49 Pa. Code § 35.252 - Termination of business of deceased broker with sole proprietorship

(a) Within 15 days following the death of a broker with a sole proprietorship, the deceased broker's estate shall notify the Commission that the estate has appointed another licensed broker to supervise the termination of the deceased broker's business. The appointment is subject to verification that the appointed broker has a current license.

(b) The appointed broker shall observe the following rules during the termination period:

(1) New listing agreements may not be entered into.

(2) Unexpired listing agreements may be promoted unless the seller or lessor elects to cancel the agreement. Unexpired listings will expire automatically 90 days after the broker dies and may not be renewed.

(3) Pending agreements of sale or lease may proceed to consummation.

(4) New licensees may not be hired.

Notes

49 Pa. Code § 35.252

The provisions of this § 35.252 adopted February 24, 1989, effective 2/25/1989, 19 Pa.B. 781; amended December 10, 2004, effective 12/11/2004, 34 Pa.B. 6530.

The provisions of this § 35.252 issued under the Real Estate Licensing and Registration Act (63 P. S. §§ 455.101-455.902).