2021 Oregon Revised Statutes
Chapter 696 - Real Estate and Escrow Activities
Section 696.010 - Definitions.

(1) "Associated with" means to be employed, engaged or otherwise supervised by, with respect to the relationship between:
(a) A real estate broker and a principal real estate broker;
(b) A licensed real estate property manager and a principal real estate broker; or
(c) A licensed real estate property manager and another licensed real estate property manager.
(2) "Bank" includes any bank or trust company, savings bank, mutual savings bank, savings and loan association or credit union that maintains a head office or a branch in this state in the capacity of a bank or trust company, savings bank, mutual savings bank, savings and loan association or credit union.
(3)(a) "Branch office" means a business location, other than the main office designated under ORS 696.200, where professional real estate activity is regularly conducted or that is advertised to the public as a place where professional real estate activity may be regularly conducted.
(b) Model units or temporary structures used solely for the dissemination of information and distribution of lawfully required public reports shall not be considered branch offices. A model unit means a permanent residential structure located in a subdivision or development used for such dissemination and distribution, so long as the unit is at all times available for sale, lease, lease option or exchange.
(4) "Business day" means a day other than Saturday or Sunday or a federal or State of Oregon legal holiday.
(5) "Commingle" means the mixing of funds from any source, including personal funds, with trust funds as defined in ORS 696.241, by a licensed real estate property manager or principal real estate broker, except as specifically authorized by this chapter.
(6) "Compensation" means valuable consideration for services rendered or to be rendered, whether contingent or otherwise.
(7) "Competitive market analysis" means a method or process used by a real estate licensee in pursuing a listing agreement or in formulating an offer to acquire real estate in a transaction for the sale, lease, lease-option or exchange of real estate. The objective of competitive market analysis is a recommended listing, selling or purchase price or a lease or rental consideration. A competitive market analysis may be expressed as an opinion of the value of the real estate in a contemplated transaction. Competitive market analysis may include but is not limited to an analysis of market conditions, public records, past transactions and current listings of real estate.
(8) "Expired" means, in the context of a real estate licensee, that the license has not been renewed in a timely manner, but may still be renewed.
(9) "Inactive" means, in the context of a real estate licensee, that the licensee is not authorized to engage in professional real estate activity. The inactive status of a license continues until the license is reactivated or the license expires or lapses.
(10) "Lapsed" means, in the context of a real estate licensee, that the license has not been renewed in a timely manner and is not eligible for renewal.
(11) "Letter opinion" has the meaning given that term in ORS 696.294.
(12) "Licensed real estate property manager" means an individual who holds an active real estate property manager’s license issued under ORS 696.022.
(13) "Main office" means the office designated by a principal real estate broker or licensed real estate property manager pursuant to ORS 696.200.
(14) "Management of rental real estate" means:
(a) Representing the owner of real estate under a property management agreement in the rental or lease of the real estate and includes but is not limited to:
(A) Advertising the real estate for rent or lease;
(B) Procuring prospective tenants to rent or lease the real estate;
(C) Negotiating with prospective tenants;
(D) Accepting deposits from prospective tenants;
(E) Checking the qualifications and creditworthiness of prospective tenants;
(F) Charging and collecting rent or lease payments;
(G) Representing the owner in inspection or repair of the real estate;
(H) Contracting for repair or remodeling of the real estate;
(I) Holding trust funds or property received in managing the real estate and accounting to the owner for the funds or property;
(J) Advising the owner regarding renting or leasing the real estate;
(K) Providing staff and services to accommodate the tax reporting and other financial or accounting needs of the real estate;
(L) Providing copies of records of acts performed on behalf of the owner of the real estate; and
(M) Offering or attempting to do any of the acts described in this paragraph for the owner of the real estate; or
(b) Representing a tenant or prospective tenant when renting or leasing real estate for which a real estate property manager has a property management agreement with the owner of the real estate and includes but is not limited to:
(A) Consulting with tenants or prospective tenants about renting or leasing real estate;
(B) Assisting prospective tenants in renting or leasing real estate;
(C) Assisting prospective tenants in qualifying for renting or leasing real estate;
(D) Accepting deposits or other funds from prospective tenants for renting or leasing real estate and holding the funds in trust for the prospective tenants;
(E) Representing tenants or prospective tenants renting or leasing real estate; and
(F) Offering or attempting to do any of the acts described in this paragraph for a tenant or prospective tenant.
