Oregon Law
Law as of Jan 1, 2026
Chapter contents
696.005[1963 c.580 §39; repealed by 1965 c.617 §8] 696.007Statement of legislative purpose 696.010Definitions 696.015Legislative finding; short title 696.020License required for individuals engaged in professional real estate activities; exception; rules 696.022Licensing system for real estate professionals; rules 696.024Payments due and owing to Real Estate Agency 696.025[1977 c.649 §8a; 1981 c.617 §3; 1987 c.468 §2; 1987 c.611 §13; 1989 c.724 §2; 1991 c.5 §27; repealed by 2001 c.300 §84] 696.026Registration and renewal of business names; rules 696.028[2001 c.300 §30; repealed by 2009 c.324 §10] 696.030Exemptions 696.040Single act sufficient to constitute professional real estate activity 696.050[Amended by 1955 c.322 §9; 1961 c.471 §1; 1963 c.412 §1; 1969 c.515 §1; 1969 c.674 §3; 1971 c.671 §1; 1973 c.416 §3; 1973 c.827 §78; 1974 c.36 §21; 1975 c.746 §3; 1977 c.191 §1; 1977 c.649 §13; 1981 c.617 §5; 1983 c.258 §1; 1989 c.532 §6; 1989 c.724 §3; 1991 c.5 §29; repealed by 2001 c.300 §84] 696.060[Amended by 1975 c.746 §4; 1977 c.649 §14; 1981 c.617 §6; repealed by 2001 c.300 §84] 696.070[Amended by 1963 c.412 §2; repealed by 1977 c.649 §53 and 1977 c.842 §17] 696.080[Amended by 1975 c.746 §5; 1977 c.649 §15; 1981 c.617 §6a; 1987 c.611 §14; repealed by 2001 c.300 §84] 696.085[1991 c.462 §2; repealed by 2001 c.300 §84] 696.090[Amended by 1955 c.322 §10; repealed by 1977 c.649 §16 and 1977 c.842 §17 (694.169 enacted in lieu of 696.090)] 696.100[Amended by 1963 c.412 §3; 1977 c.649 §17; repealed by 2001 c.300 §84] 696.110Exclusive nature of regulation of real estate licensees 696.120[Amended by 1977 c.649 §18; repealed by 2001 c.300 §84] 696.125Limited license 696.130Effect of revocation of license; limited license 696.140[Amended by 1961 c.471 §2; 1963 c.412 §4; 1973 c.416 §5; repealed by 1975 c.746 §10 (696.141 enacted in lieu of 696.140)] 696.141[1975 c.746 §11 (enacted in lieu of 696.140); 1977 c.649 §51; 1979 c.243 §1; repealed by 2001 c.300 §84] 696.150[Amended by 1977 c.649 §20; repealed by 2001 c.300 §84] 696.160[Amended by 1969 c.674 §5; 1975 c.746 §12; 1977 c.649 §21; 1987 c.611 §16; 1989 c.724 §4; 1991 c.5 §31; repealed by 2001 c.300 §84] 696.162[1975 c.746 §8; 1977 c.190 §1; 1977 c.649 §22; 1981 c.617 §8; 1987 c.468 §3; repealed by 1991 c.5 §46] 696.165[1953 c.166 §4; 1969 c.674 §6; 1977 c.649 §23; 1981 c.617 §8a; 1991 c.5 §32; repealed by 2001 c.300 §84] 696.167[1975 c.746 §9; 1977 c.649 §24; repealed by 1981 c.617 §41] 696.169[1977 c.649 §16a (enacted in lieu of 696.090); 1989 c.724 §5; repealed by 2001 c.300 §84] 696.170[Amended by 1955 c.322 §13; repealed by 1969 c.674 §20] 696.172[1969 c.674 §9; repealed by 1975 c.746 §34] 696.174License renewal; reactivation; continuing education courses; rules 696.176[1969 c.674 §10; 1975 c.746 §13; 1977 c.649 §26; repealed by 2001 c.300 §84] 696.180[Amended by 1977 c.649 §27; repealed by 2001 c.300 §84] 696.182Continuing education; rules 696.184Duties of continuing education provider; rules 696.186Qualifications of continuing education instructors; rules 696.190[Amended by 1977 c.649 §28; repealed by 1981 c.617 §41] 696.200Main office; branch offices; change of business location 696.205Death or incapacity of sole principal real estate broker or sole licensed real estate property manager; temporary license; rules 696.210[Amended by 1977 c.649 §30; repealed by 2001 c.300 §84] 696.220[Repealed by 1955 c.322 §15] 696.221[1955 c.322 §4; 1969 c.674 §12; 1977 c.649 §31; 1983 c.258 §2; 1991 c.5 §34; 2001 c.300 §18; repealed by 2005 c.116 §24] 696.224[1955 c.322 §5; 1969 c.674 §13; 1977 c.649 §32; 