Current through Register Vol. 63, No. 9, September 1, 2024
(1)
Principal real estate brokers must maintain and store complete and accurate
records of professional real estate activity, including any items generated
through e-mail or other electronic means, pursuant to ORS
696.280 and as follows:
(a) Records of professional real estate
activity may be stored at the principal broker's main office, and records of
professional real estate activity originating at a branch office may be
maintained and stored at either that branch office or at the principal broker's
main office.
(b) A principal real
estate broker may store records of professional real estate activity in a
single location other than his or her office, main office, or branch office, in
which the records are readily available for inspection, if the principal real
estate broker first:
(A) Notifies the
commissioner in writing of the intended removal of such records, includes the
address of the new location for such records, and
(B) Authorizes the commissioner in writing to
inspect such records at the new location. Such authorization must include the
name of any necessary contact and the means of gaining access to the records
for an inspection. The principal real estate broker must notify the
commissioner of any change in the contact or means of access within ten days
after such change occurs.
(2) A principal real estate broker must
maintain at the broker's office a means of viewing copies of documents or
records. A principal real estate broker must provide, at his or her expense, a
paper copy of any document or record the Agency requests.
(3) A principal real estate broker may use
electronic image storage media to retain and store copies of all listings,
deposit receipts, canceled checks, clients' trust account records, and other
documents executed by him or her or obtained by him or her in connection with
any professional real estate activity transaction under the following
conditions:
(a) The electronic image storage
must be non-erasable "write once, read many" ("WORM") that does not allow
changes to the stored document or record;
(b) The stored document or record is made or
preserved as part of and in the regular course of business;
(c) The original record from which the stored
document or record was copied was made or prepared by the principal broker, or
its employees at or near thetime of the act, condition, or event reflected in
the record;
(d) The custodian of
the record is able to identify the stored document or record, the mode of its
preparation, and the mode of storing it on the electronic image
storage;
(e) The electronic image
storage media contains a reliable indexing system that provides ready access to
a desired document or record, appropriate quality control of the storage
process to ensure the quality of imaged documents or records, and date-ordered
arrangement of stored documents or records to ensure a consistent and logical
flow of paperwork to preclude unnecessary search time; and
(f) At least once each month, the broker
backs up any data that is stored in the computerized system necessary to
produce the records. The back up data must be retained for no less than 60 days
and must be made available to the commissioner or to the commissioner's
authorized representatives on demand.
Stat. Auth.: ORS
696.385
Stats. Implemented: ORS
696.280
