Ongoing Transactions During License Transfers
OAR 863-014-0063 (6) and (7), added by Senate Bill 67 and effective January 1, 2018
(6) Following a license transfer, a real estate broker may continue to engage in professional real estate activity on transactions that began while associated with the sending principal broker under the following limitations:
ORS 696.030, Exemptions
Real estate regulations rules do not apply to
Prohibited Acts of an Unlicensed PA
An unlicensed personal assistant cannot:
Permitted Acts of an Unlicensed PA
A license is not required for the following activities performed by an unlicensed individual.
Text of ORS 696.245
ORS 696.245, Clients’ trust accounts; notice to bank; retention of copy, effective January 1, 2018
(1) Each licensed real estate property manager and principal real estate broker, at the time a clients’ trust account is opened as required under ORS 696.241, shall provide the bank in which the account is opened with a notice, acknowledged by the real estate licensee and the bank, in substantially the following form.
(2) Within 10 business days from the date a clients’ trust account is opened, a licensed real estate property manager or principal real estate broker shall notify the Real Estate Agency that the account has been opened. The notice must include information about the clients’ trust account, including but not limited to:
(4) Notification to the agency under subsections (2) and (3) of this section must be made in the manner established by the agency by rule.
(5) The principal real estate broker or licensed real estate property manager shall retain the acknowledged copy of the notice described in subsection (1) of this section for at least six years following the closing of the account as provided in ORS 696.280.
Text of ORS 696.310
ORS 696.310, Intracompany supervision and control; effect of revocation on licensed associates, effective January 1, 2018
(1) If two or more principal real estate brokers are associated with the same registered business name, the principal real estate brokers shall:
The study of system of rules which a particular country or community recognizes as regulating the actions of its members and which it may enforce by the imposition of penalties.