2005 Idaho Code - 54-2056 — TERMINATING OR CHANGING LICENSED BUSINESS RELATIONSHIPS

                                  TITLE  54
                    PROFESSIONS, VOCATIONS, AND BUSINESSES
                                  CHAPTER 20
                        IDAHO REAL ESTATE LICENSE LAW
    54-2056.  TERMINATING OR CHANGING LICENSED BUSINESS RELATIONSHIPS. (1)
Termination of licensed association. A sales associate who terminates his
licensed association with a broker shall provide the broker written notice of
the termination no later than three (3) business days after the effective
date. A broker who terminates the licensed association of a sales associate
shall provide the associate written notice of the termination no later than
three (3) business days after the effective date. A licensee's written notice
to the commission does not relieve him of the duty to provide written notice
to the other licensee that he is terminating the licensed association. Upon
written notice of the termination of a sales associate's licensed business
association with a broker, whether by the broker or by the sales associate,
the broker shall remove from public view the former associate's license
certificate.
    (2)  New association. The broker shall submit a written application, in
the form and manner approved by the commission, for each sales associate
licensing with the broker.
    (3)  Termination for cause. Any broker who terminates the association of a
sales associate for the violation of any of the provisions of sections 54-2059
through 54-2065, Idaho Code, shall, within ten (10) business days of the
termination, notify the commission, in writing, of the termination and the
facts giving rise to the termination.
    (4)  Closing a branch office. Immediately upon closing a branch office,
the broker shall provide the commission written notice of the closure advising
of the new status of all licensees licensed with the closed branch. The broker
shall immediately remove from public view the branch office license
certificate and the license certificates of all licensees licensed in the
branch office.
    (5)  Property of the broker. Upon termination of the business relationship
as a sales associate licensed under a broker, the sales associate shall
immediately turn over to the broker all listing information and listing
contracts, keys, purchase and sale agreements and similar contracts, buyer
brokerage information and contracts, and other property belonging to the
broker. A sales associate shall not engage in any practice or conduct,
directly or indirectly, which encourages, entices or induces clients of the
broker to terminate any legal business relationship with the broker unless he
first obtains written permission of the broker.
    (6)  Location of trust accounts and file records. When an actively
licensed broker changes to a license status other than that of a designated
broker, that individual must notify the commission in writing of the location
of all trust accounts and transaction file records which the broker was
responsible for during the term of licensure as a designated broker. These
records shall be available to the commission for three (3) years following the
year in which each transaction was closed.
    (7)  Terminating relationships between a broker and a sole proprietorship
owned by a person other than the broker. When a broker for a sole
proprietorship, owned by a person other than the broker, terminates an
association with the owner, all records and trust account funds shall become
the property of, and be maintained and disbursed by, the terminating broker in
accordance with this chapter and applicable rules promulgated thereunder. The
terminating broker shall deliver, upon request made in writing by the clients
and the new broker of that sole proprietorship, such records and trust account
funds pertaining to that client, to the new broker who shall thereafter have
the responsibility for preservation and disbursement, in accordance with this
chapter and applicable rules promulgated thereunder.