(2) The registration system must:
(a) Require the physical address associated with a registered business name to be the main office of a principal real estate broker or licensed real estate property manager;
(b) Require the registered business name to be:
(A) The corporate name, professional corporate name, business corporate name, cooperative name, limited partnership name, business trust name, reserved name, registered corporate name or assumed business name of active record with the Office of the Secretary of State; or
(B) The name under which the principal real estate broker or licensed real estate property manager license was issued;
(c) Allow a principal real estate broker or licensed real estate property manager to register one or more branch offices under the registered business name of the main office; and
(d) Require the name of the principal real estate broker or licensed real estate property manager who is responsible for:
(A) Maintaining the registration of the business name;
(B) Registering any branch offices of the registered business name;
(C) Registering any additional business names, as described in subsection (14) of this section;
(D) Maintaining the information described in ORS 696.245 for each clients’ trust account opened, closed or transferred by a principal real estate broker or licensed real estate property manager who conducts professional real estate activity under the registered business name;
(E) Renewing the registration of the business name;
(F) Changing the registered business name, including the associated branch offices;
(G) Maintaining the business address of the main office and any associated branch offices of the registered business name as required by ORS 696.200; and
(H) Inactivating or reactivating the registration of the business name and associated branch offices.
(3) The renewal system must establish:
(a) The form and content of the renewal application;
(b) The schedule for annual renewals of registered business names, including the date of the registered business name expiration; and
(c) The procedures for renewing a registered business name.
(4) Failure to renew a registered business name and pay any required fees by the expiration date of the registration will result in:
(a) The expiration of the registered business name;
(b) The inactivation of all associated licensees; and
(c) The inactivation of all associated branch offices.
(5) The Real Estate Commissioner may by rule provide an opportunity for the late renewal of an expired registered business name.
(6) Only a principal real estate broker or licensed real estate property manager may register a business name or register a branch office under the registered business name of the main office.
(7) Only a principal real estate broker or licensed real estate property manager may control and supervise the professional real estate activity conducted under the registered business name.
(8) A business name registered under this section has no license standing.
(9) All professional real estate activity conducted by the principal real estate broker, licensed real estate property manager or real estate licensees associated with a principal real estate broker or licensed real estate property manager must be conducted under an active registered business name.
(10) A principal real estate broker or licensed real estate property manager who registers a business name need not be an owner or officer of any entity lawfully entitled to use or have an ownership interest in the registered business name. However, only a principal real estate broker or licensed real estate property manager may control and supervise the professional real estate activity conducted under the registered business name.
(11) A real estate broker associated with a principal real estate broker may have an ownership interest in any business through which the principal real estate broker conducts professional real estate activity, but may not control or supervise the professional real estate activity of any other real estate licensee.
(12) A licensed real estate property manager associated with a principal real estate broker may have an ownership interest in any business through which the principal real estate broker conducts professional real estate activity, but may not control or supervise the professional real estate activity of a real estate broker or principal real estate broker.
(13) A nonlicensed individual may have an ownership interest in any business through which a licensed real estate property manager or principal real estate broker engages in professional real estate activity, but may not control or supervise the professional real estate activity of any real estate licensee.
(14)(a) A principal real estate broker or licensed real estate property manager who registers a business name may register additional business names for business organizations that are affiliated with the registered business name, or business organizations that are subsidiaries of the business with the registered name.
(b) A principal real estate broker or licensed real estate property manager may conduct professional real estate activity under two or more registered business names only if the business organizations are affiliated with, or subsidiaries of, the business with the registered name.
(15) The agency shall establish by rule procedures to allow a real estate broker or principal real estate broker who becomes associated with a different registered business name to continue to engage in professional real estate activity on transactions that began while the real estate broker or principal real estate broker was associated with the original registered business name. [2001 c.300 §8; 2005 c.116 §3; 2005 c.393 §1; 2007 c.319 §6; 2007 c.337 §3; 2009 c.224 §1; 2011 c.158 §6; 2013 c.145 §9; 2017 c.234 §5]
Note: See note under 696.022.