OAR 863-014-0160
Deceased or Incapacitated Principal Broker

(1)

If the Commissioner issues a temporary license under ORS 696.205 (Death or incapacity of sole principal real estate broker or sole licensed real estate property manager), the licensee’s activities may be limited to winding up the affairs of the principal broker’s transactions that are in various stages of completion or termination at the principal broker’s death or incapacity. These activities may 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 principal 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 principal broker died or became incapacitated;

(d)

Promptly paying all real estate commissions owing after closing all transactions, both to the decedent principal 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 is subject to ORS Chapter 696 (Real Estate and Escrow Activities) and its implementing rules while engaging in professional real estate activity under the terms of the temporary license.

Source: Rule 863-014-0160 — Deceased or Incapacitated Principal Broker, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=863-014-0160.

863‑014‑0000
Applicability and Purpose 863‑014‑0003
Definitions 863‑014‑0010
License Application Content 863‑014‑0015
Background Check Application and Fingerprint 863‑014‑0020
Examinations 863‑014‑0030
License Issue, Term and Form 863‑014‑0035
Real Estate Broker Licensing Requirements 863‑014‑0040
Principal Real Estate Broker Licensing Requirements 863‑014‑0042
Waiver of Experience Requirements 863‑014‑0050
License Renewal 863‑014‑0054
Temporary Authorization for Armed Forces Spouses or Domestic Partners 863‑014‑0060
Limited Licenses and Renewal 863‑014‑0061
Affiliated and Subsidiary Organizations 863‑014‑0062
Mailing Address, Email Address, Address Change, Service of Notice 863‑014‑0063
Real Estate License Transfers, Principal Brokers’ Responsibilities, Authority to Use Registered Business Name 863‑014‑0065
Inactive License, Change License Status to Active, License Reactivation 863‑014‑0066
Licensee Name Change 863‑014‑0067
Alternative Name Registration 863‑014‑0070
License Surrender 863‑014‑0075
Reissuing Suspended License 863‑014‑0076
Signature Requirements 863‑014‑0080
Nonresident License Recognition 863‑014‑0085
Authorization to Control Principal Broker’s Business 863‑014‑0090
Authorization to Temporarily Supervise 863‑014‑0095
Business Name Registration 863‑014‑0097
Registered Business Name Renewal 863‑014‑0100
Branch Office Registration 863‑014‑0160
Deceased or Incapacitated Principal Broker
Last Updated

Jun. 8, 2021

Rule 863-014-0160’s source at or​.us