(1) A managing principal broker shall exercise reasonable supervision and control over the activities of real estate brokers and principal real estate brokers associated with the managing principal broker. Reasonable supervision and control includes the establishment and enforcement of written policies, procedures and systems to: (a) Review and manage professional real estate activities of associated brokers; (b) Review and manage usage of disclosure forms and contracts; (c) Manage document filing and storage; (d) Manage handling of client trust funds; (e) Manage usage of unlicensed assistants by associated brokers; (f) Educate associated brokers on federal, state and local laws relating to the practice of real estate; (g) Review and inspect documents that may have a material effect on the rights or obligations of a party to a transaction; and (h) Ensure all licensees associated with the managing principal broker hold active real estate licenses under ORS 696.022 before the licensees conduct any professional real estate activity. (2) The managing principal broker shall establish a system for monitoring compliance of associated brokers with statutes, rules and the brokerages policies, procedures and systems. (3) The managing principal broker is responsible for the acts of all associated brokers related to professional real estate activities and performed while a licensees license is associated with the managing principal broker. (4) The managing principal broker may allocate some or all of this supervisory control and responsibility to a principal real estate broker associated with the managing principal broker through a written supervisory agreement as described in ORS 696.310. (5) This section does not apply to managing principal brokers who maintain a single office and are not associated with other real estate licensees. Note: 696.237 was added to and made a part of 696.010 to 696.495 by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.
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