(1) The license status of a real estate licensee employed by the Real Estate Agency shall be placed on hold at the time that the real estate licensee commences employment with the agency. At the termination of the employment, the license may be returned to the real estate licensee as an active or inactive license. The agency shall activate a license placed on hold without payment of further fee, and the license expires on the date on which it would have expired if the license had not been placed on hold.

(2) During the time of employment at the agency, the employee may not conduct professional real estate activity.

(3) Except as stated in subsection (1) of this section, the real estate licensee is subject to the provisions of ORS § 696.010 to 696.495, 696.600 to 696.785, 696.800 to 696.870 and 696.995. [1975 c.746 § 16; 1977 c.649 § 35; 1983 c.258 § 6; 2001 c.300 § 63; 2005 c.116 § 7; 2017 c.234 § 14]

[1975 c.746 § 15; 1977 c.649 § 36; 1981 c.617 § 11; 1989 c.724 § 7; 1995 c.335 § 2; 2001 c.300 § 20; repealed by 2005 c.116 § 24]

[Amended by 1957 c.383 § 1; 1963 c.580 § 49; repealed by 1975 c.746 § 17 (696.241 enacted in lieu of 696.240)]

(Client Trust Fund Accounts)