OAR 863-014-0160: Deceased or Incapacitated Managing Principal Broker

(1) If the Commissioner issues a temporary license under ORS 696.205, the licensee's activities may be limited to winding up the affairs of the managing principal broker's transactions that are in various stages of completion or termination at the managing 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 managing 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 and its implementing rules while engaging in professional real estate activity under the terms of the temporary license.