Title 52, Occupations and Professions

(1) Pursuant to ORS 696.385 (2), the Real Estate Agency shall provide for the advancement of education and research in connection with the educational requirements for the securing of licenses for real estate licensees under ORS 696.010 to 696.495, 696.600 to 696.785, 696.800 to …

(1) There is established in the General Fund of the State Treasury the Real Estate Account. All moneys, fees and charges collected or received by the Real Estate Agency shall be deposited in the account. (2) The moneys in the Real Estate Account are continuously appropriated for …

(1) Upon written request by the Real Estate Agency, the Oregon Department of Administrative Services shall draw a warrant on the Real Estate Account, established by ORS 696.490, for use as a revolving fund. Warrants drawn to establish or increase the revolving fund, rather than t…

As used in ORS 696.505 to 696.590: (1) “Business day” means a day other than Saturday or Sunday or a federal or State of Oregon legal holiday. (2) “Close an escrow” means the final disbursement of all funds, property and documents in an escrow as directed by written escrow instru…

(1) The Legislative Assembly finds the activity of escrow agents in handling large sums of money and important rights of clients to be of public concern. In order to permit uniform and equitable regulation of all escrow agents and to improve the standards of escrow conduct, the p…

(1) A person may not directly or indirectly engage in or carry on, or purport to engage in or carry on, within this state, the business of an escrow agent, or act in the capacity of an escrow agent, unless the person holds an active license as an escrow agent under the provisions…

The provisions of ORS 696.505 to 696.590 do not apply to and the term “escrow agent” does not include: (1) Any person doing business under the laws of this state or the United States relating to banks, mutual savings banks, trust companies, savings and loan associations, consumer…

The provisions of ORS 696.505 to 696.590 apply to those escrow activities of a title insurance company, or an insurance producer of a title insurance company which prepares abstracts or makes searches of title which are used as a basis for the insurance of titles by a title insur…

(1) At the time of filing an application for an escrow agent license, the applicant shall deposit with the Real Estate Commissioner a corporate surety bond running to the State of Oregon, executed by a surety company satisfactory to the commissioner, in the amount required by thi…

(1) Any escrow agent may satisfy the requirements of ORS 696.525 by depositing with the State Treasurer, in an amount equal to the surety bond required, a deposit consisting only of the following: (a) Cash; (b) Ample secured obligations of the United States, a state or a politica…

(1) The license of an escrow agent expires on the June 30 after the date of issuance or on a date specified by rule of the Real Estate Commissioner. A license may be renewed as prescribed by rule of the commissioner, which may include paying any required fees. (2) The filing fees…

(1) The Real Estate Commissioner may issue or renew a limited escrow agent license if the commissioner determines it is in the public interest. (2) The commissioner may limit a license issued under this section: (a) By term; (b) To activities subject to supervision by a specific …

(1) An escrow agent shall keep and maintain at all times in the licensed office of the agent, complete and suitable records of escrow transactions made by the agent and of the business of the agent including, but not limited to, books, papers and data clearly reflecting the finan…

(1) The Real Estate Commissioner may suspend or revoke the license of an escrow agent, reprimand an escrow agent who is licensed, refuse to issue an escrow agent license to an applicant or refuse to renew the license of an escrow agent, if the escrow agent or applicant: (a) Is in…

(1) The Real Estate Commissioner shall have general supervision and control over all escrow agents doing business in this state. Subject to ORS chapter 183, the commissioner may adopt such rules as reasonably necessary for the administration and enforcement of ORS 696.505 to 696.…

(1) The Real Estate Commissioner may investigate either upon complaint or otherwise whenever it appears that an escrow agent has violated ORS 696.505 to 696.590 or that any person is engaging in the escrow business without being licensed under the provisions of ORS 696.505 to 696…

(1) When the Real Estate Commissioner ascertains by examination or otherwise that the assets or capital of any agent are impaired, as described in ORS 696.535 (1)(a), the commissioner may immediately take possession of all the property, business and assets of the agent which are …

(1) All hearings before the Real Estate Commissioner or the commissioner’s authorized representative conducted under the authority of ORS 696.505 to 696.590 shall be conducted in accordance with the provisions of ORS chapter 183. (2) The commissioner, or anyone authorized by the …

Nothing in ORS 696.505 to 696.590 shall limit any statutory or common law right of any person to bring any action in any court for any act involved in the transaction of the escrow business or the right of the state to punish any person for any violation of any law. [1963 c.440 §…

Whenever the Real Estate Commissioner finds that any person is offering to engage in or engaging in the business of an escrow agent without a license as an escrow agent as required under ORS 696.505 to 696.590, the commissioner may order the person to cease and desist from offeri…

(1) All funds received by an escrow agent to be delivered upon the close of the escrow or upon any other contingency are trust funds that must be deposited and maintained in a bank authorized to do business within this state. The funds must be deposited in a federally insured acc…

(1) Escrow or trust funds are not subject to execution or attachment on any claim against the escrow agent. (2) No person shall knowingly keep or cause to be kept any funds or money in any bank under the heading of “trust funds” or “escrow accounts” or any other name designating …

(1) An escrow agent may not accept funds, property or documents in any escrow transaction without dated, written escrow instructions from the principals to the transaction or a dated executed agreement in writing between the principals to the transaction. (2) Except as provided i…

(1) An escrow agent shall hold, as provided in subsection (3) of this section, the amount of money or other property agreed to as compensation in a written real estate broker’s or principal real estate broker’s compensation agreement, if the escrow agent has at the office at whic…

(1) Any person who violates any provision of ORS 696.505 to 696.590, or any lawful rule or final order of the Real Estate Commissioner or any final judgment made by any court upon application of the commissioner, may be required to forfeit and pay to the General Fund of the State…

