Idaho § 54-2017 - COOPERATIVE LICENSES

§ 54-2017. COOPERATIVE LICENSES

(1) An individual who is currently and actively licensed as a real estate broker in another jurisdiction and wishes to work in cooperation with an Idaho real estate broker must submit an application on a form approved by the commission. The application must include:

(a) The name, physical and mailing addresses and telephone number of the out-of-state broker and any out-of-state sales associate employed by the out-of-state broker who will conduct the Idaho transaction;

(b) A current certified license history from the primary state of licensure for each out-of-state broker and out-of-state sales associate named in the application, which history shall indicate any disciplinary action taken against the applicant’s license by the other licensing jurisdiction, and the status and standing of the applicant’s license in the other jurisdiction;

(c) The name, license number, physical address and verified statement of consent and signature of the Idaho broker with whom the applicant wishes to cooperate;

(d) An irrevocable consent to service from each out-of-state broker and out-of-state sales associate named in the application, appointing the commission’s executive director to act as the out-of-state licensee’s agent upon whom all judicial and other process or legal notices directed to the licensee that are related to the Idaho transaction may be served, and consenting that any lawful process against the licensee that is served upon the executive director shall be of the same legal force and validity as if served upon the licensee and that the authority shall continue in force as long as any liability remains outstanding in this state. Upon receipt of any such process or notice, the executive director shall immediately mail a copy of the same by certified mail to the last known address of the out-of-state broker or out-of-state sales associate;

(e) Proof of current errors and omissions insurance that complies with the minimum requirements established by the commission, covering all out-of-state licensees for all licensed activities under the provisions of this chapter; and

(f) Applicable license fee, which fee shall be nonrefundable.

(2) A cooperative license is valid for twelve (12) months from the date of issuance, or until the license of the out-of-state broker expires or is inactivated, surrendered, suspended or revoked, whichever occurs first, and may not be renewed. In the event a transaction is not completed within the twelve (12) month period, a new cooperative license application may be submitted.

(3) It is a prerequisite to conducting a cooperative Idaho commercial real estate transaction that out-of-state licenses be maintained on active status. If the license of the out-of-state broker or any out-of-state sales associate named in the cooperative license application expires or is inactivated, surrendered, suspended or revoked, the out-of-state broker shall immediately give written notice to the commission.

(4) An out-of-state broker holding a cooperative license shall notify the commission in writing of any change of physical or mailing address for any out-of-state licensee named in the cooperative license application within ten (10) business days of the change.

(5) If at any time the out-of-state broker or the Idaho broker wishes to terminate the cooperative relationship, written notice of the termination shall be provided to the commission within ten (10) business days of the termination.

(6) When acting under a cooperative license, an out-of-state broker or out-of-state sales associate shall work through the cooperating Idaho broker. The Idaho broker must be in charge of the transaction from beginning to end. Any entrusted moneys received in a cooperative transaction may be handled only by the cooperating Idaho broker in accordance with section 54-2041 , Idaho Code.

(7) Each out-of-state broker or out-of-state sales associate, while cooperating with an Idaho broker, is governed by the provisions of this chapter. Any violation of a provision of this chapter by the out-of-state broker or out-of-state sales associate subjects the out-of-state licensee and the Idaho broker to disciplinary action in accordance with this chapter.

(8) An out-of-state broker may cooperate with only one (1) Idaho broker and an Idaho broker may cooperate with only one (1) out-of-state broker per commercial real estate transaction. However, an out-of-state broker may obtain a cooperative license for more than one (1) commercial real estate transaction at a time.

(9) The commission may deny an application for a cooperative license for any reason that is sufficient to deny an application for a license pursuant to this chapter.

[54-2017, added 2017, ch. 232, sec. 3, p. 568.]