Refinances Rise to 40% of Total Loans

Closing rates increased across the board with closing rates on all loans increasing from 70.9 percent to 71.2 percent

By Jeff Sorg, OnlineEd Blog

(January 18, 2018)

canstockphoto10268206housepriceincrease(PLEASANTON, Calif.) Ellie Mae – The percentage of refinances rose to 40 percent of all closed loans, up 1 percent from the month prior according to the December Origination Insight Report from Ellie Mae®, the leading cloud-based platform provider for the mortgage finance industry. The percentage of FHA refinances increased to 25 percent of closed loans in the month, up 1 percentage point, and the percentage of conventional refinances increased to 47 percent of closed loans in December, up from 45 percent the month prior.

In December, closing rates increased across the board with closing rates on all loans increasing from 70.9 percent to 71.2 percent, closing rates on refinances increasing from 65.1 percent to 65.6 percent, and closing rates on purchases increasing from 75.5 percent to 76.1 percent. Closing rates also increased across FHA, conventional and VA loans for both purchases and refinances.

“As we closed out 2017 we saw an increase in the percentage of refinances due to seasonality as fewer purchases take place in the fourth quarter, and likely homebuyers were taking advantage of the mortgage deductibility limit before it decreased to $750,000 on December 15th,” said Jonathan Corr, president and CEO of Ellie Mae. “We probably can also attribute some of the increase in closing rates to last-minute efforts by borrowers to close loans before the tax changes took effect.”

Other statistics of note in December included:

  • The percentage breakdown of all closed loans remained steady with conventional loans at 66 percent, FHA loans at 20 percent and VA loans at 10 percent.
  • Closing time for all loans increased slightly to 44 days, up 1 day from the month prior.
  • 30-year interest rates increased to 4.280 from 4.240 the month prior.
  • The percentage of ARMs held steady at 5.6 percent.

The Origination Insight Report mines data from a robust sampling of approximately 80 percent of all mortgage applications that were initiated on the Encompass® all-in-one mortgage management solution. Ellie Mae believes the Origination Insight Report is a strong proxy of the underwriting standards employed by lenders across the country.

In addition to the Origination Insight Report, Ellie Mae also distributes data from its monthly Ellie Mae Millennial Tracker on the first Wednesday of each month. The Ellie Mae Millennial Tracker focuses on mortgage applications submitted by borrowers born between the years 1980 and 1999.

MONTHLY ORIGINATION OVERVIEW FOR DECEMBER 2017

December
2017*
November
2017*
6 Months Ago
(Jun 2017)*
1 Year Ago
(Dec. 2016)*
Closed Loans
Purpose
Refinance 40% 39% 32% 46%
Purchase 60% 61% 68% 54%
Type
FHA 20% 20% 22% 20%
Conventional 66% 66% 64% 66%
VA 10% 10% 10% 9%
Days to Close
All 44 43 43 50
Refinance 41 40 41 52
Purchase 46 45 43 48
Percentage of ARM and Fixed Loan Volume
ARM % 5.6% 5.6% 5.9% 4.6%
30-Year Rate
Average 4.280% 4.240% 4.270% 4.050%

*All references to months should be read as month ended.

PROFILES OF CLOSED AND DENIED LOANS FOR DECEMBER 2017
Closed First-Lien Loans (All Types)
FICO Score (FICO) 722
Loan-to-Value (LTV) 79
Debt-to-Income (DTI) 25/39

More information and analysis of closed and denied loans by loan purpose and investor are available in the full report at http://www.elliemae.com/about-us/news-reports/ellie-mae-reports/.

To get a meaningful view of lender pull-through, Ellie Mae reviewed a sampling of loan applications initiated 90 days prior—or the September 2017 applications—to calculate an overall closing rate of 71.2 percent in December 2017 (see full report).

