Oregon License Law
Under Oregon's real estate licensing law, what happens if a broker's license lapses (expires without renewal)?
AThe broker may continue working for 90 days under a grace period
BThe broker must cease all licensed activities immediately until the license is reinstated✓ Correct
CThe principal broker assumes liability for all the broker's transactions
DThe broker automatically converts to an unlicensed assistant
Explanation
An expired license means the person is unlicensed and may not perform any activities requiring a real estate license. Oregon law does not provide a grace period for continuing licensed activities with an expired license.
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Key Terms to Know
Fiduciary Duty
The highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
Adverse PossessionA doctrine by which a person can gain legal title to another's land by openly, continuously, and adversely occupying it for a statutory period.
State-Specific Concepts
License Law
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