Or. Admin. R. 863-014-0160
Current through Register Vol. 63, No. 6, June 1, 2024
Section 863-014-0160 - Deceased or Incapacitated Broker(1) If the Agency issues a temporary license under ORS 696.205, the licensee may only close or terminate the transactions that are in various stages of completion or termination at the broker's death or incapacity. The activities authorized under the temporary license include, but are not limited to: (a) Terminating all listings and buyer's service agreements in which there were no outstanding offers or earnest money receipts when the broker died or became incapacitated;(b) Completing all negotiations between buyers and sellers on open transactions;(c) Depositing and withdrawing monies from the clients' trust account in connection with the completion of all transactions pending when the broker died or became incapacitated;(d) Promptly paying all real estate commissions owing after closing all transactions, both to the decedent broker's estate and to participating real estate brokers entitled to commissions resulting from the transactions; and(e) Disbursing earnest moneys or other funds according to any outstanding earnest money receipt or other agreement.(2) The holder of a temporary license may not enter into any new listing or sale agreements or conduct professional real estate activity for others who are not principals in a current contract with the deceased or incapacitated broker.(3) The holder of a temporary license is subject to ORS Chapter 696 and its implementing rules while engaging in professional real estate activity under the terms of the temporary license.Or. Admin. R. 863-014-0160
REC 46, f. & ef. 1-22-76; REC 3-1978, f. 6-15-78, ef. 7-1-78; REC 1-1981, f. 10-30-81, ef. 11-1-81; REC 5-1984, f. 6-18-84, ef. 7-1-84; REA 1-2002, f. 5-31-02, cert. ef. 7-1-02, Renumbered from 863-010-0092; Renumbered from 863-015-0160, REA 5-2008, f. 12-15-08, cert. ef. 1-1-09; REA 1-2009, f. 12-15-09, cert. ef. 1-1-10Stat. Auth.: ORS 696.385
Stats. Implemented: ORS 696.205