(1) Any person who violates ORS 696.511 (1) may be required by the Real Estate Commissioner to forfeit and pay to the General Fund of the State Treasury a civil penalty in an amount determined by the commissioner of: (a) Not less than $500 nor more than $1,000 for the first offen…

As used in ORS 696.392, 696.600 to 696.785 and 696.995: (1) “Employee” includes an individual who has an independent contractual relationship with a real estate marketing organization and performs real estate marketing activity. (2) “Real estate marketing activity” means procurin…

(1) A person may not engage in real estate marketing activity unless that person is: (a) Licensed under ORS 696.606; (b) Licensed under ORS 696.022; or (c) Registered by a person licensed under ORS 696.606. (2) No person may employ an individual as a real estate marketing employe…

(1) In accordance with any applicable provisions of ORS chapter 183, the Real Estate Commissioner shall establish by rule a system to license real estate marketing organizations. Such a system shall include but need not be limited to prescribing: (a) The form and content of and t…

ORS 696.392, 696.600 to 696.785 and 696.995 do not apply to an individual licensed under ORS 696.022 or to those persons exempt under ORS 696.030 from licensing under ORS 696.020. [1995 c.217 §5; 2001 c.300 §42; 2007 c.319 §17]

The Real Estate Commissioner may suspend or revoke the license of any real estate marketing organization or reprimand any licensee, or may deny the issuance or renewal of a license to an applicant who has done any of the following: (1) Knowingly or negligently pursued a course of…

The Real Estate Commissioner shall publish information in local newspapers pertaining to sanctions imposed for violations of ORS 696.603, 696.606 or 696.612 in a manner allowed under ORS 696.430 and 696.445 (3). [1995 c.217 §7]

No person carrying on, conducting or transacting any real estate marketing activity may maintain any suit or action in any of the courts of this state to enforce any claim arising out of real estate marketing activity without alleging and proving that the person was licensed unde…

The Real Estate Marketing Account is established as an account in the General Fund of the State Treasury. All moneys received by the Real Estate Agency pursuant to ORS 696.392, 696.600 to 696.785 and 696.995 shall be paid into the State Treasury and credited to the account. All m…

(1) Every nonresident real estate marketing organization, at the time of licensing, shall file with the Real Estate Commissioner an irrevocable consent that if, in any suit or action commenced against the nonresident organization in this state arising out of a violation of any pr…

(1) The Real Estate Commissioner may make an on-site inspection of any real estate marketing organization. (2) When an on-site inspection under subsection (1) of this section is to be made, the commissioner may require the organization to advance a deposit not to exceed $200 per …

As used in ORS 696.650 to 696.670 and 696.997: (1) “Market” means to advertise, or contract with another person or entity to advertise, or to solicit purchasers for the purchase of property either publicly or privately. (2) “Residential property” means real property zoned for res…

(1) Except as provided in subsections (4) and (6) of this section, a person may not engage in residential property wholesaling unless that person, or, if that person is an entity, the individual conducting residential property wholesaling activity on that person’s behalf, is regi…

(1) The Real Estate Agency may issue a residential property wholesaler registration only to an individual. (2) In accordance with any applicable provisions of ORS chapter 183, the Real Estate Commissioner shall establish by rule a system to register residential property wholesale…

The Real Estate Commissioner, with the approval of the Oregon Department of Administrative Services, may prescribe the fees that the Real Estate Agency may charge for activities listed under this section, subject to the following maximum amounts: (1) For initial issuance of resid…

(1) Residential property wholesalers shall provide a residential property wholesaler written disclosure: (a) To any potential buyers and sellers before entering into a written contract for a residential property wholesale transaction; (b) To any individual licensed under ORS 696.…

The Real Estate Commissioner may suspend or revoke registration of any residential property wholesaler, deny the issuance or renewal of registration to an applicant, or prohibit an individual licensed under ORS 696.022 from engaging in residential property wholesaling as otherwis…

(1) The Real Estate Commissioner may investigate either upon complaint or otherwise whenever it appears that a person has conducted residential property wholesaling in violation of ORS 696.653 to 696.665. (2) If upon investigation it appears that the person has violated a provisi…

(1) Whenever the Real Estate Commissioner finds that a person is offering to engage in residential property wholesaling activity without registering as a residential property wholesaler and the person is required to register under ORS 696.653, the commissioner may, subject to ORS…

(1) A real estate broker or principal real estate broker conducting professional real estate activity within this state may not bring or maintain any action for the collection of compensation without alleging and proving that the individual was a real estate licensee when the all…

The remedies provided for in ORS 696.010 to 696.495, 696.600 to 696.785, 696.800 to 696.870 and 696.995 are in addition to and not exclusive of any other remedies provided by law.

Any court of competent jurisdiction, including a justice court, has full power to hear any violation of ORS 696.010 to 696.495, 696.600 to 696.785, 696.800 to 696.870 and 696.995 by an individual licensed under ORS 696.022, 696.650 to 696.670 and 696.997, and, upon finding a viol…

The lapsing, expiration, revocation or suspension of a real estate license, whether by operation of law, order of the Real Estate Commissioner or decision of a court of law, or the inactive status of the license or voluntary surrender of the license by the real estate licensee, d…

(1) When the Real Estate Commissioner ascertains by audit, investigation or otherwise that a real estate licensee has commingled trust funds with personal funds or has embezzled trust funds and that such activity is likely to cause significant financial loss to others as a result…

For the purpose of requesting a state or nationwide criminal records check under ORS 181A.195, the Real Estate Commissioner may require the fingerprints of an individual who: (1) Is applying for a license, or renewal of a license, under this chapter; or (2)(a)(A) Is employed or a…