Idaho § 54-2039 - Broker and branch manager

§ 54-2039. Broker and branch manager

(1) Each real estate brokerage company must have a legally qualified individual acting as designated broker at all times. Each branch office licensed under section 54-2016 (4), Idaho Code, shall have, at all times, a legally qualified individual acting as branch manager.

(2) Change of broker in business entity. A license issued to a legal business entity, as defined in this chapter, is effective only as long as the individual designated broker’s license is in active status and in effect. If the individual so designated has a license refused, revoked, suspended or otherwise made inactive by the commission, or if the individual designated broker voluntarily surrenders the individual license or ceases to be connected with the entity in the manner required in this chapter, the business entity shall have ten (10) business days in which to designate another qualified individual as designated broker before the entity’s license is terminated, and the licenses of all associated licensees are made inactive.

(3) Effective date of changes. No change in designated broker shall be effective until written notice is received and approved by the commission, in the form required.

(4) Failure to comply - Original broker to remain responsible except in the case of revocation. Where a licensed brokerage company fails to comply with this section and its office is closed, or during any period where the designated broker has left the brokerage company and no new broker has been designated to act for the company, the original designated broker shall remain responsible for trust account funds, pending transactions and records in the manner described in sections 54-2041 through 54-2049 , Idaho Code. However, if the license of the original designated broker of the brokerage company is revoked, the license of that brokerage company shall be made inactive and its office closed until the company designates another qualified individual to act as broker.

[54-2039, added 2000, ch. 285, sec. 3, p. 931; am. 2001, ch. 123, sec. 14, p. 433; am. 2015, ch. 51, sec. 9, p. 121; am. 2020, ch. 106, sec. 2, p. 287.]