(15) "Nonlicensed individual" means an individual:
(a) Who has not obtained a real estate license; or
(b) Whose real estate license is lapsed, expired, inactive, suspended, surrendered or revoked.
(16) "Principal real estate broker" means an individual who holds an active license as a principal real estate broker issued under ORS 696.022.
(17) "Professional real estate activity" means any of the following actions, when engaged in for another and for compensation or with the intention or in the expectation or upon the promise of receiving or collecting compensation, by any person who:
(a) Sells, exchanges, purchases, rents or leases real estate;
(b) Offers to sell, exchange, purchase, rent or lease real estate;
(c) Negotiates, offers, attempts or agrees to negotiate the sale, exchange, purchase, rental or leasing of real estate;
(d) Lists, offers, attempts or agrees to list real estate for sale;
(e) Offers, attempts or agrees to perform or provide a competitive market analysis or letter opinion, to represent a taxpayer under ORS 305.239 or 309.100 or to give an opinion in any administrative or judicial proceeding regarding the value of real estate for taxation, except when the activity is performed by a state certified appraiser or state licensed appraiser;
(f) Auctions, offers, attempts or agrees to auction real estate;
(g) Buys, sells, offers to buy or sell or otherwise deals in options on real estate;
(h) Engages in management of rental real estate;
(i) Purports to be engaged in the business of buying, selling, exchanging, renting or leasing real estate;
(j) Assists or directs in the procuring of prospects, calculated to result in the sale, exchange, leasing or rental of real estate;
(k) Assists or directs in the negotiation or closing of any transaction calculated or intended to result in the sale, exchange, leasing or rental of real estate;
(L) Except as otherwise provided in ORS 696.030 (12), advises, counsels, consults or analyzes in connection with real estate values, sales or dispositions, including dispositions through eminent domain procedures;
(m) Advises, counsels, consults or analyzes in connection with the acquisition or sale of real estate by an entity if the purpose of the entity is investment in real estate; or
(n) Performs real estate marketing activity as described in ORS 696.600.
(18) "Property management agreement" means a written contract for the management of rental real estate between a real estate property manager and the owner of the rental real estate.
(19) "Real estate" includes leaseholds and licenses to use including, but not limited to, timeshare estates and timeshare licenses as defined in ORS 94.803, as well as any and every interest or estate in real property, whether corporeal or incorporeal, whether freehold or nonfreehold, whether held separately or in common with others and whether the real property is situated in this state or elsewhere.
(20) "Real estate broker" means an individual who holds an active license as a real estate broker issued under ORS 696.022.
(21) "Real estate licensee" means an individual who holds an active license or an active limited license as a real estate broker, principal real estate broker or licensed real estate property manager.
(22) "Real estate property manager" means a real estate licensee who engages in the management of rental real estate and is a licensed real estate property manager, a principal real estate broker or a real estate broker who is associated with and supervised by a principal real estate broker.
(23) "Registered business name" means a name registered with the Real Estate Agency under which the individual registering the name engages in professional real estate activity. [Amended by 1953 c.166 §5; 1955 c.322 §6; 1965 c.617 §1; 1973 c.416 §1; 1975 c.746 §1; 1977 c.649 §9; 1981 c.617 §2; 1985 c.589 §6; 1987 c.414 §37; 1987 c.468 §1; 1987 c.611 §12; 1989 c.724 §1; 1991 c.5 §26; 1995 c.217 §14; 1997 c.417 §5; 1999 c.488 §1; 2001 c.300 §10; 2003 c.347 §2; 2003 c.398 §6; 2005 c.116 §1; 2007 c.319 §1; 2009 c.224 §8; 2009 c.324 §1; 2011 c.158 §13; 2013 c.145 §1; 2017 c.234 §3]

Structure 2021 Oregon Revised Statutes