Oregon Broker PSI Practice Exam

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Study for the Oregon Broker PSI Exam. Quiz with flashcards and multiple choice questions with hints and explanations. Prepare for your exam efficiently!

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How long does a licensee have to transfer their license after the principal broker dies?

60 calendar days
15 calendar days
30 calendar days
No time limit

The correct answer is: 30 calendar days

When a principal broker passes away, it is indeed necessary for the licensee to take specific action regarding the transfer of their license. According to Oregon real estate regulations, a licensee has 30 calendar days to transfer their license to a new principal broker. This time frame allows the licensee to ensure their continued compliance with licensing requirements and maintain their ability to conduct real estate transactions without interruption. A licensee failing to act within this 30-day period could risk their licensure status, thereby impacting their ability to engage in real estate activities legally. In the face of a principal broker's death, adhering to this timeline is crucial for protecting the interests of all parties involved in real estate transactions.