 eligibility requirements:
(a) A real estate
			 broker license applicant must pass a real estate broker examination, consisting
			 of a state portion and a national portion.
(b) A principal broker license applicant must
			 pass a principal real estate broker examination.
(c) A principal broker license applicant who
			 was licensed in Oregon as a salesperson prior to July 1, 2002 is not required
			 to take the real estate broker examination, but must pass the principal broker
			 examination.
(d) A real estate
			 broker or principal broker who has not held an active license for two or more
			 consecutive years must pass a reactivation examination.
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 14 - REAL ESTATE BROKER LICENSING › Section 863-014-0030 - License Issue, Term and Form

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The Agency will issue a real estate
			 license to an applicant after determining that the applicant meets the license
			 requirements contained in ORS
			 696.022 and
			 696.790, has paid all required
			 fees, and meets:
(a) The requirements under
			 OAR 863-014-0035  for real estate broker license applicant; or
(b) The requirements under OAR 863-014-0040  for a principal broker license applicant.
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 14 - REAL ESTATE BROKER LICENSING › Section 863-014-0035 - Real Estate Broker Licensing Requirements

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Effective July 1, 2011, to be eligible
			 for a real estate broker's license, an individual must complete the following
			 steps in the order listed:
(a) Submit an
			 online license application and pay the fee to the Agency required by OAR
			 863-014-0010.
(b) Successfully
			 complete the required courses of study for a real estate broker license
			 required by OAR 863-022-0010.
(c)
			 Ensure that the school providing the required course of study certifies to the
			 examination provider that the applicant completed the course as required by OAR
			 863-014-0020.
(d) Pass the real
			 estate broker licensing examination and pay the fee to the examination provider
			 as required by OAR 863-014-0020.
(e) Provide fingerprints for a criminal
			 background check and pay the fee to the fingerprint services provider as
			 required by OAR 863-0014-0015.
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 14 - REAL ESTATE BROKER LICENSING › Section 863-014-0040 - Principal Real Estate Broker Licensing Requirements

Current through Register Vol. 63, No. 7, July 1, 2024
(1) To be eligible for a principal real
			 estate broker's license, an individual must complete the following steps in the
			 order listed:
(a) Submit a license
			 application and pay the fee to the Agency required by OAR 863-014-0010. The
			 license application includes proof satisfactory to the Agency that the
			 applicant has three years of active real estate experience.
(b) If the applicant has never held an Oregon
			 real estate broker license and has not completed the required courses of study
			 for a real estate broker license, the applicant must complete such required
			 courses under OAR 863-022-0010  from an approved school(s).
(c) Ensure that the school providing the
			 courses of study for a real estate broker license under (b) of this section,
			 certifies to the examination provider that the applicant completed the course
			 as required by OAR 863-014-0020.
(d) Successfully complete the brokerage
			 administration and sales supervision course required by OAR 863-022-0025.
(e) Ensure that the school
			 providing the brokerage administration and sales supervision course certifies
			 to the examination provider that the applicant completed the course as required
			 by OAR 863-014-0020.
(f) Pass the
			 principal broker licensing examination and pay the fee to the examination
			 provider required by OAR 863-014-0020.
(g) If the applicant is not an active or
			 inactive Oregon real estate licensee, provide fingerprints for a criminal
			 background check and pay the fee to the fingerprint services provider as
			 required by OAR 863-0014-0015.
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 14 - REAL ESTATE BROKER LICENSING › Section 863-014-0042 - Waiver of Experience Requirements

Current through Register Vol. 63, No. 7, July 1, 2024
(1) If an applicant for a principal real
			 estate broker's license has met all requirements for such license except for
			 the experience requirement, the applicant may petition the Real Estate Board
			 for a waiver of the three-year experience requirement contained in ORS 696.022,
			 and 863-014-0040. The petition must contain sufficient information to allow the
			 Board to determine whether the applicant qualifies for a waiver as allowed by
			 this rule.
(2) The applicant must
			 file a petition to waive the experience requirement on an Agency-approved form
			 with the Agency no later than 21 days before the scheduled Real Estate Board
			 meeting at which the applicant wishes the Board to act.
(3) The Board may issue a waiver if the
			 applicant:
(a) Has graduated from a four-year
			 college or university with a degree in real estate in a curriculum approved by
			 the Commissioner, and the applicant has held an active license as a real estate
			 broker for a period of at least one year; or
(b) Has a two-year community college
			 associate degree in real estate in a curriculum approved by the Commissioner,
			 has held an active license as a real estate broker for a period of at least two
			 years and, if the applicant is applying for a principal real estate broker
			 license, the applicant has completed the course of study for principal real
			 estate brokers as required by OAR 863-014-0040; or
(c) Has had real estate-related experience
			 equivalent to at least three years of active experience as a real estate
			 licensee and provides written details about the nature of such
			 experience.
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 14 - REAL ESTATE BROKER LICENSING › Section 863-014-0050 - License Renewal