1983 c.258 §3; 1989 c.724 §12; 1991 c.5 §35; repealed by 2001 c.300 §84] 696.226[1955 c.322 §2; 1977 c.649 §33; 1983 c.258 §4; 1991 c.5 §36; 2001 c.300 §19; repealed by 2005 c.116 §24] 696.228[1969 c.674 §8; 1977 c.649 §34; 1983 c.258 §5; repealed by 2001 c.300 §84] 696.230[Repealed by 1969 c.674 §21] 696.232License status of employee of agency; reissuance upon termination of employment 696.235[1975 c.746 §15; 1977 c.649 §36; 1981 c.617 §11; 1989 c.724 §7; 1995 c.335 §2; 2001 c.300 §20; repealed by 2005 c.116 §24] 696.237Managing principal broker supervision and control 696.240[Amended by 1957 c.383 §1; 1963 c.580 §49; repealed by 1975 c.746 §17 (696.241 enacted in lieu of 696.240)] 696.241Clients’ trust accounts; commingling of funds; branch trust account; interest earnings on trust account; when broker entitled to earnest money; funds not subject to execution; rules 696.243Substituting copy for original canceled check allowed; electronic fund transfers 696.245Clients’ trust accounts; notice to bank and agency; retention of copy 696.247[1989 c.916 §1; 1991 c.716 §1; repealed by 1997 c.801 §37] 696.249[1989 c.916 §2; 1991 c.716 §2; repealed by 1997 c.801 §37] 696.250[Amended by 1953 c.202 §2; 1961 c.675 §1; 1965 c.367 §2; 1969 c.674 §14; 1975 c.746 §19; 1977 c.649 §37; 1981 c.617 §12; repealed by 1989 c.532 §10] 696.251[1989 c.916 §2a; repealed by 1997 c.801 §37] 696.253[1989 c.916 §3; repealed by 1997 c.801 §37] 696.254[1989 c.916 §7; 1991 c.716 §4; 1993 c.744 §176; repealed by 1997 c.801 §37] 696.255Nonresident license equivalent to appointment of commissioner as agent for service of process; service on commissioner; fee 696.258[1989 c.532 §1; repealed by 2001 c.300 §84] 696.260[Repealed by 1977 c.649 §53 and 1977 c.842 §17] 696.262[1989 c.532 §§2,3; repealed by 1999 c.470 §4] 696.265Recognition of nonresident real estate licensee; rules 696.270Fees 696.275[1977 c.873 §18; repealed by 1987 c.58 §15] 696.280Records of licensed real estate property managers and managing principal brokers; rules 696.290Sharing compensation with or paying finder’s fee to unlicensed person prohibited; exceptions 696.292Limitation on demand for compensation 696.294Letter opinion; rules 696.300[Amended by 1959 c.585 §1; 1961 c.670 §3; 1969 c.674 §17; 1971 c.743 §409; 1973 c.421 §50; 1974 c.1 §25; repealed by 1975 c.746 §22 (696.301 enacted in lieu of 696.300)] 696.301Grounds for discipline 696.310Intracompany supervision and control 696.315Prohibition against licensee permitting nonlicensed individual to engage in activity with or on behalf of licensee; exception 696.320Effect of suspension or revocation of principal broker license on associated licensees 696.323Effect of violations by real estate licensee on associated licensees; contested case hearing 696.325[1975 c.746 §36; 1977 c.649 §44; repealed by 1981 c.617 §41] 696.330[Amended by 1967 c.206 §1; repealed by 1971 c.734 §21] 696.340[Repealed by 1971 c.734 §21] 696.345[1977 c.649 §4; repealed by 1991 c.5 §46] 696.350[Repealed by 1971 c.734 §21] 696.355[1977 c.649 §6; 1987 c.468 §4; 1991 c.5 §42; repealed by 2001 c.300 §84] 696.359[1981 c.617 §39; repealed by 2001 c.300 §84] 696.360[Amended by 1967 c.206 §2; repealed by 1971 c.734 §21] 696.361[1987 c.611 §18; 1989 c.724 §17; 1991 c.5 §43; 2001 c.300 §33; repealed by 2013 c.145 §17] 696.363Relationship between licensees as independent contractors or employer and employee 696.365City or county business license tax 696.368Future right to list; definition; limits; exceptions 696.370Real estate teams; rules 696.375Real Estate Agency; Real Estate Commissioner; confirmation, salary and security of commissioner 