Oregon Broker Angela is affiliated with Mountain View Realty. Her Principal Broker, Robert, unexpectedly passes away. Angela wants to continue practicing real estate while the estate is settled. Under Oregon law, which of the following best describes Angela's legal status immediately following Robert's death?
Correct Answer
C) Angela must promptly affiliate with a new Principal Broker or place her license on inactive status to remain in compliance
Under ORS Chapter 696, a Broker's authority to practice real estate is contingent on affiliation with a licensed Principal Broker. When a Principal Broker dies, the Broker must promptly affiliate with a new licensed Principal Broker or place their license on inactive status. Oregon law does not provide an automatic grace period allowing independent practice or practice under a non-Principal Broker.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
Advertising regulations govern how real estate licensees may market properties and services, requiring truthful, non-deceptive advertising that includes proper identification of the brokerage.
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