How are real estate brokers classified in Oregon?

In Oregon, real estate brokers are classified primarily based on their level of licensure and the authority they possess within the profession. The classification distinguishes between two main groups: principal brokers and brokers.

A principal broker is someone who has obtained a higher level of licensure that allows them to manage a real estate firm and supervise other brokers. This role comes with additional responsibilities, such as overseeing transactions and ensuring compliance with state laws and regulations. Conversely, a broker is typically involved in conducting real estate transactions but does not hold the same level of authority as a principal broker. This clear distinction based on licensure ensures that both consumers and other professionals understand the qualifications and capabilities of each type of broker in the real estate market.

The other classifications mentioned, such as part-time or full-time brokers or categorizing them as residential or commercial brokers, do not reflect the official licensing structure recognized by the Oregon Real Estate Agency. Similarly, years of experience do not define classification but may influence a broker's effectiveness and market knowledge. Thus, the correct classification based on licensure and authority is essential for maintaining professionalism and regulatory compliance within the industry.