Or. Admin. R. 863-024-0063 - Property Manager License Transfers, Principal Brokers'Responsibilities, Authority to Use Registered Business Name

(1) As used in this rule:

(a) "Authorized licensee" means a property manager or principal broker who has authority over the use of a registered business name;

(b) "License transfer application" means an online license transfer application that does one of the following:

(A) Transfers a property manager license to a receiving principal broker in order to become associated with the receiving principal broker, or

(B) Authorizes a property manager to use a registered business name to conduct management of rental real estate.

(c) "Sending principal broker" means the principal real estate broker with whom an active property manager license is associated before the license transfer;

(d) "Receiving principal broker" means the principal real estate broker with whom an active property manager license will be associated after the license transfer.

(2) The property manager licensee must provide the following information on an online license transfer:

(a) The name, email address and license number of the property manager licensee who is being transferred;

(b) The receiving broker's or authorized licensee's name, license number, date, signature, and attestation or the authorized use of the registered business name.

(3) A principal real estate broker with whom a property manager licensee is associated remains responsible for the licensee's management of rental real estate until the Agency receives one of the following:

(a) An online inactivation application available through the Agency's website; or

(b) An online license transfer form and fee.

(4) If a principal real estate broker with whom a property manager is associated voluntarily gives the license to the property manager named in the license, the principal real estate broker remains responsible for the licensee's subsequent management of rental real estate until the Agency receives one of the following:

(a) An online inactivation application available through the Agency's website; or

(b) An online license transfer application and fee.

(5) The Agency will document the registered business name under which a property manager licensee is authorized to conduct management of rental real estate when the Agency receives an online license transfer application and the transfer fee authorized by ORS 696.270.

Notes

Or. Admin. R. 863-024-0063

REA 7-2008, f. 12-15-08, cert. ef. 1-1-09; REA 3-2011(Temp), f. & cert. ef. 6-22-11 thru 12-1-11; REA 6-2011, f. 8-15-11, cert. ef. 9-1-11; REA 7-2011, f. & cert. ef. 11-15-11; REA 5-2014, f. 4-14-14, cert. ef. 4-28-14

Stat. Auth.: ORS 696.385

Stats. Implemented: ORS 696.020 & 696.022