OR HB3137

Creates new "managing principal broker" designation for principal real estate brokers who register or assume responsibility for a business name, establishing clearer supervisory hierarchy in real estate brokerages

Requires managing principal brokers to exercise reasonable supervision and control over associated licensees, including establishing written policies for reviewing professional activities, managing trust funds, and ensuring compliance with laws

Establishes formal requirements for "real estate teams" operating under names other than the registered business name, including mandatory client disclosures and disclosed limited agency agreements when representing multiple parties

Modifies continuing education requirements to separate fair housing training (2 hours) from changes in real estate rule and law training (2 hours), and adds a proficiency assessment requirement for license renewal or reactivation

Requires written supervisory agreements between managing principal brokers and other principal real estate brokers, including succession plans addressing scenarios where the managing principal broker becomes deceased, incapacitated, or their license becomes inactive