To become a real estate broker, principal real estate broker or a real estate property manager in Oregon, you must first obtain the proper license from the Oregon Real Estate Agency. The real estate broker license is an entry-level license for salespeople who are supervised by a principal real estate broker. A principal real estate broker can conduct real estate transactions without supervision. Real estate property managers oversee rental properties for clients.
No prior experience is required to get a license as either a real estate broker or a real estate property manager. For a principal real estate broker license, you must have held another real estate license for a minimum of three years. Experience accumulated in another state counts toward this requirement.
All three licenses require the completion of pre-licensing education. For a broker license, you must complete seven approved courses that total 150 educational hours. Principal broker license applicants must complete a 40-hour course in brokerage administration and sales supervision. Applicants for a property manager license have to finish a 60-hour course that covers property management. You can find a list of all approved educational providers on the Oregon Real Estate Agency website.
To help ensure the trustworthiness of all applicants, the Oregon Real Estate Agency requires that all new license applicants submit to a fingerprint background check. If you are applying to become a principal broker and already have a broker license in Oregon, you do not have to submit a new set of fingerprints. You can find all the necessary forms and instructions on the Real Estate Agency website.
Applicants for all licenses must pass a licensing examination. The broker examination has a section for national laws and regulations and one for state laws and regulation. The national section has 150 questions and you have three hours to complete it. The state section has 50 questions and you have two hours to finish. You have two hours to complete the 48-question principal broker examination and three hours to complete the 150-question property manager examination. The Real Estate Agency’s examination vendor, PSI, administers all examinations. As of January 2011, the fee for all of the examinations is $75.
After meeting all of the educational, background check and examination requirements, you can submit your license application to the Real Estate Agency. You can download the application and instructions from the agency website. The application fee for all licenses is $230 as of January 2011. The Real Estate Agency will issue your license once it approves your application.
All real estate licenses are valid for two years, after which you must apply for renewal. All licenses require that you complete 30 hours of continuing education courses every two years. You can find a list of approved continuing education courses on the Real Estate Agency’s website.
Tom Johnson graduated from the University of South Carolina in 1995 with a Bachelor of Science in finance. He has worked in the insurance industry for over 15 years and is currently employed by a government agency that regulates insurance companies and brokers. Johnson began freelance writing in 2009, focusing his efforts on insurance and finance-related articles.