Oregon Out of State Broker Cooperation
- An out-of-state licensee can perform work on a "nonresidential real estate" transaction (defined as property that has or could have commercial development or a property with five or more residential units) in Oregon if the out-of-state licensee enters into a written cooperative agreement with an Oregon licensee.
- The cooperative agreement must be in writing and must state the Oregon licensee will supervise all activities conducted in Oregon.
- Oregon licensee must be present for all showings and negotiations conducted in Oregon.
- An out-of-state licensee can also receive a referral fee.
- An out-of-state licensee can only bring a lawsuit to recover lawfully earned commissions.
QUASI - BIZ BROKER STATE*
Specific to Oregon Real Estate
- OR is considered a Single Entity State, meaning that a Broker in this state can only represent one entity, whereas a broker in other states may represent multiple entities.
Oregon Reverse Reciprocity
These states specifically mention Oregon in their Reciprocity:
These States recognize any other State licenses but may have additional requirements:
Alaska, Alabama, Colorado, Georgia, Idaho, Indiana, Kansas, Kentucky, Maine, Nebraska, North Carolina, Rhode Island, South Dakota, Tennessee, Vermont, Washington
Oregon Real Estate Customs
Closings are handled through escrow.
Conveyance is by warranty or bargain-and-sale deed, but land sales contracts are common.
Mortgage deeds and deeds of trust are the security instruments.
Oregon uses ALTA and Oregon Land Title Association policies. Buyers and sellers split escrow costs and transfer taxes; the buyer pays for the lender’s title insurance policy, and the seller pays for the owner’s policy.
*QUASI - BIZ BROKER STATE
If a business brokerage commission is contingent on "the transfer of an interest in real estate", (this includes a lease transfer) then the business broker must possess a real estate license to be paid.
(17) “Professional real estate activity” means any of the following actions, when engaged in for another and for compensation or with the intention or in the expectation or upon the promise of receiving or collecting compensation, by any person who:
(k) Assists or directs in the negotiation or closing of any transaction calculated or intended to result in the sale, exchange, leasing or rental of real estate;