How to Become a Real Estate Agent in Oregon

If you're thinking of becoming a real estate agent in Oregon, you'll  need to apply for a real estate broker's license. That's right, the Oregon Real Estate Agency no longer issues salesperson licenses - they license all real estate agents as brokers.

Oregon currently has licensing agreements with the following states: Alabama, Alberta, Colorado, Georgia, Idaho, Missouri, Montana, Nebraska, South Dakota and Wyoming. If you hold an active real estate license in one of those states, you can all the Agency at 503.378.4170 about obtaining the Oregon license.

 


Here's what you need to know to become a real estate agent in Oregon:
1) Licensing Requirements
2) License Renewal and Continuing Education Requirements
3) What is a REALTOR®?
4) Income Potential
5) Real Estate Schools


How to Become a Real Estate Agent in Oregon

1) Real Estate Agent Licensing Requirements in Oregon
You MUST be licensed by the Oregon Real Estate Agency  in order to be a real estate agent in Oregon. Since Oregon does not issue salesperson licenses, you'll actually be applying for the real estate broker's license.

To obtain your Oregon real estate broker's license so that you can practice as a real estate agent in Oregon, you must:

i) Satisfy the following:

  1. Oregon Real Estate Practice (30 hours)
  2. Real Estate Law (30 hours)
  3. Real Estate Finance (30 hours)
  4. Contracts (15 hours)
  5. Agency (15 hours)
  6. Property Management (10 hours)
  7. Real Estate Brokerage (20 hours)

 

iii) Register to take the Oregon real estate broker exam - submit an Application for Licensing Examination form along with the $75 exam fee. This can be done as you start your course study.

iv) Take and Pass the Oregon real estate broker exam. The exam is 5 hours long.  To pass, you'll need to answer at least 75% correctly.

iv) Complete and submit application for real estate license to the Oregon Real Estate Agency along with:

 

2) License Renewal and Continuing Education Requirements

Oregon real estate licenses are valid for 2 years. You must submit the license renewal fees and complete required continuing education to continue practicing as a real estate agent in Oregon.

The continuing education requirement is 30 hours with at least 15 hours of required course topics. There is a renewal fee of $230.

 

3) What is a REALTOR®?

A real estate agent is a REALTOR® when he or she pays an annual fee to be a member of the National Association of REALTORS® and subscribe to its Code of Ethics.

The agent generally join through the local board or association.

For example, in Portland, OR once you have obtain your real estate license, you may pay a fee to join the PORTLAND METROPOLITAN ASSOCIATION OF REALTORS®.

Joining the local board makes you a member of the Oregon Association of REALTORS® and the National Association of REALTORS®.

All REALTORS® are real estate agents but not all real estate agents are REALTORS®.

 


4) Income Potential
Real estate agents are generally paid based on a percentage of the sales price. The seller may pay 4 to 7% of the sales price as the fee and that will usually be split 50/50 between the seller and buyer's broker.

In Portland, OR, the 2004 median home price is approximately $210,000. Assume that the fee is 6%, the buyer's and seller's broker is each paid 3% or $6300.

This fee is then split further between the broker and agent. Generally, for starting agents, the split is 50/50. So in this case, the agent will end up receiving $3150 for the transaction.

There is no limit as to how much an agent can make in a year - the sky's the limit.

Based on Portland's median home price and the above example, a real estate agent in Oregon can make about $31,500/year by selling 10 houses a year. By selling one house per week, the real estate agent in Oregon will have a salary of $163,800.


5) Real Estate Schools

The first step to becoming a real estate agent in Oregon is to take the required classes at an approved real estate school. School status may change so it is best to call the Oregon Real Estate Agency at 503.378.4170 prior to signing up for a class.

Below are real estate schools in Oregon that are currently approved by the Oregon Real Estate Agency.

 

Real Estate Schools in Portland, OR:

 

A+ Real Estate School 10260 SW Greenburg Rd Ste 250  (503) 307-6621

Advantage Real Estate School 10610 SE Washington  (503) 256-9723

Century 21 Peninsula School of Real Estate 6110 N Lombard  (503) 286-5826

John L. Scott Real Estate Academy / Portland Metro 2208 SE 182nd Ave  (503) 665-0111 ; 9020 SW Washington Square Dr #100  (503) 671-0221

Portland Community College 12000 SW 49th Ave (503) 977-4393

ProSchools – Real Estate School of Oregon / East 10580 SE Washington St  (800) 452-4879 ; /West 10225 SW Parkway  (800) 452-4879

Prudential Northwest Properties Institute of Training 215 SE 102nd St Ste 300 (Mall 205)  (503) 256-1234; 14945 Sequoia Pkwy Ste 150 (503) 292-9393

The Windermere Real Estate School 2424 SW Vista Ave (503) 497-5322

Windermere Services Company 825 NE Multnomah St Ste 975  (503) 220-1145

 

Real Estate Schools in Salem, OR:

Coldwell Banker Mountain West Real Estate School 615 Commercial St NE  (503) 364-9596

ERA Northwest School of Real Estate 2100 Lancaster Dr NE Ste 1-A (503) 364-0955

Webb Real Estate Courses 1112 12th St SE (503) 364-0881

ProSchools – Real Estate School of Oregon / Salem 1822 Lancaster Dr NE (503) 371-4471

Prudential Real Estate Professionals 340 Vista Ave SE (503) 371-3013

Also check out information on how to become a real estate appraiser in Oregon

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Read about other real estate careers in Oregon:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Read some of the best real estate books out there to prepare yourself for your new career: