OAR 863-015-0145
Real Estate Transactions Involving a Licensee as a Principal to the Transaction
(1)
If a real estate broker or principal broker, whether active or inactive, either directly or indirectly offers or negotiates for the sale, exchange, lease option, or purchase of real estate within this state and the licensee is a principal to the transaction, the licensee shall disclose to the other party to the offer or transaction that the licensee is a real estate licensee:(a)
On all advertising; and(b)
In writing on at least the first written document of agreement concerning the offer or transaction.(2)
The disclosure set forth on the first written document of agreement also shall state that the real estate licensee is self-represented as either the buyer or the seller in the transaction.(3)
Transactions described in section (1) of this rule of a principal broker shall be processed in the same manner as the licensee’s other professional real estate activities and comply with the records requirements under OAR 863-015-0250 (Professional Real Estate Activity Records and Document Transmittal Requirements).(4)
Each transaction described in section (1) of this rule of a real estate broker associated with a principal broker shall be conducted under the supervision of the licensee’s principal broker and all documents and funds shall be transmitted through the licensee’s principal broker.(5)
If the licensee holds an inactive license while an offer or transaction described in section (1) of this rule is being effected:(a)
The licensee shall place all funds received in or necessary to effect the offer or transaction into a neutral escrow depository within this state; and(b)
The licensee shall maintain documents concerning the matter as required of a principal broker under OAR 863-015-0250 (Professional Real Estate Activity Records and Document Transmittal Requirements).(6)
This section applies to offers and transactions entered into by corporations, partnerships, limited partnerships, or other legal entities in which any real estate licensee, active or inactive, is an owner and where the licensee at any time participates in negotiations concerning the offer or transaction on behalf of the entity. As used in this rule, “owner” means an individual having an ownership interest equaling more than five percent of the total ownership interest in the legal entity.
Source:
Rule 863-015-0145 — Real Estate Transactions Involving a Licensee as a Principal to the Transaction, https://secure.sos.state.or.us/oard/view.action?ruleNumber=863-015-0145.