Yes, FLAGPOLE is a Scrabble word!

Letter values in Scrabble US: F 4, L 1, A 1, G 2, P 3, O 1, L 1, E 1.

Is it a valid word?

FLAGPOLE is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

surveying instrument consisting of a straight rod painted in bands of alternate red and white each one foot wide; used for sightings by surveyors
a tall staff or pole on which a flag is raised

Also: range pole, ranging pole.