(1) The Real Estate Agency may issue a real estate license only to an individual.
(2) An individual may not engage in, carry on, advertise or purport to engage in or carry on professional real estate activity, or act in the capacity of a real estate licensee, within this state unless the individual holds an active license as provided for in this chapter.
(3) Real estate brokers, managing principal brokers and principal real estate brokers are bound by and subject to the requirements of ORS 696.010 to 696.495, 696.600 to 696.785, 696.800 to 696.870, 696.990 and 696.995 while:
(a) Engaging in professional real estate activity; or
(b) Acting on the licensee’s own behalf in the sale, exchange, lease option or purchase of real estate or in the offer or negotiations for the sale, exchange, lease option or purchase of real estate.
(4) A real estate broker, managing principal broker, principal real estate broker or licensed real estate property manager is bound by and subject to the requirements of ORS 696.010 to 696.495, 696.600 to 696.785, 696.890, 696.990 and 696.995 while engaging in the management of rental real estate.
(5) A timeshare sales agent is bound by and subject to the requirements of ORS 696.010 to 696.495, 696.600 to 696.785, 696.800 to 696.870, 696.990 and 696.995 while selling or offering to sell timeshares.
(6) The agency by rule may establish provisions for a nonlicensed individual whose license is inactive or suspended and who acts on the licensee’s own behalf in the sale, exchange, lease option or purchase of real estate or in the offer or negotiations for the sale, exchange, lease option or purchase of real estate.