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Chapter 696 — Real Estate and Escrow Activities
2005 EDITION
REAL ESTATE AND ESCROW ACTIVITIES
OCCUPATIONS AND PROFESSIONS
REAL ESTATE LICENSEES
(Generally)
696.007 Statement of legislative purpose
696.010 Definitions
696.015 Legislative finding; short Title
(Licensing)
696.020 License required for persons engaged in professional real estate activities
696.022 Licensing system for real estate brokers and property managers; rules
696.024 Payments due and owing to Real Estate Agency
696.026 Conducting business under broker’s name, under registered business name or through business organization; rules
696.028 Licensed personal assistant; rules
696.030 Certain persons exempted
696.040 Single act sufficient to constitute professional real estate activity
696.110 Exclusive nature of regulation of real estate licensees
696.130 Limited license
696.174 License renewal; continuing education courses; rules
696.200 Real estate broker or organization to maintain place of business; Branch offices; change of business location
696.205 Death or incapacity of sole proprietor real estate licensee; temporary license; rules
696.232 Return of license by employee of agency; reissuance upon termination of employment
(Client Trust Fund Accounts)
696.241 Clients’ Trust Accounts; notice to agency; authority to examine account; branch trust account; interest earnings on trust account; when broker entitled to earnest money; funds not subject to Execution; rules
696.243 Substituting copy for original canceled check allowed; electronic fund transfers
696.245 Clients’ Trust Accounts; notice to bank; retention of copy
(Nonresident and Reciprocal Real Estate Broker and Salesperson Licensing)
696.255 Nonresident license equivalent to appointment of commissioner as Agent for service of process; service on commissioner; fee
696.265 Recognition of nonresident real estate licensee; rules
(Miscellaneous)
696.270 Fees
696.280 Records of real estate brokers; rules
696.290 Sharing commission with or paying finder’s fee to unlicensed person prohibited; exceptions
696.301 Grounds for discipline
696.310 Intracompany supervision and control; effect of revocation on licensed associates
696.315 Licensee not to permit person whose license suspended or revoked to engage in activity with or on behalf of licensee
696.320 Effect of suspension or revocation of principal broker license on associated licensees
696.361 Regulation of real estate property manager
696.363 Relationship between licensees as independent contractors or employer and employee
696.365 City or county business license tax
(Administration)
696.375 Real Estate Agency; Real Estate Commissioner; confirmation, salary and security of commissioner
696.385 Power of agency; rulemaking procedures
696.392 Power of commissioner to administer oaths, take depositions and issue subpoenas
696.395 Power of commissioner
696.396 Investigation of complaints and progressive discipline; rules
696.398 Delegation by commissioner to employees; requirements
696.405 Real Estate Board; appointment; term; qualifications; compensation; expenses
696.415 Officers; meetings; quorum
696.425 Powers and duties of board; expenses
696.430 Records of commissioner as evidence; records open to inspection
696.445 Advancement of education and research; Oregon Real Estate News Journal; content as to disciplinary actions
696.490 Real Estate Account; disposition of receipts
696.495 Revolving fund; amount; use; procedure for repayment
ESCROWS AND ESCROW AGENTS
(Generally)
696.505 Definitions for ORS 696.505 to 696.590
696.508 Legislative finding; short title
(Licensing)
696.511 License required; application and information required; issuance
696.520 Application of ORS 696.505 to 696.590
696.523 Application of ORS 696.505 to 696.590 to Title Insurance activities
696.525 Bond for escrow agents
696.527 Deposits in lieu of bond; payment of claims; waiver
696.530 Expiration and renewal of license; fees
696.532 Limited license
696.534 Records of escrow agents
696.535 Grounds for refusing, suspending or revoking license
696.541 Authority of commissioner over escrow agents; rules
(Enforcement)
696.545 Investigation; injunction; jurisdiction
696.555 Commissioner to take possession of property and assets of escrow agent when assets or capital impaired; appointment of receiver
696.570 Hearings procedure under ORS 696.505 to 696.590; subpoena
696.575 Civil or criminal actions not limited by ORS 696.505 to 696.590
696.577 Commissioner’s order against unlicensed agent
(Escrow Property)
696.578 Deposit and designation of money held in escrow; treatment of earnings on escrow account; notice
696.579 Funds exempt from execution or attachment; designation of funds
696.581 Written escrow instructions or agreement required; statement; instructions containing blank prohibited; one-sided escrow
696.582 Escrow agent to hold certain commissions; conditions; notice of demand; disbursement of money; copy of notice to principal
(Civil Penalties)
696.585 Civil penalties
696.590 Penalty amounts
REAL ESTATE MARKETING
696.600 Definitions for ORS 696.392, 696.600 to 696.785 and 696.995
696.603 License required for persons engaged in real estate marketing activities
696.606 Real estate marketing organization license; requirements; deposit required; claims against deposit; rules
696.609 Certain persons exempted from ORS 696.392, 696.600 to 696.785 and 696.995
696.612 Grounds for disciplinary action
696.615 Publication of sanctions imposed for violations
696.618 Denial of right to court action for unlicensed real estate marketing organization
696.621 Real Estate Marketing Account
