Oregon License Law
Under ORS Chapter 696, which of the following activities requires an Oregon real estate license?
AAn owner selling their own home
BA licensed attorney facilitating a commercial property sale for a flat fee
CA property manager advertising and renting residential units for compensation on behalf of an owner✓ Correct
DA relative helping a family member find a rental at no charge
Explanation
Under ORS 696, anyone who manages or rents residential property for compensation on behalf of another person must hold an Oregon real estate property manager license (or broker license). Property owners managing their own property, attorneys acting in their professional capacity, and persons acting without compensation have statutory exemptions.
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Key Terms to Know
Joint Tenancy
Co-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
EasementA non-possessory right to use another person's land for a specific purpose.
State-Specific Concepts
Broker Supervision
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