(1) A real estate broker or principal real estate broker shall maintain within this state, except as provided in subsection (4) of this section, complete and adequate records of all professional real estate activity conducted by or through the broker. The Real Estate Agency shall specify by rule the records required to establish complete and adequate records of a broker’s professional real estate activity. The only documents the agency may require by rule a real estate broker or principal real estate broker to use or generate are documents that are otherwise required by law or are voluntarily generated during a real estate transaction.
(2)(a) The records of a principal real estate broker or a sole practitioner shall include records of attendance in continuing education courses by the sole practitioner or broker. The records of attendance shall state the name of the sole practitioner or broker and the date of the sole practitioner’s or broker’s attendance, and shall be the basis for self-certification under ORS 696.174.
(b) A principal real estate broker’s records shall include records of attendance in continuing education courses by real estate licensees associated with the principal broker. The record of attendance shall state the name of the licensee and the date of the licensee’s attendance, and shall be the basis for the certificate of attendance submitted under ORS 696.174.
(3) The records shall at all times be open for inspection by the Real Estate Commissioner or the commissioner’s authorized representatives. The records of each transaction shall be maintained by the licensee for a period of not less than six years after the date the transaction closed or failed. The records may be maintained in any format that allows for inspection and copying by the commissioner or the commissioner’s representatives, as determined by the commissioner by rule.
(4) The agency may prescribe by rule terms and conditions under which a real estate broker or principal real estate broker may maintain records outside this state. [Amended by 1977 c.649 §38; 1981 c.617 §12b; 1983 c.258 §7; 1983 c.359 §2; 1991 c.5 §40; 1995 c.335 §3; 2001 c.300 §26; 2005 c.116 §21; 2007 c.319 §9a]
Section: Previous 696.255 696.258 696.260 696.262 696.265 696.270 696.275 696.280 696.290 696.294 696.300 696.301 696.310 696.315 696.320 NextLast modified: August 7, 2008