Final answer:
When a qualifying broker dies or becomes incapacitated, the firm must select a salesperson or broker to apply for a temporary qualifying broker's license within 30 days.
Step-by-step explanation:
The firm must select a salesperson or broker to apply for a temporary qualifying broker's license within 30 days. When a qualifying broker is unable to fulfill their duties due to death or incapacitation, the company must promptly address the vacancy to maintain lawful business operations.
The designated salesperson or broker will assume the role temporarily, giving the firm time to find a permanent solution. This procedure ensures that the real estate firm remains compliant with legal requirements and can continue serving its clients without interruption.
In the context of real estate, a broker is an intermediary between buyers and sellers, helping facilitate property transactions.