2005 Idaho Code - 54-2057 — DEATH OR INCAPACITY OF A DESIGNATED BROKER

                                  TITLE  54
                    PROFESSIONS, VOCATIONS, AND BUSINESSES
                                  CHAPTER 20
                        IDAHO REAL ESTATE LICENSE LAW
    54-2057.  DEATH OR INCAPACITY OF A DESIGNATED BROKER. (1) Legal business
entities. Upon the death or incapacity of a designated broker for a legal
business entity licensed as a real estate brokerage company in Idaho, the
licensed entity shall appoint and designate a qualified individual as
designated broker in the manner and within the time required in section
54-2039, Idaho Code, or shall cease to be licensed.
    (2)  Sole proprietorships. Upon the death or incapacity of a sole
proprietor broker, the commission may issue a limited authorization for an
executor, administrator, conservator, personal representative, court-appointed
guardian, or some other person or agency to close out the pending transactions
on behalf of the deceased or incapacitated broker, and only in accordance with
the provisions of this section. The person given temporary authority shall
close out the affairs of the deceased or incapacitated sole proprietor broker
by taking the following actions:
    (a)  Termination of listings and buyer brokerage agreements. Termination
    of all listings and buyer brokerage agreements in which there are not
    outstanding offers or earnest money receipts.
    (b)  Completion of negotiations. Completion of all negotiations between
    buyers and sellers on transactions in which an offer to purchase has been
    written or received.
    (c)  Accounting for moneys. Depositing and withdrawing moneys from the
    real estate trust account in connection with completion of all
    transactions still pending at the time of death of a sole proprietor
    broker.
    (d)  Commissions. Prompt payment of all real estate commissions owing
    after closing of all transactions, both to the decedent broker's duly
    appointed personal representative and to sales associates of the deceased
    broker or participating brokers entitled to commissions resulting from the
    transactions.