Bill > HB3137

This bill introduces the concept of a "managing principal broker" in Oregon's real estate regulations, aiming to clarify and enhance supervision and responsibility in real estate transactions. The bill establishes a new category of real estate professional called a "managing principal broker," who is responsible for registering a business name and exercising supervisory control over other real estate licensees associated with that business. Key provisions include requiring managing principal brokers to establish written policies and procedures for supervising real estate activities, managing document filing, handling client trust funds, and ensuring associated brokers comply with state laws. The bill also introduces requirements for real estate teams, mandating disclosure of team members and their roles before entering into representation agreements. Additionally, the legislation modifies continuing education requirements, adds provisions for supervising licensees, and updates various definitions and responsibilities across multiple sections of Oregon's real estate licensing statutes. These changes aim to improve professional standards, increase transparency, and provide clearer guidelines for real estate professionals operating in Oregon.

Housing and Urban Affairs

https://olis.oregonlegislature.gov/liz/2025R1/Measures/Overview/HB3137