Oregon License Law
What is Oregon's 'Real Estate Transaction Record' requirement for licensees?
AA public registry of all Oregon home sales
BOregon requires brokerages to maintain transaction files for a specified period (typically 6 years) including contracts, agency disclosures, correspondence, and financial records✓ Correct
CAn OREA database of all licensed transactions
DA public record maintained by the county recorder
Explanation
Oregon OREA requires real estate brokerages to maintain complete transaction records for at least 6 years from the transaction date. These records must include the purchase agreement, agency disclosures, trust account records, correspondence, and related documents. OREA may audit these records during compliance examinations to ensure proper business practices and protect consumers.
Related Oregon Oregon License Law Questions
- An Oregon principal broker license requires the applicant to have held an active broker license for at least how long?
- An Oregon broker who wishes to become a principal broker must meet which additional requirement?
- Under OREA rules, which of the following constitutes 'conversion' of client funds by a licensee?
- An Oregon real estate broker works as an independent contractor for a principal broker. Under Oregon law, the principal broker is still responsible for:
- An Oregon broker who has received their license within the past year wants to become a principal broker. What additional requirement applies to them?
- In Oregon, which of the following relationships does NOT require a real estate license for property management activities?
- Which of the following is NOT a reason OREA may suspend or revoke a real estate license?
- Under Oregon license law, which document must a principal broker provide to a licensee before the licensee begins work at the brokerage?
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