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Idaho Statutes Title 54. Professions, Vocations, and Businesses § 54-2038. Designated broker--General responsibilities--Broker price opinions

Current as of January 01, 2024 | Updated by Findlaw Staff

The requirement that each brokerage company be maintained and conducted in compliance with the Idaho real estate license law and the Idaho real estate brokerage representation act is the responsibility of its designated broker. The designated broker is responsible for the actions of its licensees and associated unlicensed persons performed within the course and scope of their employment or agency, regardless of the location of the company's business or where representation is conducted.

(1) A designated broker is required to:

(a) Supervise and control, in the manner required by law and rule, all office locations, and the activities of all licensees and unlicensed persons associated with that brokerage company or for whom that designated broker is responsible;

(b) Review and approve all real estate agreements including, but not limited to, those related to listing, selling or purchasing property and brokerage representation agreements;

(c) Be reasonably available to manage and supervise the brokerage company during regular business hours and will maintain adequate, reasonable, and regular contact with sales associates engaged in real estate transactions so as to prevent or curtail practices by a licensee that would violate any provision of this chapter; and

(d) Be reasonably available to the public during business hours in order to discuss or resolve complaints and disputes that arise during the course of real estate transactions in which the designated broker or his sales associate is involved.

(2) A broker who is otherwise qualified to do business in Idaho, but is not able to manage and supervise according to this section, may be licensed as a “limited broker” in Idaho and shall not have any sales associates licensed under that broker.

(3) An actively licensed salesperson or broker may, in the ordinary course of business, give an opinion of the price of real estate for the purpose of a prospective listing or sale. Only an actively licensed broker or associate broker may prepare and render a broker price opinion, as defined in this chapter. An associate broker who prepares and renders a broker price opinion shall notify the designated broker, and the associate broker may not accept any fee except through the designated broker. Any licensee who renders a price opinion that does not comply with this subsection or with the requirements of section 54-4105, Idaho Code, is subject to discipline by the commission.

(4) A designated broker shall not allow any person who is not properly licensed to represent that broker as a sales associate, or otherwise, in any real estate business activities requiring a real estate license. “Properly licensed” means a license or a change in license that has been made effective by the commission.

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Cite this article: FindLaw.com - Idaho Statutes Title 54. Professions, Vocations, and Businesses § 54-2038. Designated broker--General responsibilities--Broker price opinions - last updated January 01, 2024 | https://codes.findlaw.com/id/title-54-professions-vocations-and-businesses/id-st-sect-54-2038/

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