Are you thinking about starting a career in real estate? Do you like the idea of having a flexible schedule, being your own boss, and earning a substantial income? If you’re a resident of Oregon, you’ll be pleased to know that getting your Oregon real estate license is a straightforward process. Let’s dive into the steps you need to take to make this happen.
Prerequisites for Becoming a Real Estate Agent in Oregon
Before we proceed with the steps, let’s go over the basic requirements to become a real estate agent in Oregon. Here they are:
- You must be at least 18 years old.
- You need to have a high school diploma or GED.
If you meet these prerequisites, let’s move on to the steps you need to follow to earn your Oregon real estate license, also known as a broker’s license.
Step 1: Create an eLicense Account
To begin your journey, you’ll need to create an eLicense account with the state. This process requires you to provide personal information such as your address and contact details.
Step 2: Apply for a Broker’s License
Fill out the real estate broker application through your eLicense account and make the required payment of a nonrefundable $300 fee. Once your application is processed, you will receive an applicant ID number via email from the Oregon Real Estate Agency. You’ll need this ID number to sign up for prelicensing classes.
Step 3: Complete a 150-hour Prelicensing Course
As a prospective broker, you’ll play a crucial role in assisting clients with their significant financial decisions. Therefore, the state of Oregon places great importance on real estate education. To earn your Oregon real estate license, you must successfully complete a 150-hour prelicensing program offered by an approved real estate school. These classes cover all the legal and contractual aspects of buying and selling properties. You have the option to attend classes in person, via livestream, or complete them at your own pace online. The CE Shop is one of the recommended providers for prelicensing classes, offering comprehensive materials and a Pass Guarantee to help you excel in your licensing exam.
Step 4: Pass the Oregon Real Estate License Exam
Once you’ve completed the 150 hours of coursework, you’ll be eligible to schedule and take the Oregon real estate broker exam. The exam is administered by PSI in partnership with the Oregon Real Estate Agency. To register for the exam, you’ll need to pay a $75 fee online. PSI provides both in-person testing centers and an option for online, proctored exams that you can take from the comfort of your home. The exam consists of 80 national questions and 50 Oregon-specific questions, all multiple-choice. After completing the exam, your grade will be immediately displayed on the screen. If you don’t pass on your first attempt, you can retake the exam after a day.
Step 5: Complete Fingerprinting
Upon passing the broker exam, you’ll be required to provide your fingerprints at the PSI testing center. The processing of fingerprinting may take up to four weeks.
Step 6: Undergo a Background Check
Before you can start working as a real estate broker in Oregon, you must undergo a background check. You’ll need to pay a fee of $61.25 for both fingerprinting and the background check. You’ll be unable to work as a real estate agent until you receive notification from the state licensing board that you’ve passed the background check. While waiting for the results, you can enhance your skills by enrolling in business-building courses offered by The CE Shop.
Step 7: Find a Principal Broker to Hire You
As an Oregon real estate broker, you’ll need to work under the guidance of a principal broker who has completed additional coursework and passed a supplementary exam to manage other real estate brokers. Begin by exploring opportunities with well-known real estate agencies, but also consider smaller brokerages that can provide personalized guidance and training.
How Much Does It Cost to Get an Oregon Real Estate License?
The cost associated with obtaining a real estate license in Oregon is approximately $1,000. While some expenses, like the state’s application and exam fees, are fixed, others can vary. The price of your prelicensing education, for instance, ranges from $289 to $819 depending on the provider you choose.
Types of Real Estate Prelicensing Classes
Regardless of where you reside in Oregon, you should be able to find a reputable real estate school that offers various types of prelicensing classes. In-person classes are held in a traditional classroom setting, providing you with the opportunity to network with fellow students and easily connect with instructors. Livestream classes are conducted via video conferencing tools, eliminating the need for commuting but still allowing real-time interaction with instructors. If you prefer a self-paced learning experience, online classes offer the convenience of studying at your own pace from anywhere. Each type of instruction comes with its own set of advantages and disadvantages, so choose the one that suits your preferences and learning style.
How Much Money Can You Make as a Realtor in Oregon?
According to Indeed, the average annual income for Oregon real estate brokers is currently around $91,631. It’s important to note that real estate agents typically earn a commission based on sales, which differs from traditional salaried positions. The benefit of working on a commission basis is that it rewards hard work and exceptional customer service. However, some brokers prefer starting part-time to ease their way into the profession. When considering a brokerage, be sure to inquire about commission splits and caps, as these factors can significantly impact your earnings.
FAQs: How to Get an Oregon Real Estate License
If you have additional questions about obtaining an Oregon real estate license, don’t worry! Our team of licensed real estate experts is here to help. Feel free to ask any questions in the comments section below.
More Career Resources From Garrity Traina
We hope this guide has provided you with valuable insights on how to become a real estate agent in Oregon. If you have more questions or seek further guidance, we encourage you to subscribe to our newsletter and join our Facebook Mastermind Group. As a trusted resource, we offer the latest news, actionable real estate strategies, and valuable insights from the best real estate agents in the industry.
Remember, embarking on a career in real estate can be an exciting and rewarding journey. Good luck!
