Oregon Bulletin
January 1, 2011
Rule
Caption: Property managers must provide
owners certain information; principal broker exam valid for one yea; exam
requirements.
Adm.
Order No.: REA 2-2010
Filed with Sec. of
State: 12-15-2010
Certified to be
Effective: 1-1-11
Notice Publication
Date: 11-1-2010
Rules Adopted: 863-025-0068
Rules Amended: 863-014-0020, 863-025-0065
Subject: The new rule, OAR 863-025-0068, requires property
managers to provide, upon request, certain information to property owners on
tenants and current rental or lease agreements. The amendment to OAR
863-025-0065 defines the term “deposit slip” in order to keep pace with
changing banking terminology and technology. The amendments to OAR 863-14-0020
clarifies that a principal broker examination result is valid for one year and
eliminates the requirement for certain licensees to take and pass both a real
estate broker examination and a principal broker examination.
The rule is also
available on the Real Estate Agency website at www.rea.state.or.us.
Rules Coordinator: Laurie Skillman—(503) 378-4630
863-014-0020
Examinations
(1) In addition to any other licensing eligibility
requirements, a real estate broker license applicant must pass a real estate
broker examination, consisting of a state portion and a national portion, and
that includes subject matter determined by the Board.
(2) Effective January 1, 2011, in addition to any other
licensing eligibility requirements, a principal real estate broker license
applicant must pass a principal real estate broker examination that includes
subject matter determined by the Board.
(3) Effective January 1, 2011, in addition to any other
licensing eligibility requirements, an individual licensed as a salesperson
prior to July 1, 2002 who applies for a principal broker license is not
required to take the real estate broker examination, but is required to take
the principal broker examination.
(4) If an applicant for a principal real estate broker
license passes an examination but is not issued a license within one year from
the date of the examination:
(a) The applicant is no longer qualified for the
license on the basis of the examination; and
(b) The applicant must reapply for the examination as
required by this rule.
(5) A real estate broker applicant may apply for an
examination whether or not the Agency has finished processing the applicant’s
fingerprint card and background check or has received documentation on the
applicant’s licensing educational courses. However, the Agency will not
consider an applicant for a license until the Agency has completed such
processing and review.
(6) A real estate licensee who was licensed as a
salesperson before July 1, 2002 must apply for and pass a real estate broker examination
and a principal real estate broker examination in order to be licensed as a
principal real estate broker.
(7) An applicant must apply for an examination by
submitting to the Agency:
(a) An Agency-approved license examination application
form; and
(b) An examination application fee authorized by ORS
696.270.
(8) If a real estate broker or principal real estate
broker license has not been active for two or more consecutive years, before
applying to reactivate such license under OAR 863-014-0065, the licensee must
apply for and pass a reactivation examination. To apply for the reactivation
examination, the licensee must submit to the Agency:
(a) An Agency-approved license reactivation examination
application form; and
(b) The examination application fee authorized by ORS
696.270.
(9) Examination fees are not refundable if an
applicant:
(a) Fails to appear for a scheduled examination;
(b) Fails to cancel or reschedule an examination
appointment at least two business days before the appointment; or
(c) Fails to pass an examination.
(10) If an applicant for a real estate broker license
examination passes both the national and the state portions of an examination
but is not issued a license within one year from the date of the examination:
(a) The applicant is no longer qualified for the
license on the basis of the examination; and
(b) The applicant must reapply for the examination as
required by this rule.
(11) An applicant who passes only one portion of a
license examination must reapply for and pass the remaining portion within 12
months of the examination date of the passed portion in order to qualify for a
license on the basis of the examination.
(12) In lieu of the national portion of the examination
required in this rule, the Board may accept an applicant’s passing results of
the national portion of a broker examination taken in another state if:
(a) The examination was taken after November 1, 1973
and the license issued as a result of that examination has not been expired for
more than one year; or
(b) The examination was taken within the 12 months
before the application date and the Agency has received the required forms and
fees; and
(c) The applicant provides the Agency with the
applicant’s certified license history from the state where such examination was
taken.
Stat. Auth.: ORS 696.385 &
696.425
Stats. Implemented: ORS 696.020,
696.022 & 696.425
Hist.: REA 1-2002, f. 5-31-02,
cert. ef. 7-1-02; REA 3-2004, f. 4-28-04, cert. ef. 5-3-04; REA 1-2005, f.
