1. (1) The course required by OAR 863-014-0040 for principal real estate broker license applicants is a 40-hour Agency-approved brokerage administration and sales supervision course.
2. (2) The brokerage administration and sales supervision course covers legal requirements unique to principal brokers and reviews the material introduced in the 150-hour real estate broker applicant course of study described in OAR 863-022-0010.

3. (3) The 40-hour brokerage administration and sales supervision course prepares the applicant for the principal real estate broker license examination. To be eligible for credit, the 40-hour course must include 40 clock-hours allocated among topics in the number of hours as follows:

   1. (a) (15 hours) Brokerage business, supervision and legal requirements, which includes:

      1. (A) Introduction to real estate brokerage business practices
      2. (B) Supervising and managing other real estate licensees, independent contractors and employees
      3. (C) Financial records of the brokerage business
      4. (D) Clients' trust accounts
      5. (E) Required records and maintenance
      6. (F) Property management

   2. (b) (25 hours) Review of real estate principles and practices

      1. (A) Real Estate Law
      2. (B) Oregon Real Estate Practice
      3. (C) Real Estate Finance
      4. (D) Contracts
      5. (E) Agency Law
      6. (F) Property Management
      7. (G) Real Estate Brokerage
4. (4) A license applicant must complete the brokerage administration and sales supervision course and receive a passing score of at least 75% on a final exam.
5. (5) An Agency-approved brokerage administration and sales supervision course is eligible for continuing education credit for licensees renewing under OAR 863-020-0010.

Statutory/Other Authority

ORS 696.385

Statutes/Other Implemented

ORS 696.174, 696.182 & 696.184

History

REA 21-2018, minor correction filed 01/05/2018, effective 01/05/2018
REA 1-2013, f. 1-14-13, cert. ef. 2-1-13
REA 1-2012(Temp), f. 8-14-12, cert. ef. 8-15-12 thru 2-1-13
REA 7-2011, f. & cert. ef. 11-15-11
REA 6-2011, f. 8-15-11, cert. ef. 9-1-11
REA 3-2011(Temp), f. & cert. ef. 6-22-11 thru 12-1-11
REA 1-2010, f. 6-14-10, cert. ef. 7-1-10