ABOUT THE ELLIE MAE ORIGINATION INSIGHT REPORT

The Origination Insight Report focuses on loans that closed in a specific month and compares their characteristics to similar loans that closed three and six months earlier. The closing rate is calculated on a 90-day cycle rather than on a monthly basis because most loan applications typically take one-and-a-half to two months from application to closing. Loans that do not close could still be active applications or applications withdrawn by consumers or denied for incompleteness or non-qualification.

The Origination Insight Report details aggregated anonymized data pulled from Ellie Mae’s Encompass origination platform.

[Source: Ellie Mae press release]

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For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

Oregon Real Estate Agency Raises Licensing Fees

Oregon license renewal fees increased for 2018

By Jeff Sorg, OnlineEd Blog

(January 17, 2018)

(Portland, Ore – OnlineEd®)

Activity Old Fee New Fee
Apply for a new real estate license $230 $300
Renew an active real estate license $230 $300
Late renewal of an active real estate license $260 ($230 + $30 late fee) $450 ($300 + $150 late fee)
Renew an inactive real estate license $110 $150
Reactivate an inactive license $75 $150
Issuance of a temporary license $40 $150
Extension of a temporary license $40 $150
Licensee name changes $10 $10
Transfer of licenses between registered businesses names $10 $10
Initial registration of a business name $230 $300
Renewal of a registered business name N/A $50
Change of a registered business name N/A $300
Registration of a branch office $10 $50

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For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

Electric Vehicle Charging Stations – Oregon House Bills 2510 and 2511

Once seen as a fad by industry watchers and auto executives, most would now admit that the rise of electric cars seems inevitable.

By Jeff Sorg, OnlineEd Blog

(January 12, 2018)

(PORTLAND-OR) 

Video Transcript:

Once seen as a fad by industry watchers and auto executives, most would now admit that the rise of electric cars seems inevitable. There was a 5% decline in electric vehicle sales from 2014 to 2015. However, sales jumped by 37% in 2016. Final numbers for electric vehicle (EV) sales in the U.S. were recently released in January 2017 and project that electric vehicle sales will continue to increase at a 32% compounded rate for the foreseeable future.

By year-end 2016 there were about 30 different EV offerings, with total sales of 159,000 vehicles. Five different models sold at least 10,000 units in 2016 that were manufactured by Tesla, Chevrolet, Nissan, and Ford. In Oregon, electric vehicles are between two and four times the national average. Between 2010 and 2015, approximately 9,000 electric vehicles were sold in the State of Oregon. In 2013, Oregon joined with seven other states in creating a Zero-Emission Vehicle (ZEV) program to promote the growth of the electric vehicle market. Oregon also has joined with California and Washington to create the West Coast Electric Highway by installing fast-charging stations along Interstate 5.

In response to this increase in electric vehicles, the 2017 Oregon Legislature enacted two bills. House Bill 2510 deals with commercial properties, and House Bill 2511 deals with residential properties. Let’s look briefly at these two bills.

Both bills allow a tenant to install and use an electric vehicle charging station. In the case of a residential tenant, it is to be on a parking spot assigned to the tenant and in the case of a commercial tenant, the charging station is to be located at or near any parking spot assigned to that tenant. The tenant is to be financially responsible for the cost of permitting, installation, maintenance, electricity use, and removal of the charging station. The landlord may prohibit the installation or use of a charging station if the premises do not have at least one parking space per rental unit and may require the tenant to submit an application before installation of the station to ensure compliance with architectural standards and other reasonable restrictions that the landlord might impose.

Charging stations must be installed by certified, licensed electricians. The tenant is also to provide renter’s insurance in an amount of not less than $1 million and name the landlord on the policy if the charging station is not a certified electrical product.

Tenant installed charging stations remain the personal property of the tenant unless a different arrangement between the tenant and landlord. Upon removal, the tenant is to restore the premises to their original condition.

For more information about rule and law changes, enroll in the OnlineEd free 3-hour Law and Rule Required Course.

