Return of license by employee of agency
- • reissuance upon termination of employment
(1) An employee or officer of the Real Estate Agency licensed as a real estate licensee under this chapter shall return the employees or officers license to the agency at the time of commencing employment. The agency shall hold the license as an active license held in suspense. At the termination of an employees or officers employment, the license may be returned to the licensee as an active or inactive license. The agency shall activate a license held in suspense without payment of further fee, and the license expires on the date on which it would have expired if the license had not been held in suspense.
(2) Except as stated in subsection (1) of this section, the return of the license to the licensee and all renewals are subject to the provisions of ORS 696.010 (Definitions) to 696.495 (Revolving fund), 696.600 (Definitions for ORS 696.392, 696.600 to 696.785 and 696.995) to 696.785 (Commissioner duties when illegal commingling of funds found), 696.800 (Definitions) to 696.870 (Duties of real estate licensee under ORS 105.462 to 105.490, 696.301 and 696.870) and 696.995 (Civil penalties for violation of ORS 696.603, 696.606 or 696.612). [1975 c.746 §16; 1977 c.649 §35; 1983 c.258 §6; 2001 c.300 §63; 2005 c.116 §7]
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