ORS 696.294: Letter opinion; rules.

(1) As used in this section, “letter opinion” means:

      (a) A document that expresses a real estate broker’s, principal real estate broker’s, managing principal broker’s or licensed real estate property manager’s conclusion regarding a recommended listing, selling or purchase price or a rental or lease consideration of certain real estate and that results from the licensee’s competitive market analysis; or

      (b) A document that expresses a timeshare sales agent’s conclusion regarding a recommended listing, selling or purchase price of a timeshare and that results from the licensee’s competitive market analysis.

      (2) The Real Estate Commissioner by rule shall specify the minimum contents of a letter opinion, including but not limited to the distinction between a letter opinion and a real estate appraisal.