(1) A licensed real estate property manager or managing principal broker shall maintain within this state, except as provided in subsection (6) of this section, complete and adequate records of all professional real estate activity conducted by or through the licensed real estate property manager or managing principal broker. The Real Estate Agency shall specify by rule the records required to establish complete and adequate records of a licensed real estate property managers or managing principal brokers professional real estate activity. The only documents the agency may require by rule a licensed real estate property manager or managing principal broker to use or generate are documents that are otherwise required by law or are voluntarily generated in the course of conducting professional real estate activity. (2) A real estate licensee, other than a timeshare sales agent, shall maintain records of the licensees attendance in continuing education courses for a period of at least three years. The records of attendance must meet the requirements of ORS 696.174. (3) Records maintained under this section must at all times be open for inspection by the Real Estate Commissioner or the commissioners authorized representatives. (4) Except as provided in subsection (2) of this section, records under this section must be maintained by the real estate licensee for a period of not less than six years after the following date: (a) For a notice of clients trust account and authorization to examine under ORS 696.245, the date the account was closed; (b) For real estate transactions, the date a transaction closed or failed, whichever is later; (c) For management of rental real estate, the date on which the record expired, was superseded or terminated, or otherwise ceased to be in effect; and (d) For all other records, the date the record was created or received, whichever is later. (5) Records under this section may be maintained in any format that allows for inspection and copying by the commissioner or the commissioners representatives, as prescribed by rule of the agency. (6) The agency may prescribe by rule terms and conditions under which a licensed real estate property manager or managing principal 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; 2009 c.324 7; 2009 c.502 10; 2011 c.158 8; 2017 c.234 18; 2025 c.39 12; 2025 c.389 16]
‹ Prev All Oregon sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.