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For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

Nearly One Quarter of 2017 Home Sales Were Above the Asking Price

The typical price increase for homes that sold above the listed price was 3.1 percent

By Jeff Sorg, OnlineEd Blog

(January 12, 2018)

canstockphoto24925640 price value(SEATTLE, Jan. 11, 2018 /PRNewswire/) — Buyers paid more than the asking price in nearly one quarter (24 percent) of U.S. home sales in 2017, netting sellers an additional $7,000 each. Five years ago, 17.8 percent of final sale prices were higher than the asking price, according to a new Zillow® analysis.

Over the past year the American housing market has been struck by the combination of strong demand and limited supply. Young adult renters are increasingly feeling confident enough to buy, but they are entering a market with very few homes for sale, as inventory has been steadily declining for almost three years. Low-interest rates have buoyed buyers’ budgets, raising the limits on what they can afford – and may be willing – to pay.

Homes sell quickly in such a competitive market, with the typical U.S. home selling in 80 days, including the time it takes to close on the sale. In San Jose, San Francisco and Seattle, the average home sells in less than 50 days. Fierce competition means buyers may not win a home on their first offer. The typical buyer spends more than four months home shopping and has to make multiple offers before an offer is accepted, according to the 2017 Zillow Group Consumer Housing Trends Report.

“Low-interest rates and strong labor markets with high-paying jobs have allowed home buyers in some of the country’s priciest housing markets to bid well over asking price,” said Zillow Senior Economist Aaron Terrazas. “In the booming tech capitals of the California Bay Area and Pacific Northwest, paying above list price is now the norm. In the face of historically tight inventory, buyers have had to be more aggressive in their offers. We don’t expect this inventory crunch to ease meaningfully in 2018, meaning buyers will be facing many of the same struggles this year.”

In San Jose, Calif., San Francisco, Salt Lake City and Seattle, more than half of all homes sold last year went for above the list price. The average home sold above list in San Jose netted sellers an additional $62,000, the largest difference between list and sale price of the metros analyzed.

Over the past five years, Seattle saw the greatest increase in the share of sales that were above the asking price, from 20 percent of home sales in 2012 to 52 percent of sales in 2017. The amount over asking price grew as well, from 2.5 percent to 5.3 percent above the listed price.

Miami homes were least likely to sell for more than the listed price last year, followed by Virginia Beach and New Orleans.

Metropolitan Area Share of Sales
Above List
Price – 2012
Share Of Sales
Above List
Price – 2017
Median Amount
Paid Over List
Price – 2017 (%)
Median Amount
Paid Over List
Price – 2017 ($)
United States 17.8% 24.1% 3.1% $7,000
New York / Northern
New Jersey
6.8% 20.2% 3.3% $12,000
Los Angeles, CA 27.0% 37.5% 2.6% $14,100
Chicago, IL 13.1% 18.5% 2.6% $5,100
Dallas, TX 35.0% 38.9% 5.7% $12,023
Philadelphia, PA 6.1% 16.8% 2.4% $5,100
Houston, TX 27.2% 32.6% 5.0% $9,796
Washington, DC 18.8% 25.4% 1.9% $6,100
Miami, FL 19.0% 11.8% 4.2% $9,100
Atlanta, GA 19.3% 19.6% 2.4% $5,000
Boston, MA 13.4% 40.6% 3.7% $15,001
San Francisco, CA 43.0% 64.5% 6.0% $41,000
Detroit, MI 22.6% 24.0% 2.8% $5,000
Riverside, CA 32.8% 28.8% 1.8% $5,100
Phoenix, AZ 29.0% 16.0% 1.8% $3,600
Seattle, WA 20.3% 52.4% 5.3% $20,100
Minneapolis, MN 16.3% 35.3% 3.0% $6,100
San Diego, CA 24.4% 32.1% 2.1% $10,100
Saint Louis, MO 13.5% 26.2% 4.3% $6,748
Tampa, FL 13.5% 15.6% 2.7% $5,000
Baltimore, MD 10.0% 19.5% 2.2% $5,100
Denver, CO 17.9% 39.5% 2.9% $10,000
Pittsburgh, PA 7.6% 13.7% 2.7% $4,100
Portland, OR 19.6% 41.0% 3.1% $10,100
Charlotte, NC 9.4% 27.0% 2.7% $5,000
Sacramento, CA 34.6% 41.2% 2.5% $9,000
San Antonio, TX 38.9% 42.2% 5.8% $10,913
Orlando, FL 22.3% 16.9% 2.6% $5,000
Cincinnati, OH 9.3% 16.4% 2.3% $3,500
Cleveland, OH 8.6% 18.8% 3.2% $4,300
Kansas City, MO 31.5% 37.8% 4.4% $7,500
Las Vegas, NV 31.4% 25.4% 2.2% $5,000
Columbus, OH 10.1% 32.9% 3.0% $5,100
Indianapolis, IN 34.5% 24.4% 4.1% $5,846
San Jose, CA 49.1% 68.5% 6.8% $62,000
Austin, TX 36.3% 32.7% 6.3% $15,311