696.624 Consent by nonresident real estate marketing organization to service of summons or process required
696.627 On-site inspection allowed; deposit
ACTIONS AND REMEDIES
696.710 Necessity of alleging license in action to collect compensation
696.720 Remedies are concurrent
696.730 Jurisdiction of courts for violations; revoking license upon conviction; copy of order to commissioner
696.775 Authority of commissioner when license lapsed, suspended or surrendered
696.785 Commissioner duties when illegal commingling of funds found; receivership procedure
MISCELLANEOUS
696.790 Authority of commissioner to require fingerprints
696.795 Authority of commissioner to conduct investigations and proceedings
AGENTS’ OBLIGATIONS
696.800 Definitions
696.805 Real estate licensee as seller’s agent; obligations
696.810 Real estate licensee as buyer’s agent; obligations
696.815 Representation of both buyer and seller; obligations
696.820 Agency disclosure pamphlet; rules
696.822 Liability of principal for act, error or omission of agent or subagent
696.835 Buyer and seller responsibilities
696.840 Compensation and agency relationships
696.845 Acknowledgment of existing agency relationships form; rules
696.855 Common law application to statutory obligations and remedies
696.870 Duties of real estate licensee under ORS 105.462 to 105.490, 696.301 and 696.870
696.880 Licensee not required to disclose proximity of registered sex offender
PENALTIES
696.990 Penalties
696.995 Civil penalties for violation of ORS 696.603, 696.606 or 696.612
696.005 [1963 c.580 §39; repealed by 1965 c.617 §8]
REAL ESTATE LICENSEES
(Generally)
696.007 Statement of legislative purpose. (1) The Sixty-second Legislative Assembly recognizes that notwithstanding amendments made to ORS chapter 696 by sections 9, 17, 19, 23, 25, 27 to 30, 32 and 40 to 43, chapter 649, Oregon Laws 1977, section 40, chapter 617, Oregon Laws 1981, and amendments made to ORS chapter 656 by chapter 864, Oregon Laws 1979, section 1, chapter 725, Oregon Laws 1981, and section 4, chapter 854, Oregon Laws 1981, agencies of this state are uncertain regarding application to real estate licensees of statutes of this state relating to employers and employees. This section and ORS 316.209 and 656.037 are enacted to eliminate that uncertainty, to reaffirm the legislative intent of the enactments cited in this section and to conform Oregon law to parallel provisions of the Internal Revenue Code.
(2) Nothing in this section and ORS 316.209 and 656.037 shall be construed to impair or invalidate any claim of refund or defense against collection of any tax, which claim or defense is asserted by a taxpayer who has services performed by an individual who does not meet the requirements of ORS 316.209. [1983 c.597 §1]
Note: 696.007 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 696 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.
696.010 Definitions. As used in ORS 696.010 to 696.495, 696.600 to 696.785, 696.800 to 696.870, 696.990 and 696.995, unless the context requires otherwise:
(1) “Agency” means the Real Estate Agency.
(2) “Associated with” means to be employed, engaged or otherwise supervised by, with respect to the relationship between a real estate broker and a principal real estate broker.
(3) “Bank” includes any bank or trust company, savings bank, mutual savings bank, savings and loan association or credit union that maintains a head office or a branch in this state in the capacity of a bank or trust company, savings bank, mutual savings bank, savings and loan association or credit union.
(4)(a) “Branch office” means a business location other than the main office designated under ORS 696.200 (1), where professional real estate activity is regularly conducted or which is advertised to the public as a place where such business may be regularly conducted.
(b) Model units or temporary structures used solely for the dissemination of information and distribution of lawfully required public reports shall not be considered branch offices. A model unit means a permanent residential structure located in a Subdivision or development used for such distribution and dissemination, so long as the unit is at all times available for sale, Lease, lease option or exchange.
(5) “Commissioner” means the Real Estate Commissioner.
(6) “Compensation” means any fee, commission, salary, money or valuable consideration for services rendered or to be rendered as well as the promise thereof and whether contingent or otherwise.
(7) “Competitive market analysis” means a method or process used by a real estate licensee in pursuing a listing agreement or in formulating an offer to acquire real estate in a transaction for the sale, lease, lease-option or exchange of real estate. The objective of competitive market analysis is a recommended listing, selling or purchase price or a lease or rental consideration. A competitive market analysis may be expressed as an opinion of the value of the real estate in a contemplated transaction. Competitive market analysis may include but is not limited to an analysis of market conditions, Public Records, past transactions and current listings of real estate.
(8) “Letter opinion” means a document that expresses a real estate licensee’s conclusion regarding a recommended listing, selling or purchase price or a rental or lease consideration of certain real estate and that results from the licensee’s competitive market analysis. The commissioner by rule shall specify the minimum contents of a letter opinion, including but not limited to the distinction between a letter opinion and a real estate Appraisal.
