OAR 863-035-0090: Timeshare Sales Agent Transfers, Managing Principal Brokers’ Responsibilities, Authority to Use Registered Business Name

(1) As used in this rule, "License transfer application" means an online application that does one of the following: (a) Transfers a timeshare sales agent license to a receiving authorized principal broker in order to become associated with the managing principal broker, or (b) Authorizes a timeshare sales agent to use a registered business name to engage in the selling or offering to sell timeshares. (2) An online license transfer application, available through the Agency’s website, includes: (a) The name of the timeshare sales agent and license number of the licensee who is being transferred; (b) The receiving authorized principal broker’s name, license number, date, signature, and attestation authorizing the use of the registered business name. (3) The authorized managing principal broker who supervises the timeshare sales agent remains responsible for the licensee’s professional real estate activity until the Agency receives one of the following: (a) An online inactivation application available through the Agency’s website; or (b) An online license transfer application and fee. (4) If neither the timeshare sales agent nor the authorized principal broker who supervises the timeshare sales agent completes the online inactivation process, the authorized principal broker remains responsible for the timeshare sales agent’s subsequent professional real estate activity until the Agency receives one of the following: (a) An online inactivation application; or (b) An online license transfer application and fee. (5) The Agency will document the registered business name under which a timeshare sales agent is authorized to sell or offer to sell timeshares when the Agency receives an online license transfer application, or a new registered business name application, and the transfer fee authorized by ORS 696.270.