After I complete the course and successfully pass the test and acquire a RE license can I work for myself? I would be getting the license in Oregon. Basically I want to get a RE license for the SOLE purpose of representing myself in the investment properties I am buying and selling. I have ZERO interest in becoming a RE agent , and or representing anyone but myself. I am tired of paying hefty percentages to agents, and relying on someone else to help create my real estate wealth. Therefor getting a RE license seems like a wise idea. Yes, yes I do know I can technically buy and sell without a license, but without tools such as access to then MLS, CMA's, auction websites, access inside properties ect. it makes it very difficult, and if you add in all the legal work such as contracts it becomes extremely difficult without the representation of an agent or attorney. My question is legally do I have to work for a agency for 2 years to represent myself? Also, are all of the tools/resources only available through agencies anyway? Any advice is greatly appreciated, thanks.
I'm not familiar with Oregon laws, but in Texas you have to have your license assigned to a Broker in order to be active. If you leave your broker then your license transfers to inactive status and you can no longer practice real estate.
I've found a friend who has been a broker for many years and let me assign my license to him for a small percentage of any commission I make. You can also find a broker that lets you keep 100% of the commission, but charges a small monthly fee or fee per transaction.
The first place to look is the Oregon Association of Realtors, or whatever it's called there, and the website of whatever government body or commission regulates realtors in Oregon. Between the two of them, they should have all the info you need.
Illinois allows realtors to self-sponsor, but you have to set up a legal entity (corp, LLC, etc), and make it a sole-proprietorship (IIRC). Then, as the only employee of the company you control, you sponsor/manage yourself. Oregon probably allows something similar.
In Oregon, you need to be associated with a principle broker for at least 3 years before you can take the test to become a principle broker yourself. Until that time, you cannot work for yourself and still retain your active status with the Oregon Real Estate Agency. Here's a link to their website.
Randy Johnston, Summa Real Estate Group | [email protected] | 503‑956‑7375 | OR Agent # 201207851
Just a quick note on this subject. There is an exemption that Oregon has allowing you to become a broker without having to be under someone. You need to have some experience and tell them why you want the exemption. It is a form and you have to send it in before their next meeting. I am currently doing this also.
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