(9) “Management of rental real estate” means:
(a) Representing the owner of real estate in the rental or lease of the real estate and includes but is not limited to:
(A) Advertising the real estate for rent or lease;
(B) Procuring prospective tenants to rent or lease the real estate;
(C) Negotiating with prospective tenants;
(D) Accepting deposits from prospective tenants;
(E) Checking the qualifications and creditworthiness of prospective tenants;
(F) Charging and collecting rent or lease payments;
(G) Representing the owner in inspection or repair of the real estate;
(H) Contracting for repair or remodeling of the real estate;
(I) Holding trust funds or property received in managing the real estate and accounting to the owner for the funds or property;
(J) Advising the owner regarding renting or leasing the real estate;
(K) Providing staff and services to accommodate the tax reporting and other financial or accounting needs of the real estate;
(L) Providing copies of records of acts performed on behalf of the owner of the real estate; and
(M) Offering or attempting to do any of the acts described in this paragraph for the owner of the real estate; or
(b) Representing a tenant or prospective tenant when renting or leasing real estate and includes but is not limited to:
(A) Consulting with tenants or prospective tenants about renting or leasing real estate;
(B) Assisting prospective tenants in renting or leasing real estate;
(C) Assisting prospective tenants in qualifying for renting or leasing real estate;
(D) Accepting deposits or other funds from prospective tenants for renting or leasing real estate and holding the funds in trust for the prospective tenants;
(E) Representing tenants or prospective tenants renting or leasing real estate; and
(F) Offering or attempting to do any of the acts described in this paragraph for a tenant or prospective tenant.
(10) “Principal real estate broker” means an individual who is licensed as a principal real estate broker and who employs, engages or supervises another real estate licensee.
(11) “Professional real estate activity” means any of the following actions, when engaged in for another and for compensation or with the intention or in the expectation or upon the promise of receiving or collecting compensation, by any person who:
(a) Sells, exchanges, purchases, rents or leases real estate.
(b) Offers to sell, exchange, purchase, rent or lease real estate.
(c) Negotiates, offers, attempts or agrees to negotiate the sale, exchange, purchase, rental or leasing of real estate.
(d) Lists, offers, attempts or agrees to list real estate for sale.
(e) Offers, attempts or agrees to perform or provide a competitive market analysis or letter opinion, to represent a taxpayer under ORS 305.230 or 309.100 or to give an opinion in any administrative or judicial proceeding regarding the value of real estate for taxation. Such activity performed by a state certified appraiser or state licensed appraiser is not professional real estate activity.
(f) Auctions, offers, attempts or agrees to auction real estate.
(g) Buys, sells, offers to buy or sell or otherwise deals in options on real estate.
(h) Engages in management of rental real estate.
(i) Purports to be engaged in the business of buying, selling, exchanging, renting or leasing real estate.
(j) Assists or directs in the procuring of prospects, calculated to result in the sale, exchange, leasing or rental of real estate.
(k) Assists or directs in the negotiation or Closing of any transaction calculated or intended to result in the sale, exchange, leasing or rental of real estate.
(L) Except as otherwise provided in ORS 696.030 (1)(L), advises, counsels, consults or analyzes in connection with real estate values, sales or dispositions, including dispositions through Eminent Domain procedures.
(m) Advises, counsels, consults or analyzes in connection with the acquisition or sale of real estate by an entity if the purpose of the entity is investment in real estate.
(n) Performs real estate marketing activity as described in ORS 696.600.
(12) “Real estate” includes leaseholds and licenses to use including, but not limited to, timeshare estates and timeshare licenses as defined in ORS 94.803, as well as any and every interest or estate in real property, whether corporeal or incorporeal, whether freehold or nonfreehold, whether held separately or in common with others and whether the real property is situated in this state or elsewhere.
(13) “Real estate broker” means a person who engages in professional real estate activity and who is licensed as a real estate broker.
(14) “Real estate licensee” means a real estate broker, principal real estate broker or real estate property manager.
(15) “Real estate property manager” means a real estate licensee who is authorized to engage in management of rental real estate.
(16) “Registered business name” means a name registered with the Real Estate Agency under which the person registering the name engages in professional real estate activity.
(17) “Sole practitioner” means a real estate broker conducting professional real estate activity not in conjunction with other real estate brokers or principal real estate brokers. [Amended by 1953 c.166 §5; 1955 c.322 §6; 1965 c.617 §1; 1973 c.416 §1; 1975 c.746 §1; 1977 c.649 §9; 1981 c.617 §2; 1985 c.589 §6; 1987 c.414 §37; 1987 c.468 §1; 1987 c.611 §12; 1989 c.724 §1; 1991 c.5 §26; 1995 c.217 §14; 1997 c.417 §5; 1999 c.488 §1; 2001 c.300 §10; 2003 c.347 §2; 2003 c.398 §6; 2005 c.116 §1]
696.015 Legislative finding; short title. (1) The Legislative Assembly finds the activity of persons seeking to assist others, for compensation, to deal in real estate in this state to be a matter of public co
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