Question

Pete is a sole proprietor broker and has six salespeople who he employs. On June 9th, Pete is killed in a car accident. Tom is one of the salespeople and his listing is set to close on June 20th. What will happen to the proposed closing?

Answer 1

Answer:

B). The estate will notify the Commission within 15 days of death and tell the Commission that a new termination broker has been found. The closing will continue.

Explanation:

According to the security and exchange commission rules, in the incident of the death of a terminating broker, a new terminating broker should be employed and the estate should notify the commission within 15 days of the death of the previous broker and the closing will continue as planned.