Oregon License Law
When an Oregon real estate brokerage changes its registered business name, the principal broker must:
AFile an amended registration with OREA✓ Correct
BApply for a new principal broker license
CNotify all affiliated brokers verbally within 30 days
DWait until the next license renewal period to update the name
Explanation
When a registered business name changes, the principal broker must file an amended registration with OREA. All advertising and official documents must reflect the registered name on file with OREA.
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
EscrowA neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
State-Specific Concepts
Broker SupervisionLicense Law
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