ORS 696.026
Registration and renewal of business names

  • rules

(1)

The Real Estate Agency shall establish by rule systems for the registration and renewal of business names.

(2)

The registration system must:

(a)

Require the physical address associated with a registered business name to be the main office of a principal real estate broker or licensed real estate property manager;

(b)

Require the registered business name to be:

(A)

The corporate name, professional corporate name, business corporate name, cooperative name, limited partnership name, business trust name, reserved name, registered corporate name or assumed business name of active record with the Office of the Secretary of State; or

(B)

The name under which the principal real estate broker or licensed real estate property manager license was issued;

(c)

Allow a principal real estate broker or licensed real estate property manager to register one or more branch offices under the registered business name of the main office; and

(d)

Require the name of the principal real estate broker or licensed real estate property manager who is responsible for:

(A)

Maintaining the registration of the business name;

(B)

Registering any branch offices of the registered business name;

(C)

Registering any additional business names, as described in subsection (14) of this section;

(D)

Maintaining the information described in ORS 696.245 (Clients’ trust accounts) for each clients’ trust account opened, closed or transferred by a principal real estate broker or licensed real estate property manager who conducts professional real estate activity under the registered business name;

(E)

Renewing the registration of the business name;

(F)

Changing the registered business name, including the associated branch offices;

(G)

Maintaining the business address of the main office and any associated branch offices of the registered business name as required by ORS 696.200 (Main office); and

(H)

Inactivating or reactivating the registration of the business name and associated branch offices.

(3)

The renewal system must establish:

(a)

The form and content of the renewal application;

(b)

The schedule for annual renewals of registered business names, including the date of the registered business name expiration; and

(c)

The procedures for renewing a registered business name.

(4)

Failure to renew a registered business name and pay any required fees by the expiration date of the registration will result in:

(a)

The expiration of the registered business name;

(b)

The inactivation of all associated licensees; and

(c)

The inactivation of all associated branch offices.

(5)

The Real Estate Commissioner may by rule provide an opportunity for the late renewal of an expired registered business name.

(6)

Only a principal real estate broker or licensed real estate property manager may register a business name or register a branch office under the registered business name of the main office.

(7)

Only a principal real estate broker or licensed real estate property manager may control and supervise the professional real estate activity conducted under the registered business name.

(8)

A business name registered under this section has no license standing.

(9)

All professional real estate activity conducted by the principal real estate broker, licensed real estate property manager or real estate licensees associated with a principal real estate broker or licensed real estate property manager must be conducted under an active registered business name.

(10)

A principal real estate broker or licensed real estate property manager who registers a business name need not be an owner or officer of any entity lawfully entitled to use or have an ownership interest in the registered business name. However, only a principal real estate broker or licensed real estate property manager may control and supervise the professional real estate activity conducted under the registered business name.

(11)

A real estate broker associated with a principal real estate broker may have an ownership interest in any business through which the principal real estate broker conducts professional real estate activity, but may not control or supervise the professional real estate activity of any other real estate licensee.

(12)

A licensed real estate property manager associated with a principal real estate broker may have an ownership interest in any business through which the principal real estate broker conducts professional real estate activity, but may not control or supervise the professional real estate activity of a real estate broker or principal real estate broker.

(13)

A nonlicensed individual may have an ownership interest in any business through which a licensed real estate property manager or principal real estate broker engages in professional real estate activity, but may not control or supervise the professional real estate activity of any real estate licensee.

(14)

Intentionally left blank —Ed.

(a)

A principal real estate broker or licensed real estate property manager who registers a business name may register additional business names for business organizations that are affiliated with the registered business name, or business organizations that are subsidiaries of the business with the registered name.

(b)

A principal real estate broker or licensed real estate property manager may conduct professional real estate activity under two or more registered business names only if the business organizations are affiliated with, or subsidiaries of, the business with the registered name.

(15)

The agency shall establish by rule procedures to allow a real estate broker or principal real estate broker who becomes associated with a different registered business name to continue to engage in professional real estate activity on transactions that began while the real estate broker or principal real estate broker was associated with the original registered business name. [2001 c.300 §8; 2005 c.116 §3; 2005 c.393 §1; 2007 c.319 §6; 2007 c.337 §3; 2009 c.224 §1; 2011 c.158 §6; 2013 c.145 §9; 2017 c.234 §5]
Note: See note under 696.022 (Licensing system for real estate brokers and property managers).

Source: Section 696.026 — Registration and renewal of business names; rules, https://www.­oregonlegislature.­gov/bills_laws/ors/ors696.­html.

