1. (1) The Real Estate Commissioner may issue a limited license to an applicant for a license as a real estate broker, principal real estate broker, real estate property manager or timeshare sales agent if the commissioner determines that the issuance is in the public interest. The commissioner may limit a license issued under this section:

   1. (a) By term;
   2. (b) To acts subject to the supervision of a specific managing principal broker;
   3. (c) By conditions to be observed in the exercise and the privileges granted; or
   4. (d) In other ways determined by the commissioner as necessary or appropriate to protect the public.
2. (2) A limited license issued under this section may be renewed as provided by the commissioner by rule. A limited license may be suspended or revoked, or the real estate licensee may be reprimanded, by the commissioner on the grounds set out in ORS 696.301 or for failure to comply with the limitations of the license.

Note: 696.125 was added to and made a part of 696.010 to 696.495 by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.

[2009 c.224 §3; 2011 c.158 §14; 2017 c.234 §8; 2025 c.39 §7; 2025 c.389 §7]