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A
			 licensee may only submit a license renewal application and pay the fee using an
			 online application process, which will be available through the Agency's
			 website.
(2) For purposes of this
			 rule, "received by the Agency" means the date a licensee completed the online
			 renewal process and paid the fee required under ORS
			 696.270.
(3) A real estate broker or principal broker
			 license expires if a licensee fails to renew the license on or before the
			 license expiration date. A real estate licensee may not engage in any
			 professional real estate activity after a license expires. A real estate
			 licensee may renew an expired license as provided in this rule.
(4) The Agency will renew an active real
			 estate license to active status for the term prescribed in OAR 863-014-0030  when the Agency has received the following:
(a) The renewal fee authorized by ORS
			 696.270; and
(b) An active renewal application that
			 includes certification by the licensee that the licensee has met the continuing
			 education renewal requirements under section OAR 863-020-0010.
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 14 - REAL ESTATE BROKER LICENSING › Section 863-014-0054 - Authorization for Armed Forces Service members and Their Spouses or Domestic Partners

Current through Register Vol. 63, No. 7, July 1, 2024
(1) An
			 active-duty member of the United States Armed Forces who is stationed in this
			 state, or the spouse or domestic partner of such servicemember, may obtain an
			 authorization to conduct professional real estate activity as a real estate
			 broker or principal broker upon completion of the requirements in (2) through
			 (5) of this rule. Such authorization is valid until the earliest of the
			 following:
(a) Two years from the date of
			 issuance;
(b) The date the
			 servicemember's term of active-duty service in this state is complete;
			 or
(c) The date the applicant's
			 license issued by another state expires or is no longer active.
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 14 - REAL ESTATE BROKER LICENSING › Section 863-014-0060 - Limited Licenses

Current through Register Vol. 63, No. 7, July 1, 2024
If the commissioner issues an individual a limited license
				under ORS 696.130, the licensee must apply
				in writing for an unrestricted license after the period of
				limitation.
Stat. Auth.: ORS
				  696.385
Stats. Implemented: ORS
				  696.020 &
				  696.022
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 14 - REAL ESTATE BROKER LICENSING › Section 863-014-0061 - Affiliated and Subsidiary Organizations

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Affiliated organizations are two or more
			 organizations whose controlling ownership interests are owned by the same
			 licensee, licensees, entity, or entities.
(2) A subsidiary organization is one in which
			 the majority of the voting stock or controlling ownership interest is owned by
			 another organization.
(3)
			 Affiliated or subsidiary business organizations may use the same principal
			 broker, provided that the individual registering the business name submits
			 proof satisfactory to the commissioner that the principal real estate broker or
			 brokers involved actually manages and controls each affiliated and subsidiary
			 organization.
(4) As used in this
			 rule, controlling ownership interest(s) means owning 51 percent or
			 more.
Stat. Auth.: ORS
				  696.385
Stats. Implemented: ORS
				  696.020 &
				  696.022
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 14 - REAL ESTATE BROKER LICENSING › Section 863-014-0062 - Mailing Address, Email Address, Address Change, Service of Notice

