Have you been considering a career in real estate? Are you attracted to the idea of a flexible schedule, being your own boss, and earning a good income? If you live in The Beaver State, the good news is that you can obtain your Oregon real estate license in eight simple steps.
Most of the time, making a career change as an adult can be an uphill battle. Many new professions require that you obtain expensive, time-consuming degrees that might interfere with your existing work schedule. Even though earning your real estate license in Oregon requires time and energy, you can be a working professional in the real estate industry in less than six months.
Let’s walk through the steps to earning your Oregon real estate license. Afterward, we’ll do a deep dive into each step, as well as answer some frequently asked questions pertaining to cost, time commitment, and other important topics relevant to launching your real estate career.
Let’s get started!
- Register for an E-license
- Apply for a Broker’s License
- Choose a Real Estate School and Sign Up for Classes
- Complete Your Oregon Real Estate Broker Classes
- Schedule Your Oregon Real Estate Broker Exam
- Pass Your Oregon Real Estate Broker Exam
- Go Through the Required Oregon Background Checks and Get Fingerprinted
- Find a Principal Broker to Hire You
How to Get an Oregon Real Estate Agent License in 8 Steps
Before we get started, you need to know one bit of critical information about the license name. An entry-level real estate license in Oregon is a broker license. This may cause some confusion because in most other states a broker oversees real estate agents. In Oregon, that higher-level professional is called a principal broker.
As you go through the steps to become a real estate broker in Oregon, know that you are learning how to obtain a license to enter the profession.
Here are the steps you need to take to begin your new career.
1. Register for an E-license
Before you can apply for a brokerage license or enroll in classes, you need to begin the process by opening an online account. After you have created an account with eLicense, you will be allowed to start the pre-application process with the state.
2. Apply for a Broker’s License
It seems counterintuitive that you would apply for a license before taking your real estate coursework, but that’s how the system works in the state of Oregon. Fill out the real estate broker application through your eLicense account and pay the $300 fee. Once your request has been processed, you will be emailed an “applicant ID” number.
3. Choose a Real Estate School & Sign Up for Classes
Consult the Oregon Real Estate Agency website to find a list of approved real estate schools. The list includes private, accredited institutions as well as community colleges and universities. You can choose any institution that you wish as long as it is on the list.
You’ll probably notice that each school’s course delivery method is listed on the state’s website. Courses are either offered online, in a classroom, or a combination of the two.
If you’re looking for budget-friendly education packages, as well as resources to help you jump-start your real estate career, we recommend choosing Mbition as your Oregon real estate broker school.
Should I Take My Prelicensing Class Online or In-person?
When choosing whether to take an online or in-person class, first consider your learning style. Are you the type of person who learns better when interacting with a teacher and other students, or do you like reading and listening to materials and learning at your own pace?
Your schedule may also dictate whether you should take an online or in-person class. For example, does your current work schedule allow you to get to the Oregon real estate broker courses on time?
Your budget may also determine which class format you choose. Most of the time, in-person classes are more expensive than online coursework.
Review the best Oregon real estate schools out there, and choose the one that is best for your learning style, schedule, and budget.
4. Complete Your Oregon Real Estate Broker Classes
There’s a lot to learn to earn a real estate license in Oregon, but don’t worry. Thousands of real estate brokers in the state had to pass these courses and exams, so you can too.
It’s understandable that the state of Oregon takes the real estate broker coursework seriously. As a broker, you’ll be assisting your clients with one of the most important financial decisions of their lives. The 150 hours of classwork is designed to educate you on the buying and selling of properties, but you also have to learn a lot about the laws that govern that process.
What Will I Learn in My Prelicense Broker Classes?
Whether you take your classes online or a combination of online and in-person, each school is required to teach you the same information and cover the state-required topics.
The material can be broken down into the following categories:
- Real estate law
- Real estate practice
- Agency law
- Contracts
- Real estate finance
- Property management
- Real estate brokerage
These heavy-hitting topics may seem intimidating, but you must learn about the legal and financial aspects of buying and selling property. Your future clients depend on you to have the necessary knowledge to make the purchase of their dream home go off without a hitch.
