ORS Chapter 696

Chapter 696 — RealEstate and Escrow Activities

2009 EDITION

REALESTATE AND ESCROW ACTIVITIES

OCCUPATIONSAND PROFESSIONS

REALESTATE LICENSEES

(Generally)

696.007 Statementof legislative purpose

696.010 Definitions

696.015 Legislativefinding; short title

(Licensing)

696.020 Licenserequired for individuals engaged in professional real estate activities;exception; rules

696.022 Licensingsystem for real estate brokers and property managers; rules

696.024 Paymentsdue and owing to Real Estate Agency

696.026 Conductingbusiness under licensee’s name, under registered business name or throughbusiness organization; rules

696.030 Exemptions

696.040 Singleact sufficient to constitute professional real estate activity

696.110 Exclusivenature of regulation of real estate licensees

696.125 Limitedlicense

696.130 Effectof revocation of license; limited license

696.174 Licenserenewal; continuing education courses; rules

696.182 Continuingeducation; rules

696.184 Dutiesof continuing education provider; rules

696.186 Qualificationsof continuing education instructors; rules

696.200 Licenseeto maintain place of business; branch offices; change of business location

696.205 Deathor incapacity of sole principal real estate broker; temporary license; rules

696.232 Returnof license by employee of agency; reissuance upon termination of employment

(ClientTrust Fund Accounts)

696.241 Clients’Trust Accounts; notice to agency; authority to examine account; branch trustaccount; interest earnings on trust account; when broker entitled to earnestmoney; funds not subject to execution; rules

696.243 Substitutingcopy for original canceled check allowed; electronic fund transfers

696.245 Clients’Trust Accounts; notice to bank; retention of copy

(Nonresidentand Reciprocal Real Estate Broker and Salesperson Licensing)

696.255 Nonresidentlicense equivalent to appointment of commissioner as agent for service ofprocess; service on commissioner; fee

696.265 Recognitionof nonresident real estate licensee; rules

(Miscellaneous)

696.270 Fees

696.280 Recordsof real estate brokers; rules

696.290 Sharingcompensation with or paying finder’s fee to unlicensed person prohibited;exceptions

696.294 Opinionletter; rules

696.301 Groundsfor discipline

696.310 Intracompanysupervision and control; effect of revocation on licensed associates

696.315 Prohibitionagainst licensee permitting nonlicensed individual to engage in activity withor on behalf of licensee

696.320 Effectof suspension or revocation of principal broker license on associated licensees

696.361 Regulationof real estate property manager

696.363 Relationshipbetween licensees as independent contractors or employer and employee

696.365 Cityor county business license tax

(Administration)

696.375 RealEstate Agency; Real Estate Commissioner; confirmation, salary and security ofcommissioner

696.385 Powerof agency; rulemaking procedures

696.392 Powerof commissioner to administer oaths, take depositions and issue subpoenas

696.395 Powerof commissioner

696.396 Investigationof complaints and progressive discipline; rules

696.398 Delegationby commissioner to employees; requirements

696.405 RealEstate Board; appointment; term; qualifications; compensation; expenses

696.415 Officers;meetings; quorum

696.425 Powersand duties of board; expenses

696.430 Recordsof commissioner as evidence; records open to inspection; rules

696.445 Advancementof education and research; Oregon Real Estate News Journal; content as todisciplinary actions

696.490 RealEstate Account; disposition of receipts

696.495 Revolvingfund; amount; use; procedure for repayment

ESCROWSAND ESCROW AGENTS

(Generally)

696.505 Definitionsfor ORS 696.505 to 696.590

696.508 Legislativefinding; short title

(Licensing)

696.511 Licenserequirement; licensing system; rules

696.520 Applicationof ORS 696.505 to 696.590

696.523 Applicationof ORS 696.505 to 696.590 to title insurance activities

696.525 Bondfor escrow agents

696.527 Depositsin lieu of bond; payment of claims; waiver

696.530 Expirationand renewal of license; fees; rules

696.532 Limitedlicense

696.534 Recordsof escrow agents; rules

696.535 Groundsfor refusing, suspending or revoking license or reprimanding licensee

696.541 Authorityof commissioner over escrow agents; rules

(Enforcement)

696.545 Investigation;injunction; jurisdiction

696.555 Commissionerto take possession of property and assets of escrow agent when assets orcapital impaired; appointment of receiver

696.570 Hearingsprocedure under ORS 696.505 to 696.590; subpoena

696.575 Civilor criminal actions not limited by ORS 696.505 to 696.590

696.577 Commissioner’sorder against unlicensed agent

(EscrowProperty)

696.578 Depositand designation of funds held in escrow; treatment of earnings on escrowaccount; notice

696.579 Fundsexempt from execution or attachment; designation of funds

696.581 Writtenescrow instructions or agreement required; statement; instructions containingblank prohibited; one-sided escrow; exceptions

696.582 Escrowagent to hold certain compensation; conditions; notice of demand; disbursementof money; copy of notice to principal

(CivilPenalties)

696.585 Civilpenalties

696.590 Penaltyamounts

REALESTATE MARKETING

696.600 Definitionsfor ORS 696.392, 696.600 to 696.785 and 696.995

696.603 Licenserequirement

696.606 Realestate marketing organization license; requirements; deposit required; claimsagainst deposit; rules

696.609 Exemptionsfrom ORS 696.392, 696.600 to 696.785 and 696.995

696.612 Groundsfor disciplinary action

696.615 Publicationof sanctions imposed for violations

696.618 Denialof right to court action for unlicensed real estate marketing organization

696.621 RealEstate Marketing Account

696.624 Consentby nonresident real estate marketing organization to service of summons orprocess required

696.627 On-siteinspection allowed; deposit

ACTIONSAND REMEDIES

696.710 Necessityof alleging license in action to collect compensation

696.720 Remediesare concurrent