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Each active,
			 inactive and expired real estate licensee must maintain on file with the Agency
			 a current mailing address and email address and notify the Agency within 10
			 calendar days of a change to a mailing or email address.
(2) A forwarding address is effective as a
			 "current mailing address" when the Agency receives notice of the forwarding
			 address by the United States Postal Service.
(3) Agency notice by mail, whether
			 registered, certified, or regular, to the real estate licensee's current
			 mailing address on file with the Agency constitutes service on the licensee.
(4) The Agency is not required by
			 law to send notification or correspondence by regular mail to a licensee or
			 license applicant regarding license or application status. The Agency may send
			 notification or correspondence to a licensee or license applicant to the email
			 address of the licensee or applicant on file with the Agency. Failure by a
			 licensee or applicant to receive notification or correspondence provided via
			 email does not relieve the licensee or applicant of the responsibility to
			 maintain a current license or complete an application process.
(5) The Agency's primary and preferred method
			 of notification and correspondence is to the licensee or license applicant's
			 email address.
(6) For purposes of
			 this rule, "notification or correspondence" in (4) and (5) of this rule means:
(a) Notification, correspondence or
			 confirmation to licensees about license renewal, change of license status to
			 active or inactive, license transfers, registered business name, branch office
			 registration, license reactivation, license expiration, and name and address
			 changes.
(b) Notification,
			 correspondence or confirmation to license applicants about license application
			 status, receipt of documents or information from third parties on license
			 qualifications, and license issuance.
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 14 - REAL ESTATE BROKER LICENSING › Section 863-014-0063 - Real Estate License Transfers, Principal Brokers' Responsibilities, Authority to Use Registered Business Name

Current through Register Vol. 63, No. 7, July 1, 2024
(1) As used in this rule:
(a) "Authorized licensee" means a principal
			 broker who has authority and is responsible for a registered business name;
(b) "License transfer application"
			 means a completed and signed online application that does one of the following:
(A) Transfers a real estate broker license to
			 a receiving principal broker in order to become associated with the receiving
			 principal broker, or
(B)
			 Authorizes a real estate licensee to use a registered business name to conduct
			 professional real estate activity.
(c) "Sending principal broker" means the
			 authorized licensee or principal broker with whom an active real estate broker
			 is associated before the license transfer;
(d) "Receiving principal broker" means the
			 authorized licensee or principal broker with whom an active real estate broker
			 will be associated after the license transfer.
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 14 - REAL ESTATE BROKER LICENSING › Section 863-014-0065 - Inactive License, Change License Status to Active, Change License Category, License Reactivation

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A
			 real estate licensee whose license is on inactive status may not engage in
			 professional real estate activity.
(2) The commissioner may reprimand, suspend,
			 revoke, or impose a civil penalty against an inactive licensee under ORS
			 696.301.
(3) The Agency will change an active real
			 estate license to inactive license status when the Agency actually receives the
			 following:
(a) An online inactivation
			 application available through the Agency's website completed by the licensee to
			 change the license status to inactive; or
(b) An online inactivation application
			 available through the Agency's website completed by the licensee's principal
			 broker to change the license status of the licensee to inactive.
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 14 - REAL ESTATE BROKER LICENSING › Section 863-014-0066 - Licensee Name Change

Current through Register Vol. 63, No. 7, July 1, 2024
A licensee may apply for a name change by submitting to the
				Agency:
(1) An online name change
			 application available through the Agency's website and payment of the fee
			 authorized under ORS 696.270; and
(2) Legal proof of the name change, which
			 must be in the form of an official record such as a marriage certificate,
			 divorce certificate, or a court order/decree.
Stat. Auth.: ORS
				  696.385
Stats. Implemented: ORS
				  696.020 &
				  696.022
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 14 - REAL ESTATE BROKER LICENSING › Section 863-014-0067 - Alternative Name Registration

Current through Register Vol. 63, No. 7, July 1, 2024
(1) "Alternative
			 name" means a name a licensee is known by that is not the licensee's licensed
			 name.
(2) A registered alternative
			 name shall contain at a minimum one first name and one last name or
			 surname.
(3) A licensee may apply
			 to register an alternative name for the purposes of advertising under OAR
			 863-015-0125  by submitting to the Agency:
(a)
			 An online alternative name registration application available through the
			 Agency's website; and
(b)
			 Documentation showing that the licensee is commonly known by the alternative
			 name.
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 14 - REAL ESTATE BROKER LICENSING › Section 863-014-0070 - License Surrender

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A
			 real estate licensee may surrender the licensee's license to the commissioner
			 on an Agency-approved form. Upon surrender, the license is terminated, and the
			 licensee's rights under the surrendered license are terminated. The
			 commissioner retains continuing jurisdiction to investigate the professional
			 real estate activity conducted under the license and to take disciplinary
			 action against the former licensee under ORS Chapter 696 and its implementing
			 rules.
(2) A surrendered license
			 may not be renewed. The former licensee must reapply and meet all the licensing
			 qualifications required of new license applicants.
Stat. Auth.: ORS
				  696.385
Stats. Implemented: ORS
				  696.020 &
				  696.022
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 14 - REAL ESTATE BROKER LICENSING › Section 863-014-0075 - Reissuing Suspended License

