The responsible principal broker or property manager must renew a registered business name (RBN) yearly in eLicense. This renewal is in addition to any renewal of your business registration with the Secretary of State.
When to renew an RBN
An RBN expires on the last day of the month the RBN was originally registered.
The responsible principal broker or property manager renews the RBN during the month the RBN expires. The responsible licensee can check the expiration date by logging in to the RBN account in eLicense.
What is needed to renew an RBN
Have the following ready for an RBN renewal:
- Addresses. Confirm the physical, mailing, and email address for the RBN. Note: Per ORS 696.200, the responsible licensee is required to notify the Agency of a change in RBN address before it happens.
- List of associated licensees. Confirm which licensees are working under the RBN.
- List of open clients' trust accounts. Confirm the RBN's open clients' trust accounts. Note: All property managers, and principal brokers managing rental real estate under a property management agreement, must have at least one open clients' trust accounts. Per ORS 696.241, the responsible licensee must notify the Agency of the opening or closing of a clients' trust account within 10 business days.
- Payment. The fee is $50. Payment is made online by VISA, MasterCard, Discover or electronic check.
If an RBN Expires
- The RBN is voided. To use the registered business name, the principal broker or property manager must register the business name again.
- All associated licensees are inactivated. Inactive licensees cannot conduct professional real estate activity. If the business name is re-registered, all the licensees must be transferred to the newly re-registered RBN.