(1) A licensed real estate property manager or principal real estate broker shall maintain within this state, except as provided in subsection (6) of this section, complete and adequate records of all professional real estate activity conducted by or through the licensed real estate property manager or principal real estate broker. The Real Estate Agency shall specify by rule the records required to establish complete and adequate records of a licensed real estate property manager’s or principal real estate broker’s professional real estate activity. The only documents the agency may require by rule a licensed real estate property manager or principal real estate broker to use or generate are documents that are otherwise required by law or are voluntarily generated in the course of conducting professional real estate activity.

(2) A real estate licensee shall maintain records of the licensee’s attendance in continuing education courses for a period of at least three years. The records of attendance must meet the requirements of ORS § 696.174.

(3) Records maintained under this section must at all times be open for inspection by the Real Estate Commissioner or the commissioner’s authorized representatives.

(4) Except as provided in subsection (2) of this section, records under this section must be maintained by the real estate licensee for a period of not less than six years after the following date:

(a) For a notice of clients’ trust account and authorization to examine under ORS § 696.245, the date the account was closed;

(b) For real estate transactions, the date a transaction closed or failed, whichever is later;

(c) For management of rental real estate, the date on which the record expired, was superseded or terminated, or otherwise ceased to be in effect; and

(d) For all other records, the date the record was created or received, whichever is later.

(5) Records under this section may be maintained in any format that allows for inspection and copying by the commissioner or the commissioner’s representatives, as prescribed by rule of the agency.

(6) The agency may prescribe by rule terms and conditions under which a licensed real estate property manager or principal real estate broker may maintain records outside this state. [Amended by 1977 c.649 § 38; 1981 c.617 § 12b; 1983 c.258 § 7; 1983 c.359 § 2; 1991 c.5 § 40; 1995 c.335 § 3; 2001 c.300 § 26; 2005 c.116 § 21; 2007 c.319 § 9a; 2009 c.324 § 7; 2009 c.502 § 10; 2011 c.158 § 8; 2017 c.234 § 18]