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The Agency may reissue an unexpired real
			 estate license that has been suspended by order of the commissioner if the
			 licensee makes a written request to the Agency that such license be reissued
			 and pays the required fee within 30 days after the close of the suspension
			 period.
(2) If the licensee fails
			 to act within 30 days, the license becomes inactive and may be reactivated only
			 pursuant to OAR 863-014-0065.
(3)
			 If the license expires before the request for reissuance, the Agency will renew
			 the license within the 30-day period only pursuant to OAR
			 863-014-0050.
(4) A license
			 reissued under this rule is effective for licensing purposes when the Agency
			 receives all required forms and fees.
(5) If the license has had a status other
			 than active for two or more consecutive years, the licensee must comply with
			 the reactivation requirements of OAR 863-014-0065.
Stat. Auth.: ORS
				  696.385
Stats. Implemented: ORS
				  696.020 &
				  696.022
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 14 - REAL ESTATE BROKER LICENSING › Section 863-014-0076 - Signature Requirements

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 Subject to ORS 84.001 to
			 84.061, the Agency may, but is
			 not required to, accept any electronic or facsimile signature created,
			 generated, sent, communicated, received, or stored regarding licensing
			 documents including, but not limited to, background check applications,
			 examination applications, license applications, license change forms, and
			 license surrender forms.
(2) The
			 Agency may require an individual to submit an original or electronic signature
			 on any document or Agency-approved form.
Stat. Auth.: ORS
				  696.385
Stats. Implemented: ORS
				  696.020 &
				  696.022
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 14 - REAL ESTATE BROKER LICENSING › Section 863-014-0080 - Nonresident License Recognition

Current through Register Vol. 63, No. 7, July 1, 2024
(1) As used in ORS 696.265 and this rule,
			 unless the context requires otherwise:
(a)
			 "Nonresident real estate broker" means an individual residing in another state
			 or country who is licensed by that state or country to transact professional
			 real estate activity and whose license authorizes that individual to employ,
			 engage, or otherwise supervise other real estate brokers or
			 salespersons.
(b) "Nonresident real
			 estate salesperson" means an individual residing in another state or country
			 who is licensed by that state or country to transact professional real estate
			 activity.
(c) "Nonresident
			 licensee" means either a nonresident real estate broker or a nonresident real
			 estate salesperson.
(d) "State or
			 country of residence" means, presumptively, the state or country where an
			 individual's resident license is located.
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 14 - REAL ESTATE BROKER LICENSING › Section 863-014-0085 - Authorization to Control Broker's Business

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A principal real estate broker may
			 authorize another principal broker to control and supervise his or her
			 professional real estate activity and use the authorizing principal broker's
			 registered business name, if any, during the principal broker's absence only
			 if:
(a) The authorizing principal broker
			 provides written authorization as required by this rule, and
(b) The supervising principal broker accepts
			 the supervising responsibility in writing.
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 14 - REAL ESTATE BROKER LICENSING › Section 863-014-0090 - Authorization to Temporarily Supervise

Current through Register Vol. 63, No. 7, July 1, 2024
(1) As used in ORS
			 696.022 and this rule, the
			 following definitions apply:
(a) "Sole
			 principal real estate broker" means a principal real estate broker who conducts
			 professional real estate activity not in conjunction with other principal real
			 estate brokers; and
(b) "Supervise"
			 means to conduct the sole principal real estate broker's professional real
			 estate activity, including supervising the professional real estate activity of
			 any real estate brokers and property managers associated with the sole
			 principal real estate broker. It does not include conducting professional real
			 estate activity in conjunction with any other principal real estate
			 broker.
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 14 - REAL ESTATE BROKER LICENSING › Section 863-014-0095 - Business Name Registration, Principal Broker Licensed Name Registration, and Property Manager Licensed Registration

