As used in this division, unless the context requires otherwise, the following definitions apply to this division:

1. (1) "Agency" means the Real Estate Agency with powers pursuant to ORS 696.385.
2. (2) “Agency-approved form” means an electronic or paper form approved by the Real Estate Agency.
3. (3) "Authorized principal broker" means a managing principal broker or a principal broker associated with the managing principal broker to whom applicable supervisory control and responsibility has been allocated through a written supervisory agreement as described in ORS 696.310.
4. (4) “Birth month” means the month of a licensee’s or applicant’s date of birth.
5. (5) “Branch office” is defined in ORS 696.010.
6. (6) "Commissioner" means the Real Estate Commissioner described in ORS 696.375.
7. (7) “Legal name” means the first name, middle name and last or surname, without the use of initials or nicknames and is the name given at birth or subsequently acquired through marriage, court order or adoption.
8. (8) "Licensed Name" means the name of a real estate licensee as it appears on the current, valid real estate license issued to the licensee pursuant to ORS 696.020.
9. (9) “Managing principal broker” as defined in ORS 696.010
10. (10) "Real estate activity," "professional real estate activity," and "real estate business" mean "professional real estate activity" as defined in ORS 696.010, which includes selling or offering to sell timeshares.
11. (11) "Real estate licensee" and "licensee" mean a "real estate licensee" as defined in ORS 696.010.

12. (12) "Receiving authorized principal broker" means:

    1. (a) The managing principal broker with whom an active transferring real estate license will be associated after a license transfer; or
    2. (b) A principal broker associated with the managing principal broker to whom applicable supervisory control and responsibility has been allocated through a written supervisory agreement as described in ORS 696.310.
13. (13) “Registered business name” is defined in ORS 696.010.

14. (14) "Sending authorized principal broker" means:

    1. (a) The managing principal broker with whom an active transferring real estate license is associated before the license transfer; or
    2. (b) A principal broker associated with the managing principal broker to whom applicable supervisory control and responsibility has been allocated through a written supervisory agreement as described in ORS 696.310.
15. (15) “Signed” or “Signature” means original or electronic signature as provided by OAR 863-024-0076.
16. (16) “Timeshare sales agent” is defined in ORS 696.022.

Statutory/Other Authority

ORS 696.022 & ORS 696.385

Statutes/Other Implemented

HB 2373, 2025 Regular Session & HB 3137, 2025 Regular Session

History

REA 5-2025, adopt filed 12/22/2025, effective 01/01/2026