Terms Used In Oregon Statutes > Chapter 696 - Real Estate and Escrow Activities

• Action: includes recoupment, counterclaim, setoff, suit in equity and any other proceeding in which rights are determined, including an action for possession. See Oregon Statutes 90.100
• Administrative license: means a license issued under ORS § 342. See Oregon Statutes 342.120
• Administrator: includes but is not limited to all superintendents, assistant superintendents, principals and academic program directors in public schools or education service districts who have direct responsibility for supervision or evaluation of licensed teachers and who are compensated for their services from public funds. See Oregon Statutes 342.120
• Approved educator preparation program: means a licensure program that:

  (a) Prepares persons to become educators in any grade from preprimary through grade 12;

  (b) Is offered by an approved educator preparation provider; and

  (c) Meets the standards of the Teacher Standards and Practices Commission, as provided by ORS § 342. See Oregon Statutes 342.120

• Approved educator preparation provider: means a sponsor or provider of an educator preparation program that meets the standards of the Teacher Standards and Practices Commission, as provided by ORS § 342. See Oregon Statutes 342.120
• Articles of organization: means the document described in ORS § 63. See Oregon Statutes 63.001
• community college: means a public institution operated by a community college district for the purposes of providing courses of study limited to not more than two years' full-time attendance and designed to meet the needs of a geographical area by providing educational services, including but not limited to career and technical education programs or lower division collegiate programs. See Oregon Statutes 341.005
• Contribution: means anything of value that a person contributes to the limited liability company as a prerequisite for or in connection with membership including cash, property or services rendered or a promissory note or other binding obligation to contribute cash or property or to perform services. See Oregon Statutes 63.001
• Distribution: means a direct or indirect transfer of money or other property, except of a limited liability company's own interests, or a limited liability company's incurrence of indebtedness to or for the benefit of the limited liability company's members in respect of a member's interests, whether in the form of a declaration or payment of profits, a purchase, retirement or other acquisition of interests, a distribution of indebtedness, or otherwise. See Oregon Statutes 63.001
• Facility: means a manufactured dwelling park or a marina. See Oregon Statutes 90.100
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• Instructional assistant: means a classified school employee who does not require a license to teach, who is employed by a school district or education service district and whose assignment consists of and is limited to assisting a licensed teacher in accordance with rules established by the Teacher Standards and Practices Commission. See Oregon Statutes 342.120
• Landlord: includes a person who is authorized by the owner, lessor or sublessor to manage the premises or to enter into a rental agreement. See Oregon Statutes 90.100
• Manager-managed limited liability company: means a limited liability company that is designated as a manager-managed limited liability company in the limited liability company's articles of organization or the articles of organization of which otherwise expressly provide that a manager will manage the limited liability company. See Oregon Statutes 63.001
• Manufactured dwelling: includes an accessory building or structure. See Oregon Statutes 90.100
• Member: means a person with both an ownership interest in a limited liability company and all the rights and obligations of a member specified under this chapter. See Oregon Statutes 63.001
• Member-managed limited liability company: means a limited liability company other than a manager-managed limited liability company. See Oregon Statutes 63.001
• Membership interest: means a member's collective rights in a limited liability company, including the member's share of profits and losses of the limited liability company, the right to receive distributions of the limited liability company's assets and any right to vote or participate in management. See Oregon Statutes 63.001
• National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
• Operating agreement: means any valid agreement, written or oral, of the member or members as to the affairs of a limited liability company and the conduct of the limited liability company's business. See Oregon Statutes 63.001
• Probation officers: Screen applicants for pretrial release and monitor convicted offenders released under court supervision.
• Public defender: Represent defendants who can't afford an attorney in criminal matters.
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• Rent: means any payment to be made to the landlord under the rental agreement, periodic or otherwise, in exchange for the right of a tenant and any permitted pet to occupy a dwelling unit to the exclusion of others and to use the premises. See Oregon Statutes 90.100
• Sole ownership: The type of property ownership in which one individual holds legal title to the property and has full control of it.
• Teacher: includes all licensed employees in the public schools or employed by an education service district who have direct responsibility for instruction or coordination of educational programs and who are compensated for their services from public funds. See Oregon Statutes 342.120
• Teaching license: means a license issued under ORS § 342. See Oregon Statutes 342.120
• Tenancy by the entirety: A type of joint tenancy between husband and wife that is recognized in some States. Neither party can sever the joint tenancy relationship; when a spouse dies, the survivor acquires full title to the property.
• Tenancy in common: A type of property ownership in which two or more individuals have an undivided interest in property. At the death of one tenant in common, his (her) fractional percentage of ownership in the property passes to the decedent
• Testate: To die leaving a will.
• Uphold: The decision of an appellate court not to reverse a lower court decision.