How to Become a Licensed Real Estate Agent in Oregon
Oregon Real Estate License Basic Requirements
To apply for a real estate agent license in Oregon, you need the following basic requirements.
- You need to be at least 18 years of age (you can take the test even if you are about to turn 18 in the same year)
- You need to have a high school diploma or an equivalent degree
- You need to have Good Moral Character (GMC)
- You need to complete 150 hours of pre-licensing education
- Find a managing broker to sponsor your license
- Clear the Oregon real estate examination
- Clear the fingerprinting and background check
Oregon Real Estate License Costs
- $300 is the fixed amount you need to pay for your eLicense application. In addition to this, there is a separate examination fee and a fee to process your fingerprints.
- Oregon Real Estate Agency (OREA)
- Oregon REA FAQs
- Oregon REA Testing Sites: Baker City, Bend, Portland, Eugene, Independence, Wilsonville, Medford
- Oregon REA Candidate Handbook
- You can use online resources like Real Estate Express and The CE Shop to complete your pre-licensing education and prepare for the test.
STEP 1: Register With The State
Before you begin the process of applying for your real estate license in Oregon, you are required to register with the state. This involves registering for an account on eLicense, the agency’s virtual license management system.
To apply for a broker license you will need to pay a non-refundable fee of $300. Once the application has been processed, you will be given an Applicant ID number. This is the number that you will be using to complete all your future applications with the department.
STEP 2: Pre-licensing Education
Once you have registered with the state and have received your applicant ID number, you can move onto completing your pre-licensing requirements. This includes completing 150 hours of your pre-licensing education and clearing the final exam.
You need to complete this requirement through a real estate school that has been approved by the agency. You are required to give your applicant ID number and your full name to the school, after which the real estate school will enroll you and take you through the curriculum. The rough breakup of this 150-hour curriculum is:
- Real Estate Law (30 hours)
- Real Estate Finance (30 hours)
- Oregon Real Estate Practices (30 hours)
- Contracts (15 hours)
- Agency (15 hours)
- Real Estate Brokerage (20 hours)
- Property Management (10 hours)
At the end of the course, you are required to sit for the final exam and clear it in order to get your certificate and transcripts.
STEP 3: Schedule Your State Exam
Once you have completed your pre-licensing requirements, you can schedule your state exam here. The test is conducted by PSI and will have 130 questions. The questions are divided between general (80 questions) and state specific (50 questions). You will get 120 minutes to answer the general questions and 75 minutes to answer the state-specific questions.
You need a score of 75% to pass the exam. You will be notified of your results immediately after the exam. If you do not clear the exam you will be presented with a diagnostic result which tells you of your strengths and weaknesses, so that you can be better prepared for the next attempt. The test scores are valid only for a year so you should activate your license within that year or it will lapse.
Topics to Covered:
- Property ownership
- Land use controls and regulations
- Valuation and market analysis
- General principles of agency
- Property disclosures
- Leasing and property management
- Transfer of title
- Practice of real estate
- Real estate calculations
- License law and disciplinary measures
- Handling of clients’ funds
- Regulation of broker activities
- Agency law and rules
- Document handling and recordkeeping
- Oregon real estate-related statutes
- Property management
What to Bring to the Venue
The following are the essentials you are required to carry to the venue, failing to present which you will not be permitted to sit for the exam.
- A government-issued identification that has your current photograph and signature (passport, driver’s license, etc. will do)
- A secondary identification that has your legal name pre-printed and your signature (Social Security card, credit card, debit card, etc.)
Note: You cannot use your student ID, employment card or any other temporary form of identification as a valid ID. In addition to this, all your IDs are required to have the same legal name and signature as the one you registered with.
STEP 4: Background Check
Once you have cleared both sections of the exam, you need to pay the fee and start the background check process. You are already registered with the state, and once you clear the test, your fingerprints will be taken at the PSI center. You will make the fee payment upfront. Once your fingerprints have been taken, it may take anywhere between 3-4 weeks to process the fingerprints and get back to you with your clearance.
If you have a prior criminal record it certainly does not mean that you can never be an Oregon Real Estate license holder. However, the state does expect you to be honest and upfront about your record and provide a complete disclosure at the stage of application. Different states may have rules for how various types of convictions may be treated at the time of application, but it is possible to get a fresh start even if you have convictions in your past.
STEP 5: Finding a Sponsor
This is one of the most important steps of your application and you should get started on this even before you clear your examination since the test scores are valid only for a year and it may take some time to find the right sponsor. You cannot move ahead in your application process unless your new principal broker adds your pending license to the business. It is only when the state gets notified of your sponsor that your application can move forward. The following are some of the factors you may want to consider while finding a managing broker to sponsor your license.
The commission split is one of the most important things to consider. The real estate market field works on the basis of commission. If you broker a deal, you can take home a commission. But how much of this commission will be yours to claim solely is something you need to negotiate. Of course, everyone wants a higher percentage of the commission split. However, this may not always be possible when you are just starting out. You should negotiate as much as you can and arrive at a mutually agreed-upon percentage.
The company reputation, of course, will be a huge deciding factor when you choose a sponsor. If the company has a good reputation, you can automatically earn more credibility just by association. Working with a company of good repute at the beginning of your career can open several avenues for you and make your path smoother. It does not have to be a very large company but it would be preferred if you began work with a reputable company.
You also want to work at a place where you are supported in the way that creates the best environment for you to thrive in. For some people that environment may be one of close mentorship where you work under someone, while others may prefer support when they need it and work more independently. There are firms in Oregon that offer both kinds of work environments. It is up to you to decide what kind of support will be the best for you to move forward.
Types of Real Estate Brokerages in Oregon
The following are some of the real estate brokerage types you can work with in Oregon.
STEP 6: Activate Your License
Once you have completed your pre-licensing requirements, cleared the state exam and also acquired a broker to sponsor you, the Oregon Real Estate Agency will complete a final review of your application. When the state checks off all the boxes on your application, you are eligible to practice as a real estate agent in Oregon.
STEP 7: Post-Licensing Requirements
Once you have acquired your license, there are some continuing education requirements you must fulfil. For first active renewal, you must take the 27-hour Broker Advanced Practices (BAP) and the three-hour Law and Rule Required Course (LARRC). After first active renewal, you will need to take the three-hour LARRC, and you must complete the 27 hours required for continuing education from the certificate providers. The approved providers have been listed here. The certificate of attendance will be valid for three years. More details have been provided here.
The CE Shop, known for their exceptional courses, offers a range of Oregon continuing education packages, starting from $139. You can also consider the individual courses, priced at $19.