Current through Register Vol. 63, No. 7, July 1, 2024
(1) If a principal real estate broker or
			 property manager wishes to conduct real estate business in a name other than
			 the licensee's legal name, the principal broker or property manager must first
			 register the business name with the Agency using an online application process
			 available through the Agency's website. For the purposes of this rule,
			 "business name" means an assumed name or the name of a business entity, such as
			 a corporation, partnership, limited liability company, or other business entity
			 recognized by law. A licensee must maintain the registered business name in
			 active status with the Oregon Secretary of State's Corporation Division.
(2) To register a business name,
			 the principal broker must submit to the Agency on an Agency-approved form using
			 an online application, the following:
(a) The
			 business name in which the licensee wishes to conduct real estate business,
			 which must be the exact name on file with the Oregon Secretary of State.
(b) Written authority to register
			 the business name;
(c) A copy of
			 the registration on file with the Oregon Secretary of State Business Registry
			 showing the business name is active; and
(d) The fee authorized by ORS
			 696.270.
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 14 - REAL ESTATE BROKER LICENSING › Section 863-014-0100 - Branch Office Registration

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Before engaging in professional real
			 estate activity from a branch office, a principal real estate broker must
			 provide to the Commissioner on an online application available through the
			 Agency's website, the branch office street and mailing addresses and the fee
			 authorized by ORS 696.270.
(2) For
			 the purposes of ORS 696.270, a branch office registration does not require
			 renewal.
Statutory/Other Authority: ORS 696.385
Statutes/Other Implemented: ORS 696.026 &
				  696.200
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 14 - REAL ESTATE BROKER LICENSING › Section 863-014-0160 - Deceased or Incapacitated Broker

Current through Register Vol. 63, No. 7, July 1, 2024
(1) If the Agency issues a temporary license
			 under ORS 696.205, the licensee may only
			 close or terminate the transactions that are in various stages of completion or
			 termination at the broker's death or incapacity. The activities authorized
			 under the temporary license include, but are not limited to:
(a) Terminating all listings and buyer's
			 service agreements in which there were no outstanding offers or earnest money
			 receipts when the broker died or became incapacitated;
(b) Completing all negotiations between
			 buyers and sellers on open transactions;
(c) Depositing and withdrawing monies from
			 the clients' trust account in connection with the completion of all
			 transactions pending when the broker died or became incapacitated;
(d) Promptly paying all real estate
			 commissions owing after closing all transactions, both to the decedent broker's
			 estate and to participating real estate brokers entitled to commissions
			 resulting from the transactions; and
(e) Disbursing earnest moneys or other funds
			 according to any outstanding earnest money receipt or other
			 agreement.
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 15 - REAL ESTATE BROKER REGULATION › Section 863-015-0000 - Applicability and Purpose

Current through Register Vol. 63, No. 7, July 1, 2024
(1) This
			 division applies to real estate brokers and principal real estate brokers, as
			 those terms are defined by ORS
			 696.010.
(2) The purposes of this division are:
(a) To specify the regulations for licensees
			 engaged in professional real estate activities, as that term is defined in ORS
			 696.010;
(b) To protect the owners, buyers, and
			 sellers of real estate; and
(c) To
			 make the principal real estate broker responsible for establishing a system of
			 recordkeeping that:
(A) Provides the Agency
			 with access to the licensees' records and
(B) Complies with the requirements contained
			 in OAR chapter 863 and ORS Chapter 696.
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 15 - REAL ESTATE BROKER REGULATION › Section 863-015-0092 - Reconciliation Review

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The Agency
			 will conduct clients' trust account reconciliation reviews.
(2) The Agency will provide a 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 are in
			 compliance with statutes and rules, the Agency will provide written notice to
			 the principal broker confirming compliance only as to the information and
			 documents provided;
(b) If the
			 information and documents indicate that the 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 principal
			 broker detailing the Agency's expectations for compliance on those matters;
(c) If the information and
			 documents demonstrate that the principal broker is not in compliance, the
			 Agency will provide written notice to the principal broker that:
(A) The 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 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 principal broker's records are in such a condition
			 that the principal broker is placing funds belonging to others at risk, the
			 Agency may immediately initiate an investigation without providing a principal
			 broker with an opportunity to cure noncompliance.
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 15 - REAL ESTATE BROKER REGULATION › Section 863-015-0125 - Advertising

