Patricia holds an active Oregon Broker license affiliated with Sunrise Realty. She decides to leave Sunrise Realty and join Pacific Coast Properties, which is managed by a different Principal Broker. Which of the following correctly describes what must happen for Patricia's license to become active at Pacific Coast Properties?
Correct Answer
B) Patricia's license must be transferred to the new Principal Broker through the Oregon Real Estate Agency, and the new Principal Broker must accept the affiliation
Under ORS Chapter 696 and OREA administrative rules, when a Broker changes brokerage affiliations, the license transfer must be processed through the Oregon Real Estate Agency. The new Principal Broker must accept the affiliation, and the license is not active at the new brokerage until this transfer is completed. Simply giving notice to the old brokerage is not sufficient.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Advertising regulations govern how real estate licensees may market properties and services, requiring truthful, non-deceptive advertising that includes proper identification of the brokerage.
Antitrust violations in real estate occur when competing brokerages or agents engage in practices that restrain trade, reduce competition, or harm consumers through collusion. These violations are governed by the Sherman Antitrust Act and can result in severe penalties.
Broker supervision is the legal obligation of a designated or managing broker to oversee and be accountable for the real estate activities of all salespersons and associate brokers operating under their license.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
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