§ 696.205 — Death or incapacity of sole principal real estate broker or sole licensed real estate property manager; temporary license; rules

Oregon § 696.205

• Jurisdiction: Oregon
• Vol.: 17
• Title 52: Occupations and Professions
• Ch. 696: Real Estate and Escrow Activities

Text

(1) If a real estate licensee who is the sole principal real estate broker or sole licensed real estate property manager of a registered business name dies or becomes incapacitated, the Real Estate Commissioner may issue a temporary license to the executor, administrator or personal representative of the estate of the deceased real estate licensee or to the court-appointed fiduciary of the incapacitated real estate licensee, or to some other individual designated by the commissioner. The commissioner shall determine whether the temporary licensee may continue to conduct the professional real estate activity of the real estate licensee or may wind up the affairs of the real estate licensee. The term of a temporary license issued under this section may not exceed one year from the date of issuance unless the commissioner, in the discretion of the commissioner, extends the term of the temporary license based on sufficient cause provided by the temporary licensee to the commissioner.
(2) The Real Estate Agency may adopt administrative rules to administer this section or to authorize an individual to conduct or wind up the professional real estate activity on behalf of the deceased or incapacitated principal real estate broker or licensed real estate property manager.

Legislative History

1975 c.746 §7; 2001 c.300 §17; 2005 c.116 §6; 2007 c.319 §8; 2009 c.324 §3; 2017 c.234 §13