Summer 2024
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HB 4058 Signed: Wholesaler Registration + Buyer Agreement Rules Coming to Oregon
Governor Tina Kotek signed House Bill 4058 on March 7, 2024 (Oregon Laws 2024, chapter 3), amending ORS Chapter 696 with three distinct sets of requirements that begin rolling out through 2025. The bill is the most consequential real estate license-law update in Oregon since the agency-disclosure reforms of the 1990s.
The bill packs three policy changes into one act. Written buyer representation agreements become mandatory for any broker representing a buyer in a residential transaction (land or one-to-four units) — agreements may not run longer than 24 months. Future right-to-list agreements, the long-term listing instruments that locked some Oregon homeowners into multi-decade exclusivity, are sharply restricted. And residential property wholesalers must register with the Real Estate Commissioner, pay a $300 fee, pass a background check, and provide written disclosure to both parties in any wholesale transaction.
The buyer-agreement and listing-agreement rules become effective January 1, 2025; wholesaler registration becomes operative July 1, 2025. The Oregon Real Estate Agency (OREA) spent the summer of 2024 working through administrative rulemaking and member education. The Stoel Rives summary walks practitioners through the three pieces; the OREA 2024 Legislative Session Recap is the agency's primary-source overview.