Zillow is a registered trademark of Zillow, Inc.

SOURCE Zillow

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For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

Presenting Multiple Offers – Part 3 of 3 (video)

Presenting Multiple Offers, Part 3 of  3 parts

By Jeff Sorg, OnlineEd Blog

(January 11, 2018)

(PORTLAND-OR) Presenting multiple offers can get complicated and have unexpected results. Watch my three-part video, Presenting Multiple Offers.

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For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

Presenting Multiple Offers – Part 2 of 3 (video)

Presenting Multiple Offers, Part 2 of  3 parts

By Jeff Sorg, OnlineEd Blog

(January 10, 2018)

(PORTLAND-OR) Presenting multiple offers can get complicated and have unexpected results. Watch my three-part video, Presenting Multiple Offers. This is the second of three videos in this series. Click here to view the first video.

Did you miss Part 1? Click here to view.

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For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

Presenting Multiple Offers – Part 1 of 3 (video)

Presenting Multiple Offers, Part 1 of  3 parts

By Jeff Sorg, OnlineEd Blog

(January 9, 2018)

(PORTLAND-OR) Presenting multiple offers can get complicated and have unexpected results. Watch my three-part video, Presenting Multiple Offers.

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For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

 

 

As Rents Rise, Share of Adults Living with Roommates Higher than Ever Before

Across the country, thirty percent of adults live with a roommate or parent.

By Jeff Sorg, OnlineEd Blog

(January 2, 2018)


canstockphoto1718553 living with parents (SEATTLE) /PRNewswire
 — Nationally, nearly one in three adults live with a roommate or parent, the greatest share ever reported, according to a new Zillow® analysis. As rental affordability deteriorates, more U.S. adults may be choosing double up in order to cut costs.

A doubled-up household is where two or more working-aged adults live together but aren’t married or in a relationship — this could mean two millennial roommates or an adult living with parents. The share of doubled-up households has been steadily rising since the late 1990s, when just 23 percent of adults lived together.

The rise in doubled-up households coincides with increasingly unaffordable rental prices nationwide. Americans making the national median income should expect to put about 30 percent of their monthly income toward a rental payment, but in some markets the share is even greater. In Los Angeles, renters spend almost half of their monthly income on rent. In San Francisco, renters spend 42 percent of their income on rent each month.

“As rents have outpaced incomes, living alone is no longer an option for many working-aged adults,” said Zillow senior economist Aaron Terrazas. “By sharing a home with roommates — or in some cases, with adult parents — working adults are able to afford to live in more desirable neighborhoods without shouldering the full cost alone. But this phenomenon is not limited to expensive cities. The share of adults living with roommates has been on the rise in historically more affordable rental markets as well. Unless current dynamics shift and income growth exceeds rent growth for a sustained period of time, this trend is unlikely to change.”