696.007
Statement of legislative purpose
696.010
Definitions
696.015
Legislative finding
696.020
License required for individuals engaged in professional real estate activities
696.022
Licensing system for real estate brokers and property managers
696.024
Payments due and owing to Real Estate Agency
696.026
Registration and renewal of business names
696.030
Exemptions
696.040
Single act sufficient to constitute professional real estate activity
696.110
Exclusive nature of regulation of real estate licensees
696.125
Limited license
696.130
Effect of revocation of license
696.174
License renewal
696.182
Continuing education
696.184
Duties of continuing education provider
696.186
Qualifications of continuing education instructors
696.200
Main office
696.205
Death or incapacity of sole principal real estate broker or sole licensed real estate property manager
696.232
License status of employee of agency
696.241
Clients’ trust accounts
696.243
Substituting copy for original canceled check allowed
696.245
Clients’ trust accounts
696.255
Nonresident license equivalent to appointment of commissioner as agent for service of process
696.265
Recognition of nonresident real estate licensee
696.270
Fees
696.280
Records of licensed real estate property managers and real estate brokers
696.290
Sharing compensation with or paying finder’s fee to unlicensed person prohibited
696.292
Limitation on demand for compensation
696.294
Opinion letter
696.301
Grounds for discipline
696.310
Intracompany supervision and control
696.315
Prohibition against licensee permitting nonlicensed individual to engage in activity with or on behalf of licensee
696.320
Effect of suspension or revocation of principal broker license on associated licensees
696.323
Effect of violations by real estate licensee on associated licensees
696.363
Relationship between licensees as independent contractors or employer and employee
696.365
City or county business license tax
696.375
Real Estate Agency
696.385
Power of agency
696.392
Power of commissioner to administer oaths, take depositions and issue subpoenas
696.395
Power of commissioner
696.396
Investigation of complaints and progressive discipline
696.397
Cease and desist order
696.398
Delegation by commissioner to employees
696.405
Real Estate Board
696.415
Officers
696.425
Powers and duties of board
696.430
Records of commissioner as evidence
696.445
Advancement of education and research
696.490
Real Estate Account
696.495
Revolving fund
696.505
Definitions for ORS 696.505 to 696.590
696.508
Legislative finding
696.511
License requirement
696.520
Application of ORS 696.505 to 696.590
696.523
Application of ORS 696.505 to 696.590 to title insurance activities
696.525
Bond for escrow agents
696.527
Deposits in lieu of bond
696.530
Expiration and renewal of license
696.532
Limited license
696.534
Records of escrow agents
696.535
Grounds for refusing, suspending or revoking license or reprimanding licensee
696.541
Authority of commissioner over escrow agents
696.545
Investigation
696.555
Commissioner to take possession of property and assets of escrow agent when assets or capital impaired
696.570
Hearings procedure under ORS 696.505 to 696.590
696.575
Civil or criminal actions not limited by ORS 696.505 to 696.590
696.577
Commissioner’s order against unlicensed agent
696.578
Deposit and designation of funds held in escrow
696.579
Funds exempt from execution or attachment
696.581
Written escrow instructions or agreement required
696.582
Escrow agent to hold certain compensation
696.585
Civil penalties
696.590
Penalty amounts
696.600
Definitions for ORS 696.392, 696.600 to 696.785 and 696.995
696.603
License requirement
696.606
Real estate marketing organization license
696.609
Exemptions from ORS 696.392, 696.600 to 696.785 and 696.995
696.612
Grounds for disciplinary action
696.615
Publication of sanctions imposed for violations
696.618
Denial of right to court action for unlicensed real estate marketing organization
696.621
Real Estate Marketing Account
696.624
Consent by nonresident real estate marketing organization to service of summons or process required
696.627
On-site inspection allowed
696.710
Necessity of alleging license in action to collect compensation
696.720
Remedies are concurrent
696.730
Jurisdiction of courts for violations
696.775
Authority of commissioner when license lapsed, expired, revoked, suspended or surrendered
696.785
Commissioner duties when illegal commingling of funds found
696.790
Authority of commissioner to require fingerprints
696.795
Authority of commissioner to conduct investigations and proceedings
696.800
Definitions
696.805
Real estate licensee as seller’s agent
696.810
Real estate licensee as buyer’s agent
696.815
Representation of both buyer and seller
696.820
Agency disclosure pamphlet
696.822
Liability of principal for act, error or omission of agent or subagent
696.835
Buyer and seller responsibilities
696.840
Compensation and agency relationships
696.845
Acknowledgment of existing agency relationships form
696.855
Common law application to statutory obligations and remedies
696.870
Duties of real estate licensee under ORS 105.462 to 105.490, 696.301 and 696.870
696.880
Licensee not required to disclose proximity of registered sex offender
696.890
Duties of real estate property managers
696.990
Penalties
696.995
Civil penalties for violation of ORS 696.603, 696.606 or 696.612
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