(a) Execute one or more written supervisory agreements between them that:
(A) Fully allocate the supervisory control and responsibility for the professional real estate activities of all real estate brokers associated with the registered business name;
(B) Include a default allocation of supervisory control and responsibility for any real estate brokers who associate with the registered business name in the future or who are otherwise omitted from the written supervisory agreement; and
(C) Include any supervisory control and responsibility of one principal real estate broker over another principal real estate broker;
(b) Update the written supervisory agreement if the disassociation of a principal real estate broker occurs that affects the allocation of supervisory control or responsibility; and
(c) Share equal supervisory control and responsibility for any professional real estate activity conducted by real estate brokers associated with the registered business name that is not otherwise covered by the written supervisory agreement.
(2) If a licensed real estate property manager is associated with the same registered business name as any combination of licensed real estate property managers and principal real estate brokers, the licensed real estate property managers and principal real estate brokers shall:
(a) Execute one or more written supervisory agreements between them that:
(A) Fully allocates supervisory control and responsibility for management of rental real estate conducted by all principal real estate brokers and licensed real estate property managers associated with the registered business name; and
(B) Includes any arrangement for supervisory control and responsibility over the management of rental real estate conducted by the licensed real estate property managers and principal real estate brokers;
(b) Update the written supervisory agreement if another licensed real estate property manager or principal real estate broker associates with the registered business name; and
(c) Update the written supervisory agreement if the disassociation of a licensed real estate property manager or principal real estate broker occurs that affects the allocation of supervisory control or responsibility over management of rental real estate.
(3) Licensed real estate property managers and principal real estate brokers who do not exercise administrative or supervisory control over one another are each responsible for their own management of rental real estate. [Amended by 1977 c.649 §42; 1981 c.617 §15; 2001 c.300 §31; 2017 c.234 §21]
Structure 2021 Oregon Revised Statutes
Chapter 696 - Real Estate and Escrow Activities
Section 696.007 - Statement of legislative purpose.
Section 696.010 - Definitions.
Section 696.015 - Legislative finding; short title.
Section 696.022 - Licensing system for real estate brokers and property managers; rules.
Section 696.024 - Payments due and owing to Real Estate Agency.
Section 696.026 - Registration and renewal of business names; rules.
Section 696.125 - Limited license.
Section 696.130 - Effect of revocation of license; limited license.
Section 696.174 - License renewal; reactivation; continuing education courses; rules.
Section 696.182 - Continuing education; rules.
Section 696.184 - Duties of continuing education provider; rules.
Section 696.186 - Qualifications of continuing education instructors; rules.
Section 696.200 - Main office; branch offices; change of business location.
Section 696.232 - License status of employee of agency; reissuance upon termination of employment.
Section 696.243 - Substituting copy for original canceled check allowed; electronic fund transfers.
Section 696.245 - Clients’ trust accounts; notice to bank and agency; retention of copy.
Section 696.265 - Recognition of nonresident real estate licensee; rules.
Section 696.280 - Records of licensed real estate property managers and real estate brokers; rules.
Section 696.292 - Limitation on demand for compensation.
Section 696.294 - Opinion letter; rules.
Section 696.301 - Grounds for discipline.
Section 696.310 - Intracompany supervision and control.
Section 696.365 - City or county business license tax.
Section 696.385 - Power of agency; rulemaking procedures.
Section 696.392 - Power of commissioner to administer oaths, take depositions and issue subpoenas.
Section 696.395 - Power of commissioner.
Section 696.396 - Investigation of complaints and progressive discipline; rules.
Section 696.397 - Cease and desist order.
Section 696.398 - Delegation by commissioner to employees; requirements.
Section 696.405 - Real Estate Board; appointment; term; qualifications; compensation; expenses.
Section 696.415 - Officers; meetings; quorum.
Section 696.425 - Powers and duties of board; expenses.
Section 696.490 - Real Estate Account; disposition of receipts.
Section 696.495 - Revolving fund; amount; use; procedure for repayment.
Section 696.505 - Definitions for ORS 696.505 to 696.590.
Section 696.508 - Legislative finding; short title.
Section 696.511 - License requirement; licensing system; rules.
Section 696.520 - Application of ORS 696.505 to 696.590.
Section 696.525 - Bond for escrow agents.
Section 696.527 - Deposits in lieu of bond; payment of claims; waiver.
Section 696.530 - Expiration and renewal of license; fees; rules.
Section 696.532 - Limited license.
Section 696.534 - Records of escrow agents; rules.
Section 696.535 - Grounds for refusing, suspending or revoking license or reprimanding licensee.
Section 696.541 - Authority of commissioner over escrow agents; rules.
Section 696.545 - Investigation; injunction; jurisdiction.
Section 696.570 - Hearings procedure under ORS 696.505 to 696.590; subpoena.
Section 696.579 - Funds exempt from execution or attachment; designation of funds.
Section 696.585 - Civil penalties.
Section 696.590 - Penalty amounts.
Section 696.600 - Definitions for ORS 696.392, 696.600 to 696.785 and 696.995.
Section 696.603 - License requirement.
Section 696.612 - Grounds for disciplinary action.
Section 696.627 - On-site inspection allowed; deposit.
Section 696.710 - Necessity of alleging license in action to collect compensation.
Section 696.790 - Authority of commissioner to require fingerprints.
Section 696.795 - Authority of commissioner to conduct investigations and proceedings.
Section 696.800 - Definitions.
Section 696.805 - Real estate licensee as seller’s agent; obligations.
Section 696.810 - Real estate licensee as buyer’s agent; obligations.
Section 696.815 - Representation of both buyer and seller; obligations.
Section 696.820 - Agency disclosure pamphlet; rules.
Section 696.822 - Liability of principal for act, error or omission of agent or subagent.
Section 696.835 - Buyer and seller responsibilities.
Section 696.840 - Compensation and agency relationships.
Section 696.845 - Acknowledgment of existing agency relationships form; rules.
Section 696.855 - Common law application to statutory obligations and remedies.
Section 696.870 - Duties of real estate licensee under ORS 105.462 to 105.490, 696.301 and 696.870.
Section 696.880 - Licensee not required to disclose proximity of registered sex offender.
Section 696.890 - Duties of real estate property managers.
Section 696.995 - Civil penalties for violation of ORS 696.603, 696.606 or 696.612.