Oregon § 696.370 Real estate teams; rules

Oregon Statutes

§ 696.370 — Real estate teams; rules

Oregon § 696.370

Vol.17

Title 52Occupations and Professions

Ch. 696Real Estate and Escrow Activities

This text of Oregon § 696.370 (Real estate teams; rules) 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.

Bluebook

Or. Rev. Stat. § 696.370 (2026).

Text

(1)As used in this section, “real estate team” means a subdivision of a registered business that performs professional real estate activities and is comprised of one or more real estate licensees operating under a name other than the registered business name.

(2)Upon approval of the managing principal broker, some or all associated real estate licensees in the main office or in a branch office may form a real estate team.

(3)Before entering into a written representation agreement or listing agreement with a buyer or seller, a member of a real estate team shall provide a disclosure to the client in the manner established by the Real Estate Agency by rule. The form established by the agency must disclose the following information:

(a)The name and role of each member of the real estate te

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(1) As used in this section, “real estate team” means a subdivision of a registered business that performs professional real estate activities and is comprised of one or more real estate licensees operating under a name other than the registered business name.
(2) Upon approval of the managing principal broker, some or all associated real estate licensees in the main office or in a branch office may form a real estate team.
(3) Before entering into a written representation agreement or listing agreement with a buyer or seller, a member of a real estate team shall provide a disclosure to the client in the manner established by the Real Estate Agency by rule. The form established by the agency must disclose the following information:
(a) The name and role of each member of the real estate team;
(b) Whether individual members of the real estate team are real estate licensees;
(c) The name of any members of the real estate team responsible for supervision and control of some or all members of the real estate team, if any;
(d) The name of the managing principal broker with whom the real estate licensees on the real estate team are associated and the registered business name of the brokerage; and
(e) A statement to the effect that the real estate team must have a disclosed limited agency agreement in place before any members of the real estate team may perform any professional real estate activities for a buyer or seller, when the real estate team either already represents another buyer or seller in the same real estate transaction or already represents another buyer who wants to purchase the same property.
(4) A real estate team member must be a principal real estate broker before the real estate team member may supervise or control the actions of any other real estate team members. Unless the real estate team member is the managing principal broker, real estate team members who supervise or control the actions of other real estate team members must have a written supervisory agreement with the managing principal broker as described in ORS 696.310.
(5) A name of a real estate team may not include the terms “realty” or “real estate” and may not be identical to the registered business name.
(6) A real estate team may not perform professional real estate activities for a buyer or seller when the real estate team either already represents another buyer or seller in the same real estate transaction or already represents another buyer who wants to purchase the same property, unless the real estate team has entered into a disclosed limited agency agreement with the buyer and seller or with the multiple buyers respectively.