When a qualifying broker closes their brokerage in Idaho, what happens to the licenses of the associated agents?
Correct Answer
B) Agents must transfer their license to a new qualifying broker or place their license on inactive status
Under Idaho law, when a qualifying broker closes their brokerage, all associated licensees must either transfer their license to a new qualifying broker or place their license on inactive status with the Idaho Real Estate Commission (IREC). Agents cannot practice real estate in Idaho without being affiliated with an active qualifying broker. Licenses do not transfer automatically, and agents are not required to retake the licensing exam.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
The extent of power and actions an agent is authorized to perform on behalf of the principal, as defined by the agency agreement.
The fiduciary obligations owed by a listing agent to the seller, including marketing the property, presenting all offers, and protecting the seller's confidential information.
A practice where the agent or brokerage represents only one party in a transaction — either the buyer or the seller, but never both.
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