Metros with the greatest share of adults doubling up also have some of the most expensive rents. In Los Angeles, almost 50 percent of adults live with a roommate or adult parent, the highest share of all markets analyzed. Los Angeles is the third most expensive rental market in the nation, with the median rent at $2,720per month.

Riverside, Calif. and Miami metros also have a high percentage of doubled-up households. In Riverside, almost 45 percent of adults are doubled up, along with 41 percent in Miami. Both metros are among the seven most expensive rental markets when ranked by the share of income going toward the typical rent payment.

When renters decide to move to a new place, a recent rent increase was likely the catalyst, according to the 2017 Zillow Group Consumer Housing Trends Report. Almost 80 percent of renters who moved from a previous rental experienced a rent increase before moving. And when renters start searching for a new place to live, 77 percent indicate that the rental being within their price range is a top requirement.

[Source: Zillow press release]

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Zillow is a registered trademark of Zillow, Inc.

For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

Video New Year Message from OnlineEd

Happy New message from OnlineEd

By Jeff Sorg, OnlineEd Blog

(January 2, 2018)

(PORTLAND, OR) – Here’s to yesterday’s achievements and tomorrow’s brighter future. Happy New Year from all of us at OnlineEd®!

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For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

Continuing Education for Oregon Real Estate License Renewal

How to renew an Oregon estate broker, principal broker, or property manager license with the Oregon Real Estate Agency

By Jeff Sorg, OnlineEd Blog

(December 29, 2017)

 

cropped-Logo_O_512_512.jpg  (PORTLAND-OR) OnlineEd – To renew an Oregon real estate license (broker, principal broker, or property manager) the licensee must pay a renewal fee and meet continuing education requirements.

Continuing Education Requirements

  • 30 hours of continuing education are required during the two years preceding license renewal;
  • At least 3 of the 30 hours must be in a course on recent changes in real estate rule and law, called the Law and Rule Required Course (LARRC);
  • A licensee renewing a license for the first time must take a Real Estate Board-approved 27-hour course on Broker Advanced Practices and a 3-hour course on recent changes in real estate rule and law (LARRC);
  • Continuing education courses, along with course objectives, must come from the Real Estate Board approved topics;
  • Continuing education must be provided by an Oregon Real Estate Agency approved Certified Continuing Education Provider to be eligible. OnlineEd is Certified Education Provider 1038;
  • The Certified Continuing Education Provider must ensure that persons who teach continuing education courses meet certain instructor qualification requirements; and
  • As part of the license renewal process, licensees will self-certify that they have met the continuing education requirement for the applicable renewal cycle.
  • While courses might be delivered by approved providers, it is still the licensee’s responsibility to see that the courses meet timing requirements and that the provider can prove the licensee’s time in the course to the Agency. This means that online courses must have timers and live lecture courses must have a method in place to verify time spent in attendance. A provider’s certificate of completion issued when the provider cannot prove time spent in the course will not be counted if discovered during an agency audit.

Eligible Course Topics

At least 3 of the 30 hours must be from a course on recent changes in real estate rule. The course on the recent rule and law changes is known as Law and Rule Required Course, commonly known by its acronym LARRC (“lark”). The remaining 27 hours of continuing education can come from any of these topics:

  • Principal broker or property manager record keeping
  • Principal real estate broker supervision responsibilities
  • Principal broker or property manager client trust accounts
  • Agency relationships and responsibilities for brokers, principal brokers, or property managers
  • Misrepresentation in real estate transactions
  • Property management
  • Advertising regulations
  • Real estate disclosure requirements
  • Real estate consumer protection
  • Anti-trust issues in real estate transactions
  • Commercial real estate
  • Real estate contracts
  • Real estate taxation
  • Real estate property evaluation, appraisal, or valuation
  • Fair Housing laws or policy
  • Managing a real estate brokerage
  • Business ethics
  • Risk management
  • Dispute resolution
  • Real estate finance
  • Real estate title
  • Real estate escrows
  • Real estate development
  • Condominiums
  • Subdivisions
  • Unit owner or homeowner associations
  • Timeshares
  • Water rights
  • Environmental protection issues in real estate
  • Land use planning, zoning, or other public limitations on use
  • Real estate economics
  • Real estate law or regulation
  • Negotiation

