Oregon Administrative Rules|Section 863-015-0145 - Real Estate Transactions Involving a Licensee as a Principal to the Transaction

                                                
Current through Register Vol. 60, No. 12, December 1, 2021 
(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.
 
 
(5) This section applies to offers and transactions entered into by corporations, partnerships, limited partnerships, or other legal entities in which any real estate licensee, active or inactive, is an owner and where the licensee at any time participates in negotiations concerning the offer or transaction on behalf of the entity. As used in this rule, "owner" means an individual having an ownership interest equaling more than five percent of the total ownership interest in the legal entity.
 
Or. Admin. R. 863-015-0145
REC 3-1978, f. 6-15-78, ef. 7-1-78; REC 1-1981, f. 10-30-81, ef. 11-1-81; REA 1-1992, f. 1-13-92, cert. ef. 2-1-92; REA 1-1997, f. 4-28-97, cert. ef. 5-5-97; REA 1-2002, f. 5-31-02, cert. ef. 7-1-02, Renumbered from 863-010-0046; REA 1-2003(Temp), f. 2-27-03, cert. ef. 2-28-03 thru 8-27-03; REA 3-2003, f. 7-28-03, cert. ef. 8-1-03; REA 6-2008, f. 12-15-08, cert. ef. 1-1-09; REA 1-2017, amend filed 11/17/2017, effective 01/01/2018; REA 2-2020, amend filed 11/24/2020, effective 1/1/2021
Statutory/Other Authority: ORS 696.385
 
Statutes/Other Implemented: ORS 696.015, ORS 696.241, ORS 696.280 & ORS 696.301
This section was updated on 1/14/2021 by an editor because it was made effective.