Oregon Administrative Code

863-014-0035 Real Estate Broker Licensing Requirements (1) To be eligible for a real estate broker license, an individual must complete the following steps in the order listed: (a) Submit the required online license application and pay the related fee to the Agency. (b) Successfu…

863-014-0040 Principal Real Estate Broker Licensing Requirements (1) To be eligible for a principal real estate broker 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 …

863-014-0042 Waiver of Experience Requirements (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 experie…

863-014-0050 License Renewal (1) A licensee may only submit a license renewal application and pay the fee using an online application process, which is available through the Agency’s website. (2) For purposes of this rule, “received by the Agency” means the date a licensee comple…

863-014-0054 Authorization for Armed Forces Servicemembers and Their Spouses or Domestic Partners (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 co…

863-014-0060 Limited Licenses and Renewal (1) If the Commissioner issues an individual a limited license under ORS 696.130, the licensee may submit a written request for an unrestricted license after the period of limitation. The request must include the endorsement of the licens…

863-014-0061 Affiliated and Subsidiary Organizations (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 …

863-014-0062 Mailing Address, Email Address, Address Change, Service of Notice (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…

863-014-0063 Real Estate License Transfers, Managing Principal Brokers’ Responsibilities, Authority to Use Registered Business Name (1) As used in this rule, "License transfer application" means an online application that does one of the following: (a) Transfers a real estate bro…

863-014-0065 Inactive License, Change License Status to Active, License Reactivation (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 …

863-014-0066 Licensee Name Change 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 mu…

863-014-0067 Alternative Name Registration (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 re…

863-014-0070 License Surrender (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 retai…

863-014-0075 Reissuing Suspended License (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 a…

863-014-0076 Signature Requirements (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, b…

863-014-0080 Nonresident License Recognition (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 profess…

863-014-0085 Authorization to Control Managing Principal Broker's Business (1) A managing principal broker may authorize another managing principal broker to control and supervise their professional real estate activity and use their registered business name during their absence …

863-014-0090 Authorization to Temporarily Supervise (1) When a managing principal broker conducts professional real estate activity not in conjunction with other principal real estate brokers, the managing principal broker may authorize a real estate broker associated with the ma…

863-014-0095 Business Name Registration (1) Before conducting professional real estate activity in any name, a principal broker must first register the name with the Agency using an online application process available through the Agency’s website. For the purposes of this rule, …

863-014-0097 Registered Business Name Renewal (1) Only an authorized principal broker can submit a registered business name 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…

863-014-0100 Branch Office Registration (1) Before engaging in professional real estate activity from a branch office, an authorized managing principal broker must provide to the Commissioner on an online application available through the Agency’s website, the branch office stree…

863-014-0160 Deceased or Incapacitated Managing Principal Broker (1) If the Commissioner issues a temporary license under ORS 696.205, the licensee's activities may be limited to winding up the affairs of the managing principal broker's transactions that are in various stages of …

863-015-0000 Applicability and Purpose (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 e…

863-015-0003 Definitions As used in this division, unless the context requires otherwise, the following definitions apply: (1) “Addendum” means additional material attached to and made part of a document. The addendum must refer to the document and be dated and signed or otherwis…

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 manag…

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 in…

863-015-0125 Advertising (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…

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…

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…

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 …

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 th…

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 …

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 e…

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, an authorized principal…

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 …

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 fr…

863-015-0186 Clients’ Trust Accounts — Disbursal of Disputed Funds (1) An authorized principal 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 contractua…

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 purs…

863-015-0200 Agency Relationships (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 re…

863-015-0205 Disclosed Limited Agency (1) Licensees must establish the agency relationships described in OAR 863-015-0200(1) only by written agreement. Such agreements must meet all the requirements of OAR 863-015-0210. (2) A disclosed limited agency relationship exists when a si…

863-015-0210 Disclosed Limited Agency Agreement (1) Disclosed limited agency agreements required by ORS 696.815 must be in writing, signed and dated by the parties to be bound or by their duly appointed real estate agents. (2) Each disclosed limited agency agreement must contain …

863-015-0215 Initial Agency Disclosure Pamphlet (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 an initial agency disclosure pamphlet to that person. Contact with a person includ…

863-015-0245 Residential Property Wholesaling Disclosure Requirements for Brokers (1) As used in this rule, “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 mark…

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 r…

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 …

863-015-0257 Receiving and Disbursing Funds (1) A real estate broker or principal broker must deliver to the authorized principal broker within three banking days any money, checks, drafts, warrants, promissory notes, or other consideration received while conducting professional …

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) Maintai…

863-015-0260 Records Retention (1) Authorized principal brokers 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 prote…

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 transactio…

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 compo…