In Oregon, the entry-level real estate license is the broker license. This differs from many other states, but its rights and responsibilities are similar to the real estate salesperson license available in other states. Oregon real estate brokers conduct professional real estate activities under the guidance of a principal broker. A few of the steps for real estate brokers is Oregon are different from steps required in other states, which can become confusing. This guide will walk you through the steps of obtaining your Oregon real estate license.
Meet Basic Oregon Real Estate Qualifications
In order to meet the basic qualifications to become a real estate agent, you must be 18 years old and hold a high school diploma or its equivalent, such as a GED. These qualifications ensure that you are well-prepared for the college-level education that will follow.
You must also create a free account with eLicense, the agency that handles Oregon’s real estate license process. This process is easy but does require a computer and Internet connection. This is the platform through which you will handle real estate license applications.
Submit a Real Estate Application
In many states, submitting an application is the last step. This is not so in Oregon. You will submit a license first. In order to submit a real estate application, you must pay a $230 fee. The fee is not refundable. Submit your real estate application with accurate, detailed information. In return, you will receive an applicant identification number via email. It is important that you keep track of this ID number.
Complete Pre-License Education
Oregon requires that you obtain 150 hours of broker pre-licensing education through an agency-approved school. This includes a total of seven courses total. Education includes a combination of 30 hours of real estate law, 30 hours of real estate finance, and 30 hours of Oregon real estate practice. Additionally, you must take 15 hours in real estate contracts, 10 hours in property management, 20 hours in brokerage, and 15 hours in real estate agency.
In order to attend a real estate school, you will need to provide your applicant identification number and your full name. This ensures that evidence you have completed your education is accurately organized and submitted.
Courses focus on a variety of real estate topics on both state and national levels. You will learn about liens, easements, leaseholds, land use regulations, property taxes, and regulation of environmental hazards. Coursework will also focus on issues like home owners association regulations, market value, real estate appraisal, lender requirements, reverse mortgages, and financing regulations. It covers general principles of agency, including agency relationships, fiduciary responsibilities, disclosures, agent and broker responsibilities, and termination.
The classes can actually get quite specific. The contracts course covers general knowledge of contracts, breach of contract, listing agreements, contingencies, counter offers, leases, and types of deeds. Practice of Real Estate is a course that covers escrow accounts, federal fair housing rules, advertising, agent supervision, general ethics, and antitrust laws. Coursework will explore real estate calculations, including basic math concepts, transaction calculations, property tax calculations, pro-rations, and depreciation.
Pass the Oregon Real Estate Exam
Upon completing the education requirements, you will be eligible for the Oregon real estate exam. First, you must register with PSI (Psychological Services, Inc.). You will also pay a non-refundable examination fee that allows you to take the test.
It is important to study for the exam to prepare, as it is closed book. You will learn the material as part of the real estate coursework, but study tools are helpful. You must pass the exam on the national and state level with a score of 75%. You will receive your score immediately after taking the exam on the computer screen.
The national portion of the exam has 80 questions and allows 120 minutes. This section covers finance, property management, law, and real estate math. The Oregon portion of the exam has 50 questions and allows 75 minutes. This section covers real estate law and practices in Oregon.
Real estate exam scores are valid for a full year. This means that you have one year after you pass the exam to complete the application process before you will be required to take and pass the test again.
Pass a Background Check
Next, you must submit your fingerprints and payment for a background check at the PSI testing center. This happens immediately after you pass the real estate exam, and results are obtained through the Oregon State Police and Federal Bureau of Investigations. Once this process is completed, you have one year to complete the application process.
The background check is meant to determine whether or not you can be a trusted member of the real estate community. While the presence of a criminal background does not automatically mean you cannot become a real estate broker in Oregon, it does mean that the commission will consider the factors involved. The commission considers the nature of the offense as well as how long ago it occurred.
Work with a Principal Real Estate Broker
In order to work as a real estate broker in Oregon, you must be sponsored by a principal broker. This principal broker will supervise your work as a real estate broker and help you adjust to your new career path. When you complete the application process, you must also provide evidence that you have the support of a principal broker.
Receive Your Real Estate License
Once your background check clears and you have found a principal broker to work with, you will receive your real estate license. Once you receive final review of your license, you will receive an email when it is issued. You will then be able to work as a real estate broker anywhere in Oregon.
Your final step is to take continuing education courses in order to renew your license and keep it active. Continuing education keeps you up to speed on new trends and changes in Oregon’s real estate principles and practices. Contact us for more information about taking real estate courses in Oregon.