- (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 authorized principal broker engaged in the transaction, an authorized principal broker must promptly close any real estate transaction in which the authorized principal broker is the listing broker.
- (2) A real estate broker associated with an authorized principal broker may handle a closing function only if authorized in writing by the authorized principal broker and only under the authorized principal broker’s direct supervision. A copy of the written authorization bearing the authorized principal broker's signature must be maintained in the transaction file.
Statutory/Other Authority
ORS 696.385
Statutes/Other Implemented
ORS 696.022
History
REA 4-2025, amend filed 10/09/2025, effective 01/01/2026
REA 1-2017, amend filed 11/17/2017, effective 01/01/2018
REA 1-2009, f. 12-15-09, cert. ef. 1-1-10
REA 6-2008, f. 12-15-08, cert. ef. 1-1-09
REA 1-2002, f. 5-31-02, cert. ef. 7-1-02, Renumbered from 863-010-0060
REC 1-1981, f. 10-30-81, ef. 11-1-81
REC 3-1978, f. 6-15-78, ef. 7-1-78
REC 19, f. 8-5-64