Bill > HB3137

This bill introduces significant changes to Oregon's real estate professional licensing and regulation by creating a new concept of a "managing principal broker" and establishing more rigorous supervision and control requirements for real estate professionals. The bill redefines various terms in existing law, such as replacing references to "principal real estate broker" with "managing principal broker," and introduces new provisions like real estate teams and detailed supervisory responsibilities. Key provisions include requiring managing principal brokers to exercise reasonable supervision over associated real estate licensees, establishing written supervisory agreements with specific requirements, mandating new disclosure practices for real estate teams, and creating explicit guidelines for how real estate professionals can supervise and interact with each other. The bill also adds new training and continuing education requirements, such as requiring licensees to pass a proficiency assessment when first renewing or reactivating a license, and mandates that the Real Estate Agency provide free training materials to licensees. These changes aim to enhance professional standards, increase accountability, and provide more clarity in real estate professional relationships and practices.