Title 52, Occupations and Professions

(1) As used in this section, “letter opinion” means: (a) A document that expresses a real estate broker’s, principal real estate broker’s, managing principal broker’s or licensed real estate property manager’s conclusion regarding a recommended listing, selling or purchase price …

Subject to ORS 696.396, the Real Estate Commissioner may suspend or revoke the real estate license of any real estate licensee, reprimand any real estate licensee or deny the issuance or renewal of a license to an applicant who has: (1) Created a reasonable probability of damage …

(1) Two or more principal real estate brokers may supervise real estate activities of real estate licensees associated with the same registered business name, only if a managing principal broker and a principal real estate broker: (a) Execute one or more written supervisory agree…

(1) Except as provided in subsection (2) of this section, a real estate licensee may not knowingly permit a nonlicensed individual to engage in professional real estate activity, with or on behalf of the licensee. (2)(a) A managing principal broker engaging in the management of r…

The suspension or revocation of a managing principal broker’s license renders inactive every license of the real estate brokers and timeshare sales agents engaged by the managing principal broker pending a transfer of the license. The Real Estate Agency shall transfer a license r…

(1) A violation of a provision of ORS 696.010 to 696.495, 696.600 to 696.785, 696.800 to 696.870 or 696.890, or a rule adopted pursuant to those sections, by a real estate licensee is not cause for the suspension or revocation of the license of another real estate licensee who is…

Nothing contained in ORS 696.010 to 696.495, 696.600 to 696.785, 696.800 to 696.870, 696.990 and 696.995 prevents the establishment of an independent contractor relationship between real estate licensees or requires the establishment of an employer-employee relationship. [1981 c.…

(1) A city or county may not impose a business license tax on or collect a business license tax from an individual licensed as a real estate broker or a timeshare sales agent who engages in professional real estate activity only as an agent of a managing principal broker. (2) As …

(1)(a) As used in this section, “future right to list contract” means a contract granting a right to list, or to refer to another for listing, residential real estate for sale in the future and includes, but is not limited to, any document recorded in the county where the real es…

(1) As used in this section, “real estate team” means a subdivision of a registered business that performs professional real estate activities and is comprised of one or more real estate licensees operating under a name other than the registered business name. (2) Upon approval o…

(1) The Real Estate Agency is established. (2) The Real Estate Agency shall be under the supervision and control of an administrator who shall be known as the Real Estate Commissioner. The Governor shall appoint the Real Estate Commissioner who shall have been, before the date of…

The Real Estate Agency shall have the power to: (1) Adopt a seal by which it shall authenticate its proceedings. (2) From time to time, circulate among the real estate licensees of Oregon any material that the agency may deem helpful or educational or proper for the guidance and …

(1) The Real Estate Commissioner may administer oaths, take depositions and issue subpoenas to compel the attendance of witnesses and the production of books, papers, records, memoranda or other information necessary to the carrying out of the laws the commissioner is charged wit…

The Real Estate Commissioner shall have the power to: (1) For the purpose of administration, organize and reorganize, as necessary, the Real Estate Agency in the manner that the commissioner deems necessary to properly conduct the work of the agency. (2) Appoint all subordinate o…

(1) The Real Estate Commissioner shall provide by rule for the progressive discipline of real estate licensees and an objective method for investigation of complaints alleging grounds for discipline under ORS 696.301. (2) The rules adopted by the commissioner under this section: …

(1) If the Real Estate Agency has reason to believe that a person has engaged, is engaging or is about to engage in a violation of ORS 696.020 (2) or 696.603 (1), the agency may, subject to ORS chapter 183, issue an order directing the person to cease and desist from the violatio…

(1) The Real Estate Commissioner may delegate to any of the officers and employees of the Real Estate Agency to exercise or discharge in the commissioner’s name any power, duty or function vested in or imposed upon the commissioner under this chapter. The power to administer oath…

(1) The Real Estate Board is established within the Real Estate Agency. The board shall consist of nine members appointed by the Governor to hold office for a period of four years, but to serve at the pleasure of the Governor. Seven members of the board appointed by the Governor …

(1) The Real Estate Board shall annually select one of its members as chairperson, who shall preside at the meetings of the board. In the absence of the chairperson some other member of the board may serve as chairperson. The board shall meet at such times and places as determine…

(1) The Real Estate Board is authorized to inquire into the needs of the real estate licensees of Oregon, the functions of the Real Estate Agency and the matter of the business policy thereof, to confer with and advise the Governor as to how the agency may best serve the state an…

Copies of all records and papers in the office of the Real Estate Commissioner duly certified and authenticated by the seal of the commissioner shall be received in evidence in all courts equally and with like effect as the original. Except for records of open investigations, all…

(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…