696.380[Repealed by 1963 c.580 §103] 696.385Power of agency; rulemaking procedures 696.390[Repealed by 1963 c.580 §103] 696.392Power of commissioner to administer oaths, take depositions and issue subpoenas 696.395Power of commissioner 696.396Investigation of complaints and progressive discipline; rules 696.397Cease and desist order 696.398Delegation by commissioner to employees; requirements 696.400[Repealed by 1963 c.580 §103] 696.405Real Estate Board; appointment; term; qualifications; compensation; expenses 696.410[Repealed by 1963 c.580 §103] 696.415Officers; meetings; quorum 696.420[Repealed by 1963 c.580 §103] 696.425Powers and duties of board; expenses 696.430Records of commissioner as evidence; records open to inspection; rules 696.435[1963 c.546 §5; 1965 c.617 §6; repealed by 2001 c.300 §84] 696.440[Repealed by 1963 c.580 §103] 696.445Advancement of education and research; Oregon Real Estate News Journal; content as to disciplinary actions 696.450[Repealed by 1963 c.580 §103] 696.460[Repealed by 1963 c.580 §103] 696.470[Repealed by 1963 c.580 §103] 696.480[Amended by 1977 c.649 §49; repealed by 1981 c.617 §41] 696.490Real Estate Account; disposition of receipts 696.495Revolving fund; amount; use; procedure for repayment 696.500[Amended by 1959 c.27 §1; repealed by 1961 c.309 §5] 696.505Definitions for ORS 696.505 to 696.590 696.508Legislative finding; short title 696.510[Repealed by 1961 c.309 §6] 696.511License requirement; licensing system; rules 696.515[1963 c.440 §3; repealed by 1981 c.617 §41] 696.520Application of ORS 696.505 to 696.590 696.523Application of ORS 696.505 to 696.590 to title insurance activities 696.525Bond for escrow agents 696.527Deposits in lieu of bond; payment of claims; waiver 696.530Expiration and renewal of license; fees; rules 696.532Limited license 696.534Records of escrow agents; rules 696.535Grounds for refusing, suspending or revoking license or reprimanding licensee 696.540[1963 c.440 §8; repealed by 1977 c.351 §11 and 1977 c.842 §17 (696.541 enacted in lieu of 696.540)] 696.541Authority of commissioner over escrow agents; rules 696.545Investigation; injunction; jurisdiction 696.550[1963 c.440 §10(1), (2); repealed by 1971 c.734 §21] 696.555Commissioner to take possession of property and assets of escrow agent when assets or capital impaired; appointment of receiver 696.560[1963 c.440 §11; 1975 c.746 §31; 1981 c.617 §30; 1985 c.589 §5; renumbered 696.578] 696.565[1963 c.440 §12; renumbered 696.579] 696.570Hearings procedure under ORS 696.505 to 696.590; subpoena 696.575Civil or criminal actions not limited by ORS 696.505 to 696.590 696.577Commissioner’s order against unlicensed agent 696.578Deposit and designation of funds held in escrow; treatment of earnings on escrow account; notice 696.579Funds exempt from execution or attachment; designation of funds 696.580[1963 c.440 §15; repealed by 1973 c.794 §34] 696.581Written escrow instructions or agreement required; statement; instructions containing blank prohibited; one-sided escrow; exceptions 696.582Escrow agent to hold certain compensation; conditions; notice of demand; disbursement of money; copy of notice to principal 696.585Civil penalties 696.590Penalty amounts 696.600Definitions for ORS 696.392, 696.600 to 696.785 and 696.995 696.603License requirement 696.606Real estate marketing organization license; requirements; deposit required; claims against deposit; rules 696.609Exemptions from ORS 696.392, 696.600 to 696.785 and 696.995 696.610[Repealed by 1981 c.617 §41] 696.612Grounds for disciplinary action 696.615Publication of sanctions imposed for violations 696.618Denial of right to court