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.
History:
[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.]
Structure Idaho Code
Title 54 - PROFESSIONS, VOCATIONS, AND BUSINESSES
Chapter 20 - IDAHO REAL ESTATE LICENSE LAW
Section 54-2001 - SHORT TITLE.
Section 54-2002 - LICENSURE REQUIRED.
Section 54-2004 - DEFINITIONS.
Section 54-2005 - THE IDAHO REAL ESTATE COMMISSION.
Section 54-2006 - QUALIFICATIONS OF COMMISSIONERS — TERM AND ORGANIZATION.
Section 54-2007 - COMPENSATION, POWERS AND DUTIES OF COMMISSION.
Section 54-2008 - ESTABLISHMENT OF IDAHO REAL ESTATE EDUCATION COUNCIL.
Section 54-2009 - COUNCIL APPOINTMENT, QUALIFICATIONS AND TERM.
Section 54-2010 - COMPENSATION.
Section 54-2011 - TYPES OF LICENSES.
Section 54-2012 - MINIMUM REQUIREMENTS FOR AN INDIVIDUAL PRIMARY IDAHO LICENSE.
Section 54-2013 - ERRORS AND OMISSIONS INSURANCE.
Section 54-2014 - LICENSE EXAMS.
Section 54-2017 - COOPERATIVE LICENSES.
Section 54-2019 - DENIAL OF LICENSE APPLICATIONS.
Section 54-2021 - OCCUPATIONAL LICENSES FUND — RECEIPTS AND DISBURSEMENTS.
Section 54-2022 - REAL ESTATE EDUCATION — PRELICENSE REQUIREMENTS.
Section 54-2023 - CONTINUING EDUCATION REQUIREMENTS.
Section 54-2024 - PURPOSE OF CERTIFICATION.
Section 54-2025 - CERTIFICATION REQUIREMENTS.
Section 54-2026 - CERTIFICATION OF COURSE PROVIDERS.
Section 54-2027 - DUTIES AND REQUIREMENTS OF ALL CERTIFIED COURSE PROVIDERS.
Section 54-2028 - TERM OF PROVIDER CERTIFICATION AND RENEWAL.
Section 54-2029 - NOTICE OF POTENTIAL EXPIRATION OF CERTIFICATION.
Section 54-2030 - EXPIRATION OR WITHDRAWAL OF PROVIDER CERTIFICATION — NOTICE TO STUDENTS.
Section 54-2031 - WITHDRAWAL OF IDAHO CERTIFICATION FOR CAUSE — PROCESS.
Section 54-2032 - CERTIFICATION OF INSTRUCTORS.
Section 54-2033 - INSTRUCTOR QUALIFICATIONS.
Section 54-2034 - SPECIAL CONSIDERATION — DISCRETION OF THE COMMISSION.
Section 54-2035 - TERM OF INSTRUCTOR CERTIFICATION AND RENEWAL.
Section 54-2036 - CERTIFICATION OF COURSES AND COURSE CONTENT.
Section 54-2037 - TERM OF COURSE CERTIFICATION AND RENEWAL.
Section 54-2038 - DESIGNATED BROKER — GENERAL RESPONSIBILITIES — BROKER PRICE OPINIONS.
Section 54-2039 - BROKER AND BRANCH MANAGER.
Section 54-2040 - MAIN OFFICE OR BUSINESS LOCATION.
Section 54-2041 - TRUST ACCOUNTS AND ENTRUSTED PROPERTY.
Section 54-2042 - CREATION OF NONINTEREST-BEARING TRUST ACCOUNTS — REQUIREMENTS.
Section 54-2043 - INTEREST-BEARING TRUST ACCOUNTS.
Section 54-2044 - TRUST ACCOUNT RECORDKEEPING — FORMAT OF RECORDS REQUIRED.
Section 54-2045 - TRUST ACCOUNT DEPOSITS AND RECEIPT OF CONSIDERATION.
Section 54-2046 - TRUST ACCOUNT DISBURSEMENTS.
Section 54-2047 - DISPUTED EARNEST MONEY.
Section 54-2048 - RESPONSIBLE BROKER FOR THE TRANSACTION — DUTIES AND RECORDKEEPING.
Section 54-2049 - RECORD RETENTION SCHEDULES.
Section 54-2050 - BROKERAGE REPRESENTATION AGREEMENTS — REQUIRED ELEMENTS.
Section 54-2051 - OFFERS TO PURCHASE.
Section 54-2052 - ELECTRONICALLY GENERATED AGREEMENTS.
Section 54-2053 - ADVERTISING.
Section 54-2054 - COMPENSATION, COMMISSIONS AND FEES — PROHIBITED CONDUCT.
Section 54-2055 - LICENSEES DEALING WITH THEIR OWN PROPERTY.
Section 54-2056 - TERMINATING OR CHANGING LICENSED BUSINESS RELATIONSHIPS.
Section 54-2057 - DEATH OR INCAPACITY OF A DESIGNATED BROKER.
Section 54-2058 - AUTHORITY TO INVESTIGATE AND DISCIPLINE.
Section 54-2059 - DISCIPLINARY POWERS — REVOCATION, SUSPENSION OR OTHER DISCIPLINARY ACTION.
Section 54-2060 - GROUNDS FOR DISCIPLINARY ACTION.
Section 54-2063 - DISCIPLINARY PROCEDURE AND REVIEW OF AGENCY ACTION.
Section 54-2064 - PROOF OF COMPLAINT — PROSECUTION BY COUNTY PROSECUTING ATTORNEY.
Section 54-2065 - PENALTY FOR ACTING AS A BROKER OR SALESPERSON WITHOUT LICENSE.
Section 54-2066 - INJUNCTIVE RELIEF.
Section 54-2067 - CEASE AND DESIST ORDERS.
Section 54-2068 - WITNESSES — DEPOSITIONS — FEES — SUBPOENAS.
Section 54-2069 - REAL ESTATE RECOVERY FUND ESTABLISHED.
Section 54-2070 - AUGMENTATION OF FUND.
Section 54-2071 - RECOVERY FROM FUND — PROCEDURE — GROUNDS — AMOUNT — HEARING.
Section 54-2072 - COMMISSION MAY ANSWER PETITION — COMPROMISE OF CLAIMS.
Section 54-2073 - COURT ORDER REQUIRING PAYMENT FROM RECOVERY FUND.
Section 54-2075 - ORDER OF PAYMENT OF CLAIMS IF RECOVERY FUND BALANCE INSUFFICIENT — INTEREST.
Section 54-2076 - COMMISSION’S RIGHT TO SUBROGATION.
Section 54-2077 - WAIVER OF RIGHTS.
Section 54-2080 - RECORDS — DISCLOSURE TO PUBLIC.
Section 54-2082 - SHORT TITLE.
Section 54-2083 - DEFINITIONS.
Section 54-2084 - BROKERAGE AGENCY RELATIONSHIPS — CREATION.
Section 54-2086 - DUTIES TO A CUSTOMER.
Section 54-2087 - DUTIES TO A CLIENT.
Section 54-2088 - LIMITED DUAL AGENCY AND ASSIGNED AGENCY PERMITTED.
Section 54-2089 - BROKER COMPENSATION.
Section 54-2091 - DURATION OF AGENCY RELATIONSHIP.
Section 54-2092 - DUTIES AND OBLIGATIONS OWED AFTER TERMINATION OF REPRESENTATION.
Section 54-2093 - VICARIOUS LIABILITY ABOLISHED.
Section 54-2094 - REPRESENTATION NOT FIDUCIARY IN NATURE.
Section 54-2095 - CONFLICTS WITH OTHER LAW.