Or. Admin. Code § 863-017-0005

Current through Register Vol. 64, No. 1, January 1, 2025

Section 863-017-0005 - [Effective 7/1/2025] Definitions

As used in this division, unless the context requires otherwise, the following definitions apply:

(1) "Agency" means the Real Estate Agency with powers pursuant to ORS 696.385.

(2) "Agency-approved form" means an electronic or paper form approved by the Real Estate Agency.

(3) "Commissioner" means the Real Estate Commissioner described in ORS 696.375.

(4) "Legal name" means the first name, middle name and last or surname, without the use of initials or nicknames and is the name given at birth or subsequently acquired through marriage, court order or adoption.

(5) "Registered Name" means the name of a residential property wholesaler as it appears on the current, valid registration issued to the registrant pursuant to Oregon Laws 2024, chapter 3, section 3.

(6) "Residential Property Wholesaler" means any individual who engages in residential property wholesaling and is registered as a residential property wholesaler under Oregon Laws 2024, chapter 3, section 3.

(7) "Residential Property Wholesaling" means to market residential property for which the marketer has only an equitable interest or option to purchase and, at the time of marketing, the marketer has:

(a) Held such interest or option for fewer than 90 days; and

(b) Invested less than $10,000 in land development or improvement costs associated with the residential property.

Or. Admin. Code § 863-017-0005

REA 4-2024, adopt filed 12/12/2024, effective 7/1/2025

Statutory/Other Authority: Oregon Laws 2024, chapter 3, section 3

Statutes/Other Implemented: Oregon Laws 2024, chapter 3, section 2 and 3