OAR 863-015-0140: Manager Principal Broker Supervision Responsibilities

(1) A managing principal broker must comply with the supervision and control requirements in HB 3137 section 20 (1). (2) A managing principal broker may not state or imply to current or prospective licensees or the public that the real estate licensees associated with the managing principal broker are not fully subject to the managing principal broker’s supervision or are not acting as the managing principal broker’s agents. (3) A n authorized principal broker must supervise and control the professional real estate activity at any main or branch office registered by the managing principal broker. (4) An authorized principal broker must directly supervise the licensees associated with the managing principal broker in fulfilling their duties and obligations to their respective clients. The authorized principal broker must review each document of agreement generated in a real estate transaction within seven banking days after it has been accepted, rejected, or withdrawn. The document review may be done electronically or in hard copy. If the authorized principal broker reviews a document electronically, the authorized principal broker must make an electronic record of the review showing the name of the reviewer and the date of the review. If the authorized principal broker reviews a hard copy document, the authorized principal broker must initial and date the document in writing at the time of review.