SECTION 605:10-9-6. Death or disability of broker

  Upon the death or inability of a broker to act as a broker the following procedures shall apply:

(1)   In the case of a corporation, association or partnership, the provisions of 605:10-7-8 relating to corporations, 605:10-7-8.2 relating to associations, and 605:10-7-8.1 relating to partnerships shall apply.

(2)   In the case of a sole proprietor all brokerage activity must cease and a family attorney or representative should perform the following:

(A)   Notify the Commission in writing of the date of death or disability.

(B)   Advise the Commission as to the location where records will be stored. Such records may be assigned to another broker.

(C)   Return the broker's license certificate and pocket identification card and all license certificates of those associated with the broker to the Commission and advise the Commission as to the circumstances involving any not returned.

(D)   Notify each listing and management client in writing that the broker is no longer in business and that the client may enter a new listing or management agreement with the firm of his or her choice.

(E)   Notify each party and co-broker to any existing contracts.

(F)   Retain trust account monies under the control of the administrator, executor or co-signer on the account until such time as all parties to each transaction agree in writing to disposition or until a court of competent jurisdiction issues an order relative to disposition.

(G)   Notify the Commission of the date the trust account will be closed.

(H)   All advertising in the name of the firm must be terminated and offering signs removed within thirty (30) days of death or disability of the broker.

(3)   In the case of a corporation, association or partnership which ceases all brokerage activity, the provisions of paragraph (2) of this Section apply.

[Source: Amended at 12 Ok Reg 1813, eff 7-1-95; Amended at 15 Ok Reg 3322, eff 7-13-98]

Note

EDITOR’S NOTE: These 7-1-95 amendments included a cross reference to Section 605:10-7-8.2. However, Section 605:10-7-8.2, as proposed, was disapproved by the Governor on 3-31-95, and was therefore not promulgated with the other 7-1-95 amendments.