Or. Admin. R. 863-015-0140

Current through Register Vol. 63, No. 6, June 1, 2024

Section 863-015-0140 - Principal Real Estate Broker Supervision Responsibilities

(1) No principal real estate broker may allow any individual to use the principal broker's license for the sole purpose of allowing other real estate licensees to engage in professional real estate activity when the principal broker's only interest is receiving a fee for the use of the principal broker's license by others or when the principal broker only nominally supervises the professional real estate activity conducted under the principal broker's license.

(2) A principal real estate broker may not state or imply to current or prospective licensees or the public that the real estate brokers associated with the principal real estate broker are not fully subject to the principal real estate broker's supervision or are not acting as the principal real estate broker's agents.

(3) A principal real estate broker must supervise and control the professional real estate activity at any main or branch office registered by the principal broker.

(4) The principal real estate broker must directly supervise the licensees associated with the broker in fulfilling their duties and obligations to their respective clients. The principal real estate broker must review each document of agreement generated in a real estate transaction within seven banking days after it has been accepted, rejected, or withdrawn. If the document or agreement originates in a branch office, the principal real estate broker who manages the branch office under ORS 696.200may review such document. The document review may be done electronically or in hard copy. If the principal broker reviews a document electronically, the principal broker or the principal broker who is the branch office manager must make an electronic record of the review showing the name of the reviewer and the date of the review. If the principal broker reviews such document in hard copy, the principal broker or principal broker who manages the branch office must initial and date the document in writing at the time of review.

Or. Admin. R. 863-015-0140

REC 17, f. 3-1-63; REC 3-1978, f. 6-15-78, ef. 7-1-78; REC 1-1980, f. 2-1-80, ef. 3-1-80; REC 3-1980, f. 10-20-80, ef. 11-1-80; REC 1-1981, f. 10-30-81, ef. 11-1-81; REC 5-1984, f. 6-18-84, ef. 7-1-84; 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 863-010-0043; 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

Stat. Auth.: ORS 696385

Stats. Implemented: ORS 696.200, 696.222 & 696.310