5. Schedule Your Oregon Real Estate Broker Exam
Once you’ve completed the 150 hours of coursework, you’ll be qualified to schedule and take the Oregon real estate broker exam. The exam is administered through PSI, so you will need to schedule and pay $75 for the test through that company’s website.
What Is the Best Way to Study for the Oregon Real Estate Broker Exam?
When looking at the websites of Oregon real estate schools, you may notice that some of them offer several different packages for students. Often, the more complete packages include exam prep materials, practice exams, or live study sessions. Both Real Estate Express and Mbition offer fantastic exam prep tools.
When choosing your package, consider purchasing one that includes some material to help you study for the test.
6. Pass Your Oregon Real Estate Broker Exam
The exam is administered in two sections: the Oregon Broker National Exam and the Oregon Broker State Exam. You are given 120 minutes to complete the first section and 75 minutes to complete the second.
What Should I Bring When Taking the Exam at a Testing Center?
You must have a non-expired, government-issued photo ID to take the Oregon real estate broker exam. You are also allowed to bring a non-programmable calculator that can be used silently.
What Is Prohibited During the Exam?
The only item allowed in the testing center is your government-issued ID. Secure your purse, wallet, phone, and watch in the trunk of your car before entering the examination station or leave them at home. No food or drink is allowed during the test.
When Will I Receive the Results of My Exam?
Score reports for the broker exam are typically available as soon as the test is completed.
Can I Take the Exam More Than Once?
You can retake the broker exam if you fail it the first time. You will need to wait until at least the next day before retaking the test, and you will be required to pay $75 each time you take it.
7. Go Through a Background Check & Get Fingerprinted
One of the last hoops that you have to jump through to get your real estate broker license is passing a background check. As a part of this process, you’ll have to be fingerprinted. This costs $56.25.
Don’t worry if it takes more than a week to hear back about your background check. The state’s website says that the process takes at least 14 days.
8. Find a Principal Broker to Hire You
To receive your Oregon real estate license, in addition to a passed background check and the successful review of your application by the Oregon Real Estate Agency, a principal broker has to enter your pending license number as an agent working for his or her agency.
Oregon real estate brokers must work under a principal broker. A principal broker undergoes additional coursework and must pass a supplementary exam that allows them to manage brokers.
Some principal brokers are happy to increase the number of real estate agents working out of their business. Others may only want to hire brokers with a proven track record. Choosing the right agency and broker may take some research, so start by checking out our guide called The Best Real Estate Company to Work for in 2020.
How Do I Find the Right Principal Broker?
You may consider starting your search with the big-name real estate agencies operating out of your area. They often have built-in strategies for assisting a beginning broker. But don’t ignore the smaller brokerages in your area, as they may be able to offer you more one-on-one guidance as you learn to navigate your new profession.
You may ask the principal brokers about the assistance they are willing to give you in getting started in the field.
Here are other important questions you need to address when speaking with the broker.
Split
You also need to ask about the split, or how you will share the commissions that you earn after helping customers buy or sell properties. Some brokerages will ask for an even 50/50 split on commissions.
Desk Fee
Some brokerages will give you a higher percentage for your split, but they may charge you a monthly desk fee.
Cap
Don’t forget to ask the principal broker whether or not you are given a cap. A cap is the top amount that the agency will take from the commissions that you have earned within the year.
Working with this sort of salary system may feel odd to you at first, especially if you are not used to working as a commissioned salesperson. The benefit of such a system is that it rewards people who work hard and provide excellent customer service to their clients.
How to Get a Real Estate License in Oregon: FAQs
We’ve covered a lot of information in this article, but you may have a few more questions. Check out the answers to these commonly asked questions below.
What are the legal requirements to become a real estate agent in Oregon?
The Oregon Real Estate Agency’s website lists only two requirements for becoming a real estate broker: You must be at least 18 years old and have a high school diploma, GED, or an international equivalency.
Although these requirements don’t seem particularly challenging to meet, you do have to pass a background check as well. The agency’s website says that some individuals may be denied licensure, but it does not list specific criminal offenses that would prevent an applicant from receiving a broker’s license.
