OAR 863-015-0150
Closing Real Estate Transactions

(1)

Unless all parties to the transaction agree in writing to delegate the closing function to an escrow agent licensed in Oregon, an attorney, or another principal broker engaged in the transaction, a principal broker must promptly close any real estate transaction in which the principal broker is the listing broker.

(2)

A real estate broker associated with a principal broker may handle a closing function only if authorized in writing by the principal broker and only under the principal broker’s direct supervision. A copy of the written authorization bearing the principal broker’s signature must be maintained in the transaction file.

Source: Rule 863-015-0150 — Closing Real Estate Transactions, https://secure.sos.state.or.us/oard/view.action?ruleNumber=863-015-0150.

863‑015‑0000
Applicability and Purpose 863‑015‑0003
Definitions 863‑015‑0081
Compliance Reviews 863‑015‑0092
Reconciliation Mail-In Review 863‑015‑0125
Advertising 863‑015‑0130
Listing Agreements 863‑015‑0135
Offers to Purchase 863‑015‑0140
Principal Broker Supervision Responsibilities 863‑015‑0145
Real Estate Transactions Involving a Licensee as a Principal to the Transaction 863‑015‑0150
Closing Real Estate Transactions 863‑015‑0155
Attorney’s Advice 863‑015‑0175
Reporting Litigation Involving Licensees 863‑015‑0186
Clients’ Trust Accounts — Disbursal of Disputed Funds 863‑015‑0190
Competitive Market Analyses 863‑015‑0200
Agency Relationships 863‑015‑0205
Disclosed Limited Agency 863‑015‑0210
Disclosed Limited Agency Agreement 863‑015‑0215
Initial Agency Disclosure Pamphlet 863‑015‑0250
Professional Real Estate Activity Records and Document Transmittal Requirements 863‑015‑0255
Clients’ Trust Account Requirements 863‑015‑0257
Receiving and Disbursing Funds 863‑015‑0259
Recordkeeping and Tracking of Received Funds 863‑015‑0260
Records Retention 863‑015‑0265
Interest-Bearing Accounts 863‑015‑0275
Clients’ Trust Account Reconciliation and Records

Last Updated

Jun. 8, 2021

Rule 863-015-0150’s source at or.us

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Location: https://oregon.public.law/rules/oar_863-015-0150

Original Source: Rule 863-015-0150 — Closing Real Estate Transactions, https://secure.sos.state.or.us/oard/view.action?ruleNumber=863-015-0150 (last accessed Jun. 8, 2021).