Current through Register Vol. 63, No. 7, July 1, 2024
(1) As used in this
			 rule, "advertising" and "advertisement" include all forms of meaningful
			 communication by or on behalf of a real estate broker or principal broker
			 designed to attract the public to the use of services related to professional
			 real estate activity. This includes, but is not limited to:
(a) Print, including, but not limited to
			 mail, publications, brochures, postcards, business cards, and
			 stationery;
(b) Signs, including
			 but not limited to lawn signs, displays, and billboards;
(c) Phone, including but not limited to
			 mobile phone, text messaging, cold calling, and outgoing voicemail
			 messaging;
(d) Broadcast media,
			 including but not limited to radio, television, podcasts, and video;
			 and
(e) Electronic media, including
			 but not limited to multiple listing services, websites, email, social media,
			 mobile apps, and other online marketing.
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 15 - REAL ESTATE BROKER REGULATION › Section 863-015-0130 - Listing Agreements

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A
			 real estate licensee who enters into a listing agreement, as defined by ORS
			 696.800, must give the seller
			 signing the listing agreement a true, legible copy thereof at the time of
			 securing such listing.
(2) Every
			 listing agreement must meet the following requirements:
(a) It must state an expiration
			 date;
(b) It may not contain a
			 provision requiring the seller signing the listing to notify the licensee of
			 the individual's intention to cancel the listing after the stated, definite
			 expiration date;
(c) It may not
			 contain a 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 broker after the first or preceding listing
			 agreement expires or is terminated by mutual agreement; and
(d) It must be signed by all parties to the
			 agreement,
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 15 - REAL ESTATE BROKER REGULATION › Section 863-015-0135 - Offers to Purchase

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
Stat. Auth.: ORS
				  696.385
Stats. Implemented: ORS
				  696.280,
				  696.800,
				  696.810 &
				  696.815
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 15 - REAL ESTATE BROKER REGULATION › Section 863-015-0140 - Principal Real Estate Broker Supervision Responsibilities

Current through Register Vol. 63, No. 7, July 1, 2024
(1) No principal
			 real estate broker may allow any individual to use the principal broker's
			 license for the sole purpose of allowing other real estate licensees to engage
			 in professional real estate activity when the principal broker's only interest
			 is receiving a fee for the use of the principal broker's license by others or
			 when the principal broker only nominally supervises the professional real
			 estate activity conducted under the principal broker's license.
(2) A principal real estate broker may not
			 state or imply to current or prospective licensees or the public that the real
			 estate brokers associated with the principal real estate broker are not fully
			 subject to the principal real estate broker's supervision or are not acting as
			 the principal real estate broker's agents.
(3) A principal real estate broker must
			 supervise and control the professional real estate activity at any main or
			 branch office registered by the principal broker.
(4) The principal real estate broker must
			 directly supervise the licensees associated with the broker in fulfilling their
			 duties and obligations to their respective clients. The principal real estate
			 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. If the document or agreement originates in a branch office, the
			 principal real estate broker who manages the branch office under ORS 696.200may
			 review such document. The document review may be done electronically or in hard
			 copy. If the principal broker reviews a document electronically, the principal
			 broker or the principal broker who is the branch office manager must make an
			 electronic record of the review showing the name of the reviewer and the date
			 of the review. If the principal broker reviews such document in hard copy, the
			 principal broker or principal broker who manages the branch office must initial
			 and date the document in writing at the time of review.
Stat. Auth.: ORS 696385
Stats. Implemented: ORS
				  696.200, 696.222 &
				  696.310
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 15 - REAL ESTATE BROKER REGULATION › Section 863-015-0145 - Real Estate Transactions Involving a Licensee as a Principal to the Transaction

Current through Register Vol. 63, No. 7, July 1, 2024
(1) If a
			 real estate licensee, 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 must disclose to the other party to the offer or transaction that
			 the licensee is a real estate licensee. The licensee must make the disclosure
			 in any advertising or display signs, and it must appear in writing on at least
			 the first written document of agreement concerning the offer or transaction.
			 The disclosure set forth on the agreement document also must state that the
			 real estate licensee is representing himself or herself as either the buyer or
			 the seller in the transaction.
(2)
			 Transactions described in section (1) of this rule of a principal broker must
			 be processed in the same manner as the licensee's other professional real
			 estate activities and comply with the records requirements under OAR
			 863-015-0250.
(3) Each transaction
			 described in section (1) of this rule of a real estate broker associated with a
			 principal broker must be conducted under the supervision of the licensee's
			 principal broker and all documents and funds must be transmitted through the
			 licensee's principal broker.
(4) 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 must 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 must maintain documents
			 concerning the matter as required of a principal broker under OAR
			 863-015-0250.
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 15 - REAL ESTATE BROKER REGULATION › Section 863-015-0150 - Closing Real Estate Transactions

