This text of Oregon § 696.310 (Intracompany supervision and control) is published on Counsel Stack Legal Research, covering Oregon primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
(1)Two or more principal real estate brokers may supervise real estate activities of real estate licensees associated with the same registered business name, only if a managing principal broker and a principal real estate broker:
(a)Execute one or more written supervisory agreements between the managing principal broker and principal real estate broker that:
(A)Allocate all or some of the supervisory control and responsibility for the professional real estate activities of all real estate licensees associated with the registered business name;
(B)Include a default allocation of supervisory control and responsibility for any real estate licensees who associate with the registered business name in the future or who are otherwise omitted from the written supervisory agreement;
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(1) Two or more principal real estate brokers may supervise real estate activities of real estate licensees associated with the same registered business name, only if a managing principal broker and a principal real estate broker:
(a) Execute one or more written supervisory agreements between the managing principal broker and principal real estate broker that:
(A) Allocate all or some of the supervisory control and responsibility for the professional real estate activities of all real estate licensees associated with the registered business name;
(B) Include a default allocation of supervisory control and responsibility for any real estate licensees who associate with the registered business name in the future or who are otherwise omitted from the written supervisory agreement;
(C) Include any supervisory control and responsibility of the managing principal broker over the principal real estate broker;
(D) Include any supervisory control and responsibility of one principal real estate broker over another principal real estate broker in the event that multiple principal real estate brokers execute supervisory agreements with the managing principal broker;
(E) Include a succession plan that:
(i) Addresses scenarios where the managing principal broker becomes deceased or incapacitated or the principal managing broker’s license becomes inactive, expired or associated with a different registered business name; and
(ii) Describes how supervisory control and responsibility for the registered business name will flow to a remaining principal real estate broker who will assume the managing principal broker role; and
(F) Expressly state that the managing principal broker’s responsibility for professional real estate activities of all real estate licensees associated with the registered business name may not be limited by the supervisory agreement;
(b) Update the written supervisory agreement if another principal real estate broker executes a written supervisory agreement with the managing principal broker; and
(c) Update the written supervisory agreement if the disassociation of a principal real estate broker occurs that affects the allocation of supervisory control or responsibility.
(2) If a licensed real estate property manager is associated with the same registered business name as any combination of licensed real estate property managers and principal real estate brokers, the licensed real estate property managers and managing principal brokers shall:
(a) Execute one or more written supervisory agreements between them that:
(A) Allocate all or some of the supervisory control and responsibility for management of rental real estate conducted by all real estate licensees and licensed real estate property managers associated with the registered business name;
(B) Include any arrangement for supervisory control and responsibility over the management of rental real estate conducted by the licensed real estate property managers and principal real estate brokers, including opening and maintaining clients’ trust accounts under ORS 696.241 and 696.245;
(C) Include any supervisory control and responsibility of one real estate licensee or licensed real estate property manager over another real estate licensee or licensed real estate property manager in the event that multiple supervisory agreements are executed; and
(D) Include a succession plan in the event the real estate licensee or licensed real estate property manager dies or is incapacitated, describing any allocation of supervisory control and responsibility for the registered business name that will flow to the surviving real estate licensees or licensed real estate property managers;
(b) Update the written supervisory agreement if another licensed real estate property manager or principal real estate broker associates with the registered business name; and
(c) Update the written supervisory agreement if the disassociation of a licensed real estate property manager or principal real estate broker occurs that affects the allocation of supervisory control or responsibility over management of rental real estate.
(3) Licensed real estate property managers and managing principal brokers who do not exercise administrative or supervisory control over one another are each responsible for their own management of rental real estate.