As a managing principal broker, you are required to maintain complete and accurate records of all professional real estate activity conducted through your registered business. This includes all written and electronic records generated or received by you and your associated licensees.
This information is based on ORS 696.280 and OAR 863-015-0250.
Important Note:
This page does not cover clients' trust account recordkeeping. See ORS 696.241, OAR 863-015-0255 through OAR 863-015-0259, and OAR 863-025-0025 through 863-025-0068 for more information.
Oregon law requires sellers' agents to fulfill specific duties under ORS 696.805. A complete listing file helps you meet these obligations.
Essential Documents
- Listing agreement: Competed, signed, with expiration date
- Seller's Property Disclosure Statement: Completed, signed, with confirmation that the rights and obligations of the parties has been explained (or exemption notation if applicable)
- Disclosed Limited Agency Agreement (when applicable)
- Proof of ownership or signing authority: Title information, last deed, land sale contract, tax records, or other evidence
- Team Disclosure (when applicable)
Property Information
- Builiding and lot size vertification: Actual mesurements, tax records, appraisal, plat map, or legal description
- Zoning and flood zone information (when applicable)
- Tenant and lease information (for rental properties)
- CC&Rs, bylaws, and special assessments (when applicable)
Transaction Records
- Pricing documentation: How price was established (CMA, appraisal, assessed value, or owner input) and reason for any changes
- Written record of promises or agreements made to obtain the listing
- Listing modifications: Signed extensions or price changes
- Net sales proceeds estimates (if provided)
- Managing principal broker supervision: Dated initials on all agreements, amendments, modifications, and extensions
Communication Records
- Diary notes from the listing process
- All correspondence, email, faxes, and texts with the seller or their representative
A buyers' agent must have a written representation agreement under ORS 696.810. Thorough recordkeeping helps meet the specific duties of a buyers' agent set out in Oregon law.
Required Agreement Elements
The buyer representation agreement must include:
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License number
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Managing principal broker contact information, including phone number
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Contract term: Effective date and expiration date (cannot be more than 24 months including automatic renewals.
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Description of buyer's agent obligations as outlined in ORS 696.810 (can reference the Initial Agency Disclosure Pamphlet)
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Buyer's search criteria: Price range, desired location
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Compensation explanation: How buyer's agent will be paid
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Termination rights for both buyer and agent
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Exclusivity status: Whether the agreement is exclusive or non-exclusive
Supporting Documents
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Pre-approval letter from buyer's lender
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Disclosed Limited Agency Agreement (if applicable)
- Team disclosure (if applicable)
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CMAs prepared for the buyer for any actual or proposed purchase
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Written record of promises or agreements made to obtain the buyer representation agreement
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List of properties shown to buyer
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Modifications and extensions to the agreement
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Down payment and closing cost estimates (if provided)
Supervision & Communication
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Submission confirmation: Evidence that each record was submitted to the managing principal broker within 3 banking days.
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Diary notes from representing the buyer
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All correspondence, emails, texts, and faxes with the buyer or their representative.
Add records to transaction files as they're created. Some documents
(like settlement statements) may not be available until closing. Keep
track of documents that are temporarily with licensees.
Party Information
- Full names and addresses of all buyers and sellers with complete information
- Seller's forwarding address
Agreements & Disclosures
- Disclosed Limited Agency Agreement (when applicable)
- Earnest money agreement: Complete signed copy including offer, acceptance, or counteroffer, acknowledgment, and addenda (with dates and time on signatures)
- Team Disclosure (if applicable)
- Final Agency Acknowledgment to both parties confirming existing agency relationship
- Property Disclosure Statement: Completed and signed, with confirmation that rights and obligaions were explained (or exemption notation)
- Presentation records: Who presented the offer and counter offers, to whom, and any representations made (such as buyer's financial ability)
Property Details
- Full legal description
- Zoning and flood zone information (when applicable)
- Listing or co-op office information (listing and sale files can be combined at closing if it was your listing)
Financial Records
- Copy of earnest money tendered: Check, money order, promissory note (do not color copy or same-size copy cash)
- Earnest money disposition: Note redemption, deposit to trust account, or reciept from escrow agent
- Record of checks delivered to seller: Include date received, payor name, payment purpose, file reference, delivery date, and delivery documentation
- CMAs prepared for buyer or seller related to this sale
- Estimates of buyer's down payment, closing cost, or seller's net proceeds (if provided)
- Settlement statements
Due Diligence & Modifications
- All addenda amending or attempting to amend the orignial agreement, including contingency removals
- Inspection reports, repair estimates, and clearances
- Buyer's financing progress record
- Preliminary title report: With evidence you reviewed it and discussed significant issues with your clients
Supervision & Communication
- Managing principal broker supervision: Dated intials on all agreements, modifications, and extensions
- All correspondence, emails, texts, and faxes with the represented party or their representatives
- Diary notes from the transaction
- Closing record: Who attended and any problems encountered
If the Sale Falls Through
- Reason for failed sale
- Earnest money disposition
Even when offers aren't accepted, you still need to maintain records. Keep these documents:
- Disclosed Limited Agency Agreement (when applicable)
- Team Disclosure (if applicable)
- Complete signed copies of the offer, rejection, or counteroffers (with dates and time signatures
- Final Agency Acknowledgement to both parties
- Copy of earnest money tendered (Note: Don't color-copy or size copy cash)
- Earnest money disposition: Deposit to trust account, returned to offeror, or receipt from escrow agent
- Managing principal broker supervision: Dated intial on all documents
- CMAs prepared for buyer or seller related to this potential sale
- Estimates of buyer's down payment, closing costs, or seller's net proceeds (if provided)
- All correspondence, emails, texts, and faxes with the represented party or their represesntatitves
- Diary notes from the proposed transaction