OAR 863-014-0063
Real Estate License Transfers, Principal Brokers’ Responsibilities, Authority to Use Registered Business Name
(1)
As used in this rule:(a)
“Authorized licensee” means a principal broker who has authority and is responsible for a registered business name;(b)
“License transfer application” means an online application that does one of the following:(A)
Transfers a real estate broker license to a receiving principal broker in order to become associated with the receiving principal broker, or(B)
Authorizes a real estate licensee to use a registered business name to conduct professional real estate activity.(c)
“Sending principal broker” means the authorized licensee or principal broker with whom an active real estate broker is associated before the license transfer;(d)
“Receiving principal broker” means the authorized licensee or principal broker with whom an active real estate broker will be associated after the license transfer.(2)
An online license transfer application, available through the Agency’s website, includes:(a)
The name of the licensee and license number of the licensee who is being transferred;(b)
The receiving principal broker’s or authorized licensee’s name, license number, date, signature, and attestation or the authorized use of the registered business name.(3)
A principal broker with whom a licensee is associated remains responsible for the licensee’s professional real estate activity until the Agency receives one of the following:(a)
An online inactivation application available through the Agency’s website; or(b)
An online license transfer application and fee.(4)
If a principal broker with whom a real estate broker is associated, or the real estate broker, doesn’t complete the online inactivation process, the principal broker remains responsible for the licensee’s subsequent professional real estate activity until the Agency receives one of the following:(a)
An online inactivation application; or(b)
An online license transfer application and fee.(5)
The Agency will document the registered business name under which a real estate licensee is authorized to conduct professional real estate activity when the Agency receives an online license transfer application, or a new registered business name application, and the transfer fee authorized by ORS 696.270 (Fees).(6)
Following a license transfer, a real estate broker may continue to engage in professional real estate activity on transactions that began while associated with the sending principal broker under the following limitations:(a)
Applies only to transactions involving the sale, exchange, purchase, or lease of real estate where there is a fully executed contract, an active written offer or counter offer, or a letter of intent;(b)
May only be done with the involved client’s documented approval; and(c)
May only be done with written agreement between the sending principal broker and the receiving principal broker. The written agreement must:(A)
Identify which principal broker is responsible for supervision, including record retention;(B)
Identify the transactions or transactions included in the written agreement;(C)
State the effective date of the agreement;(D)
Address agency relationships;(E)
Specify how compensation will be handled; and(F)
Be signed by the sending principal broker, receiving principal broker, and transferring broker.(7)
Following a license transfer, a principal broker may continue to engage in professional real estate activity on transactions that began while authorized to conduct professional real estate activity for the previous registered business name under the following limitations:(a)
Applies only to transactions involving the sale, exchange, purchase, or lease of real estate where there is a fully executed contract, an active written offer or counter offer, or a letter of intent;(b)
May only be done with the involved client’s documented approval; and(c)
May only be done with written agreement between the transferring principal broker and the sending principal broker of the previous registered business name. The written agreement must:(A)
Identify responsibilities for supervision, as appropriate;(B)
Identify responsibilities for record retention;(C)
Identify the transaction or transactions included in the written agreement;(D)
State the effective date of the agreement;(E)
Address agency relationships;(F)
Specify how compensation will be handled; and(G)
Be signed by the transferring principal broker and sending principal broker.
Source:
Rule 863-014-0063 — Real Estate License Transfers, Principal Brokers’ Responsibilities, Authority to Use Registered Business Name, https://secure.sos.state.or.us/oard/view.action?ruleNumber=863-014-0063.