Oregon Broker PSI Practice Exam

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.