5-5-05, cert. ef. 5-6-05; REA 2-2005(Temp), f. 6-9-05, cert. ef. 7-1-05 thru
12-26-05; Administrative correction 1-20-06; REA 2-2007(Temp), f. & cert.
ef. 3-21-07 thru 9-16-07; REA 4-2007, f. & cert. ef. 9-26-07; Renumbered
from 863-015-0020, REA 5-2008, f. 12-15-08, cert. ef. 1-1-09; REA 1-2010, f.
6-14-10, cert. ef. 7-1-10; REA 2-2010, f. 12-15-10, cert. ef. 1-1-11
863-025-0065
Deposits and Funds Received
(1) All funds, whether in the form of money, checks, or
money orders belonging to others and accepted by any property manager while
engaged in property management activity, must be deposited prior to the close
of business of the fifth banking day following the date of the receipt of the
funds into a clients’ trust account or security deposits account as defined in
OAR 863-025-0010 and established by the property manager under ORS 696.241. The
property manager must account for all funds received.
(2) Any person employed by the property manager must
promptly transmit to the property manager any money, checks, money orders, or
other consideration and any documents received while engaged in property
management activity.
(3) A property manager may not deposit any funds
received on behalf of an owner in the property manager’s personal account or
commingle any such funds received with personal funds of the property manager.
(4) Except for funds received pursuant to OAR
863-025-0050(3) and 863-025-0025(16), for each deposit made under ORS 696.241,
a property manager must obtain a deposit slip and make a written notation of
the owner’s identifying code assigned to the property management agreement on
the deposit slip. As used in this rule, “deposit slip” means an independently
verifiable third party document created by the third party at the time of the
deposit.
(5) A property manager must maintain a complete record
of all funds or other consideration received in the property manager’s property
management activity. This record must show from whom the funds or other
consideration was received, the date of the receipt, the place and date of
deposit, and, the final disposition of the funds or other consideration.
Stat. Auth.: ORS 696.385
Stats. Implemented: ORS 696.280 &
696.361
Hist.: REA 1-2002, f. 5-31-02,
cert. ef. 7-1-02; REA 1-2003(Temp), f. 2-27-03, cert. ef. 2-28-03 thru 8-27-03;
REA 3-2003, f. 7-28-03, cert. ef. 8-1-03; REA 1-2007, f. & cert. ef.
3-12-07; REA 8-2008, f.12-15-08, cert. ef. 1-1-09; REA 2-2010, f. 12-15-10,
cert. ef. 1-1-11
863-025-0068
Owner Information Request
(1) Upon written request from a property owner, a
property manager must deliver to the owner the information listed in
subsections (a) through (e) of this section for each tenant within five
business days of actually receiving the request for information, unless the
owner and the manager agree to a different time period.
(a) The tenant’s name, mailing address, and phone
number;
(b) The current rent amount and all scheduled tenant
charges;
(c) An accounting of all security deposits and fees
held for the tenant;
(d) The name of each utility provider and the account
number for each provider; and
(e) The name of each fire and life safety service
provider and the account number for each provider.
(2) Upon written request from a property owner, a
property manager must deliver to the owner copies of the current rental or
lease agreement, including all addenda and modifications, within five business
days of the date of actually receiving the request for information, unless the
owner and the manager agree to a different time period.
(3) For the purposes of this rule, to deliver
information to the owner means delivering the information by U.S. Mail, by fax,
or by sending it electronically to the owner at the address or number provided
to the manager by the owner with the request for information. The information
is considered delivered on the date it is mailed, faxed, or sent
electronically.
(4) This rule is in addition to and does not replace
OAR 863-025-0070 concerning the final accounting after termination of the
property management agreement.
Stat. Auth.: ORS 696.385
Stats. Implemented.: ORS 696.280
& 606.381
Hist.: REA 2-2010, f. 12-15-10,
cert. ef. 1-1-11
Notes
1.) This online version of the OREGON BULLETIN is provided for convenience of reference and enhanced access. The official, record copy of this publication is contained in the original Administrative Orders and Rulemaking Notices filed with the Secretary of State, Archives Division. Discrepancies, if any, are satisfied in favor of the original versions. Use the OAR Revision Cumulative Index found in the Oregon Bulletin to access a numerical list of rulemaking actions after November 15, 2010.
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