(1) The Real Estate Agency shall establish by rule a system for licensing real estate brokers, principal real estate brokers and licensed real estate property managers. The system shall establish, at a minimum:

(a) The form and content of applications for licensing under each category of real estate professional licensed by the agency;

(b) A licensing examination for each category of license;

(c) Schedules and procedures for issuing and renewing licenses, including limited licenses under ORS § 696.125; and

(d) The term of a license in each category.

(2)(a) A real estate broker may engage in professional real estate activity only if the broker is associated with and supervised by a principal real estate broker. Except as provided in paragraph (c) of this subsection, a real estate broker may not employ, engage or supervise the professional real estate activity of another real estate licensee.

(b) For an applicant to qualify for a real estate broker’s license, the Real Estate Commissioner must receive:

(A) Certification by the applicant that the applicant has a high school diploma or a certificate for passing an approved high school equivalency test such as the General Educational Development (GED) test or the international equivalent, or other equivalent education acceptable to the commissioner;

(B) Proof that the applicant:

(i) Has successfully completed the basic real estate broker’s educational courses required by the agency by rule; and

(ii) Has passed the real estate broker’s examination required by the agency by rule; and

(C) Certification that the applicant is at least 18 years of age.

(c) A real estate broker who has acquired three years of active experience as a real estate broker may supervise for up to 90 days the professional real estate activity of another real estate licensee due to unforeseen circumstances or the temporary absence of a sole principal real estate broker, as provided by the agency by rule.

(3)(a) A principal real estate broker may engage in professional real estate activity.

(b) A principal real estate broker may conduct professional real estate activity in conjunction with other real estate brokers, principal real estate brokers or licensed real estate property managers. A principal real estate broker may employ, engage or supervise the professional real estate activity of another real estate licensee.

(c) For an applicant to qualify for a principal real estate broker’s license, the commissioner must receive:

(A) Certification by the applicant that the applicant has a high school diploma or a certificate for passing an approved high school equivalency test such as the General Educational Development (GED) test or the international equivalent, or other equivalent education acceptable to the commissioner;

(B) Proof that the applicant:

(i) Has three years of active licensed experience as a licensed real estate broker or a licensed real estate salesperson in this state or another state;

(ii) Has passed the principal real estate broker’s examination required by the agency by rule; and

(iii) Has successfully completed the brokerage administration and sales supervision course required by the agency by rule; and

(C) Certification that the applicant is at least 18 years of age.

(4)(a) An individual who holds a real estate property manager license may engage only in the management of rental real estate under a property management agreement with the owner of the rental real estate.

(b) A licensed real estate property manager may employ, engage or supervise the professional real estate activity of another licensed real estate property manager.

(c) For an applicant to qualify for a real estate property manager’s license, the commissioner must receive:

(A) Certification by the applicant that the applicant has a high school diploma or a certificate for passing an approved high school equivalency test such as the General Educational Development (GED) test or the international equivalent, or other equivalent education acceptable to the commissioner;

(B) Proof that the applicant:

(i) Has successfully completed the basic real estate property manager’s educational courses required by the agency by rule; and

(ii) Has passed the real estate property manager’s license examination required by the agency by rule; and

(C) Certification that the applicant is at least 18 years of age.

(5)(a) A license for a real estate broker, principal real estate broker or licensed real estate property manager may be granted only to an individual who is trustworthy and competent to conduct professional real estate activity in a manner that protects the public interest. As a condition of licensing, the commissioner may require proof of competence and trustworthiness that the commissioner deems necessary to protect the public interest.

(b) In implementing this subsection, the commissioner shall require fingerprints and criminal offender information of an applicant for initial licensing and may require fingerprints and criminal offender information of an applicant for license renewal. Fingerprints acquired under this subsection may be used for the purpose of requesting a state or nationwide criminal records check under ORS § 181A.195.

(6) An individual licensed to engage in professional real estate activity in another state or country may qualify for a principal real estate broker license, real estate broker license or real estate property manager license if the individual successfully completes the course of study for and passes the license examination corresponding to the license for which the individual applies, both as prescribed by agency rule, and if the individual meets the other requirements for licensure in this chapter.

(7) In order to satisfy the educational requirements under subsections (2) to (4) and (6) of this section, a course must be approved by the commissioner. The commissioner shall determine the final examination score acceptable as evidence of successful completion for each required course.

(8) The Real Estate Board may determine that an applicant for a principal real estate broker’s license has experience related to professional real estate activity that is equivalent to the experience required under subsection (3) of this section. [2001 c.300 § 9; 2003 c.398 § 7; 2005 c.116 § 2; 2005 c.730 § 37; 2007 c.319 § 5; 2009 c.324 § 2; 2009 c.502 § 1; 2011 c.158 § 10; 2017 c.66 § 28; 2017 c.234 § 4]

696.022 to 696.026 were added to and made a part of the Oregon Real Estate License Law by legislative action but were not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.