Differentiation between licenses
Realtor. Agent. Broker. Salesperson. Oh my!
Are these all the same thing? >Are they different? >What separates one from another and how can you decipher?
If you’re in the state of Oregon, the licenses that sound familiar the most may be Broker, Principal Broker, and Property Manager. While they all deal with real estate, they are certainly different.
A broker is the entry level license for real estate in Oregon. They must be supervised by a principal broker while performing their standard duties. Brokers can perform the activities as defined in ORS 696.010.
Licensed brokers must be at least 18 years of age and have a high school diploma, GED, or international equivalent.
A principal broker has the expertise to supervise brokers, property managers, and other principal brokers. Their activities are also defined in ORS 696.010.
Principal brokers must be 18 years of age or older, have a high school diploma, GED, or international equivalent, and have three years of active real estate license experience.
Property managers can manage real estate rental units as defined in ORS 696.010. They can do so individually, with principal brokers, or with other property managers.
A property manager must be 18 years of age, and have a high school diploma, GED, or international equivalent. It is required that a property manager open and maintain at least one clients’ trust account after being licensed.
In the state of Oregon, you can only hold one real estate license at a time.
Other states may have various terms for similar licensing permissions and requirements. For example, in many states, a Broker in Oregon would be equal to an Agent, whereas a Principal Broker in Oregon would be equivalent to a Broker.
If you are licensed in a state other than or in addition to Oregon, it is always best to be very familiar with the licensing levels and requirements of your state.