Specifically excluded from eligible continuing education are courses about these topics:

  • Real estate broker or property manager pre-licensing courses
  • Examination preparation classes
  • Sales meetings
  • Motivational classes or seminars
  • Time management classes or seminars
  • Sales and marketing classes or seminars
  • Psychology classes or seminars
  • Trade association orientation courses
  • Courses in standardized computer software programs not specifically related to one of the eligible topics
  • Courses with content that is specific to another state or jurisdiction

Certified Continuing Education Providers

For continuing education to qualify for license renewal, the education must be delivered by a Certified Continuing Education Provider. To qualify as a Certified Continuing Education Provider, the applicant must be one of the following:

  • An Oregon Real Estate Agency registered business name. Eligible applicants are a principal real estate broker or real estate property manager who conducts business under a registered business name.

A real estate trade association or a trade association in a related field but not the individual members of those associations. A “real estate trade association” is defined as a local, state, regional, or national organization with members that include real estate licensees.

A “trade association in a related field” means a local, state, regional, or national organization with members including, but not limited to, a certified or registered:

  • Private career school approved by the REA. A private career school means a school licensed by the Oregon Higher Education Coordinating Commission and approved by the REA to provide the 150-hour real estate license applicant course of study, the 60-hour property manager license applicant course, or both.
  • Distance-learning provider approved by the REA, which means a person whose course has been certified by the Association of Real Estate License Law Officials (ARELLO).
  • Appraisers, architects, attorneys, contractors, professional engineers, and tax professionals

A provider who does not meet one of the listed qualifications to become a certified continuing education provider may petition the Real Estate Board for approval. Once approved as a certified continuing education provider, the provider must:

  • ensure that a course offered is within the scope of one or more of the eligible course topics;
  • identify to the licensee which course topic the course covers;
  • ensure that the course meets the minimum length requirement of one credit hour (50 minutes);
  • assign each course a four-digit number that is unique to that course;
  • ensure that courses offered will meet the stated learning objective requirements;
  • ensure that the instructor who teaches a continuing education course meets the applicable instructor qualification requirements;
  • give each licensee who completes a course a course completion certificate; and
  • keep records of each course provided for three years.

Online License Renewal

Once the continuing education requirement is met and to renew a real estate license, licensees are required to use the REA’s online renewal system known as e-License. Real estate licenses cannot be renewed through the US mail.

During the online renewal, licensees are asked to certify that they have completed their required continuing education requirements. As part of their certification process, licensees will submit the information necessary to complete their renewal that is found on each certificate. Additionally, certificates must be kept by the licensee for three years after the renewal date for which the certificate was used for continuing education credit.

The REA’s eLicensing website is: https://orea.elicense.irondata.com

The REA required information to be included on all qualifying continuing education course certificates includes:

  • the licensee’s name and license number;
  • the REA certified course provider’s name and REA provider number;
  • the course name and identification number. This course identification number is a four-digit provider number assigned by REA, followed by the 4-digit course number assigned by the provider and registered with the REA;
  • the date, location, and length of time assigned to the course;
  • the eligible course topics covered, or whether the course is the three-hour Law and Rule Required Course, the Property Manager or Broker Advanced Practices Course, or the Brokerage Administration and Sales Supervision course; and
  • the name of the instructor.

Click here visit a list of approved continuing education courses.

Click here to enroll in the FREE 3-hour approved Law and Rule Required Course, LARRC.

OnlineEd® is an Oregon Real Estate Agency Certified Continuing Education Course Provider No. 1038.

 

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For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark