Washington License Law
A Washington designated broker is retiring and wants to close the brokerage. What must happen to the existing listings and buyer representation agreements?
AThey terminate automatically upon the broker's retirement
BThey must be assigned to another licensed firm with client consent, or clients must be notified to seek other representation✓ Correct
CThey transfer to the next most senior agent in the firm
DThe DOL takes over management of the clients
Explanation
When a brokerage closes, existing clients must be notified and their representation agreements must be either assigned to another licensed firm (with client consent) or formally terminated, allowing clients to seek representation elsewhere.
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