Or. Admin. R. 863-015-0250
Current through Register Vol. 63, No. 6, June 1, 2024
Section 863-015-0250 - Professional Real Estate Activity Records(1) Complete and adequate records of professional real estate activity include complete, legible, and permanent copies of all documents required by law or voluntarily generated during a real estate transaction, including all offers received by or through brokers or principal brokers to the client, including, but not limited to, the following: (a) A copy of any written agreement creating an agency relationship between a real estate broker or principal real estate broker and a client that must be signed by all parties to the agreement.(b) A copy of any written acknowledgment of an agency relationship between a real estate broker or principal real estate broker and a client that must be signed by all parties to such acknowledgment.(c) A copy of any written agreement for the listing, sale, purchase, rental, lease, lease option, or exchange of real property generated by a real estate broker or principal real estate broker while engaging in professional real estate activity that must be signed by all parties to such agreement.(d) A copy of any receipt issued by a real estate broker or principal real estate broker to evidence acceptance of funds or documents.(e) A copy of any vouchers or bills or obligations paid by the real estate broker or principal real estate broker for the account of a client or customer.(f) A copy of any other document within the scope of the agency relationship provided to or received by a client through a real estate broker or principal real estate broker during the term of an agency relationship.(g) All financial records as required in OAR 863-015-0255 and 863-015-0275.(2) In any real estate transaction in which a principal real estate broker performed the closing, the principal real estate broker must retain a copy of any closing statement showing a receipts, disbursements and adjustments, which must evidence the signature of the seller(s) and the buyer(s).Or. Admin. R. 863-015-0250
REA 1-2002, f. 5-31-02, cert. ef. 7-1-02; REA 6-2008, f. 12-15-08, cert. ef. 1-1-09; REA 1-2009, f. 12-15-09, cert. ef. 1-1-10Stat. Auth.: ORS 696.385
Stats. Implemented: ORS 696.280