James holds an active Oregon Broker license and has been practicing real estate for four years under a Principal Broker. He is now considering opening his own real estate office and operating independently. Under Oregon law, which of the following is the most accurate statement about James's situation?
Correct Answer
B) James must first obtain a Principal Broker license before he can operate independently or open his own office
Under ORS Chapter 696, only a licensed Principal Broker may operate independently and open a real estate office. A Broker, regardless of years of experience, must always work under the supervision of a Principal Broker. To operate independently, James must meet the requirements for and obtain a Principal Broker license.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Brokers in Florida have strict responsibilities for managing escrow accounts, including monthly reconciliation and proper handling of trust funds.
FREC has the authority to impose fines and other disciplinary actions on licensees who violate real estate laws and rules.
A group boycott is an illegal antitrust practice in which two or more competing real estate businesses agree to refuse to work with a specific person, company, or entity in order to harm that party's ability to compete.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
In Wyoming real estate practice, a first-time salesperson applicant completes coursework. What should the licensee remember?
A Wyoming licensee is reviewing an out-of-state salesperson applicant prepares for testing. What is the best answer?
In Wyoming real estate practice, a salesperson applicant age is reviewed. What should the licensee remember?
A responsible broker in Wyoming asks about a nonresident applicant provides home-state evidence. Which answer follows Wyoming law?
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- → A Wyoming licensee is reviewing a first-time salesperson applicant asks which prelicense courses are required. What is the best answer?
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