Oregon License Law
An Oregon principal broker leaves their brokerage to open their own firm. What must they do to operate legally?
ASimply register a new business name with OREA
BRegister the new brokerage with OREA, establish a trust account, and have their license transferred to reflect the new principal broker status✓ Correct
CObtain approval from the local REALTOR association
DWait 6 months after leaving the prior brokerage
Explanation
To open a new brokerage in Oregon, a principal broker must register the firm with OREA (as a sole proprietorship, partnership, LLC, or corporation), establish a properly maintained trust account, update their license to reflect the new business affiliation, and comply with all OREA requirements for brokerage operations before conducting licensed activities.
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