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?

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.