Current through Register Vol. 63, No. 7, July 1, 2024
(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 real estate broker engaged in the
			 transaction, a principal broker must promptly close any real estate transaction
			 in which the broker is the listing broker.
(2) A real estate broker associated with a
			 principal real estate broker may handle a closing function only if authorized
			 in writing by the principal real estate broker and only under the principal
			 real estate broker's direct supervision. A copy of the written authorization
			 bearing the principal real estate broker's signature must be filed with the
			 commissioner.
Stat. Auth.: ORS
				  696.385
Stats. Implemented: ORS
				  696.022
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 15 - REAL ESTATE BROKER REGULATION › Section 863-015-0155 - Attorney's Advice

Current through Register Vol. 63, No. 7, July 1, 2024
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.
Stat. Auth.: ORS
				  696.385
Stats. Implemented: ORS
				  696.805,
				  696.810 &
				  696.815
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 15 - REAL ESTATE BROKER REGULATION › Section 863-015-0175 - Reporting Litigation Involving Licensees

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 15 - REAL ESTATE BROKER REGULATION › Section 863-015-0186 - Clients' Trust Accounts - Disbursal of Disputed Funds

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A principal real estate broker may
			 disburse disputed funds in a clients' trust account using the procedures in
			 this rule or may disburse funds in a clients' trust account under the terms of
			 a lawful contractual agreement, by law, or under the provisions of ORS Chapter
			 696, ORS Chapter 105, or OAR 863-025-0025.
(2) For purposes of ORS
			 696.241(10) and
			 this rule, "disputed funds" are funds in a clients' trust account delivered by
			 a person to a principal real estate broker pursuant to a written contract and
			 the parties to such contract dispute the disbursal of the funds.
(3) As soon as practicable after receiving a
			 demand by one of the parties for the disbursal of funds in a clients' trust
			 account, the principal real estate broker must deliver written notice to all
			 parties that a demand has been made for disbursal of the funds, and that such
			 funds may be disbursed to the party who delivered the funds within 20 calendar
			 days of the date of the demand.
(4)
			 The written notice must include substantially the following information:
(a) A party has made a demand for disbursal
			 of funds, and the principal real estate broker may disburse such funds from the
			 clients' trust account to the party who delivered the funds, unless:
(A) The parties enter into a written
			 agreement regarding disbursal of the funds and deliver such agreement to the
			 principal real estate broker within 20 calendar days of the date of the demand
			 for disbursal; or
(B) A party
			 provides proof to the principal real estate broker that the party has filed a
			 legal claim to such funds within 20 calendar days of the date of the demand for
			 disbursal;
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 15 - REAL ESTATE BROKER REGULATION › Section 863-015-0188 - Compensation Agreements

Current through Register Vol. 63, No. 7, July 1, 2024
Pursuant to ORS
				696.582, only a principal real
				estate broker may enter into a compensation agreement with a principal to a
				real estate transaction.
Stat. Auth.: ORS
				  696.385
Stats. Implemented: ORS
				  696.290 &
				  696.582
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 15 - REAL ESTATE BROKER REGULATION › Section 863-015-0190 - Competitive Market Analyses; Letter Opinions; Lending Collateral Analysis; Default Collateral Analysis

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 15 - REAL ESTATE BROKER REGULATION › Section 863-015-0200 - Agency Relationships

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 Unless the parties expressly agree to a different relationship not otherwise
			 prohibited by law, the types of agency relationships a real estate licensee may
			 establish in a real estate transaction are limited to the following:
(a) An agency relationship between a real
			 estate licensee and the seller exclusively;
(b) An agency relationship between a real
			 estate licensee and the buyer exclusively;
(c) A disclosed limited agency relationship
			 where one or more real estate licensees associated with the same principal
			 broker represents both the seller and the buyer in the same real estate
			 transaction;
(d) A disclosed
			 limited agency relationship where real estate licensees associated with the
			 same principal broker are designated to represent, respectively, the buyer
			 exclusively and the seller exclusively;
(e) A disclosed limited agency relationship
			 where one or more real estate licensees associated with the same principal
			 broker represent more than one buyer in the same real estate
			 transaction.