action for unlicensed real estate marketing organization 696.620[Amended by 1975 c.491 §7; repealed by 1981 c.617 §41] 696.621Real Estate Marketing Account 696.624Consent by nonresident real estate marketing organization to service of summons or process required 696.627On-site inspection allowed; deposit 696.630[Repealed by 1981 c.617 §41] 696.640[Repealed by 1981 c.617 §41] 696.650Definitions 696.653Registration requirement; exemptions; rules 696.656Residential property wholesaler registration; requirements; rules 696.659Fees 696.662Disclosure requirements; rules 696.665Grounds for disciplinary action 696.668Investigation 696.670Commissioner’s order against unregistered residential property wholesaler 696.710Necessity of alleging license in action to collect compensation 696.720Remedies are concurrent 696.730Jurisdiction of courts for violations; revoking license upon conviction; copy of order to commissioner 696.740[1971 c.734 §161; repealed by 1981 c.617 §41] 696.745[1975 c.746 §33; 1977 c.649 §56; repealed by 1981 c.617 §41] 696.775Authority of commissioner when license lapsed, expired, revoked, suspended or surrendered 696.785Commissioner duties when illegal commingling of funds found; receivership procedure 696.790Authority of commissioner to require fingerprints 696.793[1989 c.724 §15; repealed by 2005 c.730 §77] 696.795Authority of commissioner to conduct investigations and proceedings 696.800Definitions 696.805Real estate licensee as seller’s agent; obligations 696.810Real estate licensee as buyer’s agent; obligations 696.815Representation of both buyer and seller; obligations 696.820Agency disclosure pamphlet; rules 696.822Liability of principal for act, error or omission of agent or subagent 696.825[1993 c.570 §7; repealed by 2001 c.300 §84] 696.830[1993 c.570 §8; repealed by 2001 c.300 §84] 696.835Buyer and seller responsibilities 696.840Compensation and agency relationships 696.845Acknowledgment of existing agency relationships form; rules 696.855Common law application to statutory obligations and remedies 696.870Duties of real estate licensee under ORS 105.462 to 105.490, 696.301 and 696.870 696.880Licensee not required to disclose proximity of registered sex offender 696.890Duties of real estate property managers 696.990Penalties 696.995Civil penalties for violation of ORS 696.603, 696.606 or 696.612 696.997Penalties for violation of ORS 696.653, 696.662 or 696.665

Chapter 696 — Real Estate and Escrow Activities

ORS 696.294 Letter opinion; rules

(1)

As used in this section, “letter opinion” means:

(a)

A document that expresses a real estate broker’s, principal real estate broker’s, managing principal broker’s or licensed real estate property manager’s conclusion regarding a recommended listing, selling or purchase price or a rental or lease consideration of certain real estate and that results from the licensee’s competitive market analysis; or

(b)

A document that expresses a timeshare sales agent’s conclusion regarding a recommended listing, selling or purchase price of a timeshare and that results from the licensee’s competitive market analysis.

(2)

The Real Estate Commissioner by rule shall specify the minimum contents of a letter opinion, including but not limited to the distinction between a letter opinion and a real estate appraisal.

Note: 696.294 was added to and made a part of 696.010 to 696.495 by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.

Official sources · 2Tap to view provenance and version history

Online copy of the published ORS edition

Provenance

Version history

Earlier statutory text is available in an ingested published ORS edition.