If you have something that concerns you on your criminal record, you must share the details of this mistake on your application. Simply withholding information may cause your application to be denied.
How much do real estate agents in Oregon make?
According to Indeed, real estate brokers make an average of $81,916 per year. It is important to remember that brokers are only paid when they earn a commission after a sale.
How long does it take to become a licensed real estate agent in Oregon?
Oregon requires that you take 150 hours of pre-license courses before sitting for the state exam. Some companies that offer in-person classes have accelerated sessions that cover the material in 10 weeks. If you choose to complete your coursework online, the time it takes to complete is dependent on your schedule and pace.
Some of the time involved in obtaining an Oregon real estate license is out of the applicant’s control. Before a person can begin taking classes, he or she needs to apply for a broker license account and wait for the application to be approved. After taking the coursework, the applicant needs to schedule and pass the exam. Then, the applicant needs to obtain a background check, which will take at least 14 days to process.
As you can see, it is difficult to say the exact length of time it would take to become an Oregon real estate agent. One may guess that if government bureaucracy runs smoothly, you may have your license in between four and six months.
How much does it cost to get an Oregon real estate license?
It costs around $1,300 to get your Oregon broker real estate license. Some of these costs are set, such as the application fee, exam fee, and membership fees for professional organizations.
The coursework costs, on the other hand, can vary greatly. Live, in-person classes may cost between $700 and $800, but some online schools may be as inexpensive as $300 to $400. The cost varies based on whether the package includes the exam prep materials or continuing education courses for the first-year license renewal. It also would be prudent to look for discount codes that some online schools offer.
Oregon Real Estate License Costs
Prelicensing Classes (150 Hours) $429 (Mbition)
Exam Prep Materials $79 (Mbition)
Oregon Broker Real Estate License Exam Fee $75
License Fee $300
Fingerprinting Fee $56.25
Total Cost $939.25
Is the Oregon real estate exam hard?
The state of Oregon doesn’t publicize failure rates for the Oregon real estate license exam. Like any other exam, how difficult it is depends on the quality of your instruction and the amount of time that you study.
Mbition is a great option for Oregon real estate broker test prep materials. At only $99, it includes 10 practice exams and flashcards to help you succeed on the test. Reviewers rave about the highly visual materials that make studying effortless.
The national part of the broker exam has 80 questions, and the state-specific part of the exam has 50 questions. All of the questions are multiple-choice. To pass the test, you must receive a 75% or higher.
If you do not pass the exam, you will receive a diagnostic report indicating your strengths and weaknesses on particular subject matters. You can use this information to help you study before retaking the exam.
Where can I take my broker license test?
The PSI testing centers are located in Baker City, Bend, Eugene, Independence, Medford, Portland, and Wilsonville.
The test is administered on a computer, and you are not allowed to have any notes with you at the time of your exam. In fact, it would behoove you to review the policies before entering the testing center, as no personal items are allowed.
How long does the real estate broker application approval take?
Unfortunately, the website for the Oregon Real Estate Agency doesn’t say how long it takes for the final approval to be given once you have passed the exam and background check and have been hired by an agency. The good news is that you can learn about managing client communication and other best practices while waiting for final approval.
After you feel comfortable with your surroundings, you will need to put your name out in the community. Real estate sales can be competitive, and most real estate brokers use social media, websites, mailings, and neighborhood canvassing to find clients.
Should I be a full-time or part-time real estate broker?
You have probably heard the expression, “Don’t quit your day job.” If you are the sole breadwinner of your family, you may take this advice when becoming a real estate broker. If you have a spouse or partner who works (or a lot of savings) to help you get through the lean times, you might consider jumping in with both feet.
If you’re considering starting part-time, check out our full-length guide on how to become a successful part-time real estate agent here.
Bringing It All Together
Looking for more information about getting a real estate license? Check out our full walk-through for all agents in the U.S. about how to get a real estate license. And don’t forget to join our Facebook group, The Close Real Estate Agents Mastermind, and get in on the conversation about starting and leveling up your real estate career.
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