If the only active broker in a brokerage corporation passes away, how long does the corporation have to fill the vacancy?

In the case of a brokerage corporation where the only active broker passes away, the law requires the corporation to fill the vacancy within 14 calendar days. This regulation is in place to ensure that the brokerage maintains legal and operational continuity. If the vacancy is not filled within this specified timeframe, the corporation risks facing penalties, including the potential suspension of its brokerage license.

The requirement for a timely appointment is crucial for consumer protection as well, ensuring that clients continue to receive service and that real estate transactions can proceed without interruption. This underscores the importance of having a succession plan or backup management in place within brokerage operations.