Team Disclosures: What the Law Requires

Q: I just finished creating a branded team disclosure for my team to comply with HB 3137. I recently learned that OREF has published OREF 014 – Real Estate Team Disclosure. Do I have to use the OREF form instead of the branded one I created?

A: There is no legal requirement to use the OREF form. We recommend double-checking the team disclosure you created to confirm it meets all the requirements of OAR 863-015-0143(5). That rule covers everything HB 3137 covers, plus one additional item. The six specific pieces of information that must be included in a Team Disclosure in OAR 863-015-0143 (5) are:

• The name and role of each member of the real estate team,
• Whether individual members of the real estate team are real estate licensees,
• The name of any principal broker team members who have entered into written supervisory agreements with the firm’s managing principal broker to be responsible for the supervision and control of some or all members of the real estate team,
• The name of the firm’s managing principal broker,
• A statement that the real estate team is a subdivision of the firm, and
• A statement that the real estate team must have a disclosed limited agency agreement in place before any members may perform any real estate activities for a buyer or seller when the real estate team already represents another buyer or seller in the same transaction, or another buyer who wants to buy the same property.

As long as you’ve covered all the requirements, there is no reason not to use the form you created.

All comments and responses from OREF or its staff, managers, and volunteers are non-legal opinions made for general purposes. Each Forms subscriber must rely solely upon their Principal broker or personal legal counsel for specific advice and instruction. You and your client should independently confirm that the Form(s) you use are legally suitable for the purposes intended and that they are current with respect to all laws and regulations.