1. (1) For all funds received under OAR 863-015-0257, the authorized principal broker must comply with the following requirements:

   1. (a) Account for all funds received,
   2. (b) Maintain a copy of any check received, and
   3. (c) Maintain a dated, acknowledged receipt for any check returned to the offeror.

2. (2) For all checks received under OAR 863-015-0257 made payable to the seller, the principal broker must also keep the following information:

   1. (a) Date received,
   2. (b) Name of payor,
   3. (c) Purpose of payment,
   4. (d) File reference assigned to the offer or transaction,
   5. (e) Date delivered to seller, and
   6. (f) Documentation of delivery to the seller.
3. (3) Every deposit made under ORS 696.241 must be made with deposit slips identifying each offer or transaction by a written notation of the file reference assigned to the offer or transaction.

4. (4) Authorized principal brokers must maintain a complete ledger account and record all funds received in their professional real estate activity. This ledger account must show:

   1. (a) From whom the funds were received,
   2. (b) The date the funds were received,
   3. (c) The date the funds were deposited,
   4. (d) Where the funds were deposited, and
   5. (e) When the transaction has been completed or the offer has failed, the final disposition of the funds.
5. (5) Authorized principal brokers must record and track the transfer of promissory notes and other forms of consideration by a ledger account or by other means including, but not limited to, written proof of transmittal or receipt retained in their offer or transaction file.

Statutory/Other Authority

ORS 696.385

Statutes/Other Implemented

ORS 696.241 & Chapter 234, 2017 Laws

History

REA 4-2025, amend filed 10/09/2025, effective 01/01/2026
REA 33-2018, minor correction filed 01/19/2018, effective 01/19/2018
REA 1-2017, adopt filed 11/17/2017, effective 01/01/2018