The first step in becoming a licensed principal real estate broker in Oregon is to log in to your eLicense account (or if you have not done so create an eLicense account). Then you must apply for a Principal Broker’s License and pay the $300 application fee. Once you have completed that step, the state will process your application and issue you an application id.

After you have successfully secured an application id, the next step is to complete the required 40-hours of agency-approved principal broker pre-licensing education.

According to the Oregon Real Estate Agency, applicants that hold licenses in other states must complete 150-hours of broker pre-licensing education and 40-hours of principal broker pre-licensing education.

The next step is to schedule your exam with PSI, pay the associated fees, and pass both sections with a score of 75% or better.

As stated in the prerequisite requirements, those taking the state-issued Principal Broker Licensing Exam must have three years of real estate experience. If an applicant holds an Oregon Broker’s License, then no proof of experience is required. If a candidate is applying from out of state, then it must be verified by the other state’s agency. If a candidate’s experience is varied or is in another area of the real estate industry, a waiver for experience can be issued on a case-by-case basis.

Congratulations! When the Oregon Real Estate Agency grants you a Principal Broker License, it’s time to start your own brokerage firm and get to work building your real estate empire. Principal Brokers must register their businesses (including the business name and which type of company they choose e.g. sole proprietorship, LLC, etc.) at Oregon.gov, then add their Principal Broker’s License to the business via eLicense account.

It's also wise to consult with both a tax and insurance professional as you take the next big step in your real estate career.