Idaho Code 54-2074 – Automatic Suspension of Broker’S, Associate Broker’S or Salesperson’S License On Payment by Commission — Condition for License Reinstatement
Current as of: 2023 | Check for updates
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Terms Used In Idaho Code 54-2074
- Associate broker: means an individual who has qualified personally as a real estate broker in Idaho under this chapter, but is licensed under, associated with and represents a designated broker in the performance of any act described in subsection (39) of this section. See Idaho Code 54-2004
- Commission: means the Idaho real estate commission, unless the context clearly indicates a different meaning. See Idaho Code 54-2004
- salesperson: means any person who has qualified and is licensed as a real estate salesperson in Idaho under this chapter and is licensed under, associated with, and represents a designated broker in the performance of any act described in subsection (39) of this section. See Idaho Code 54-2004
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
If, pursuant to court order, the commission pays from the recovery fund any amount in settlement of a claim or towards satisfaction of a judgment against a licensed broker, associate broker or salesperson, the license of such broker, associate broker or salesperson shall be automatically suspended without further order of the commission upon the effective date of any order by the court as set forth herein authorizing payment from the recovery fund. No such broker, associate broker or salesperson shall be granted reinstatement until he has repaid in full, the amount so paid from the recovery fund plus interest at the legal rate of interest allowable by law for judgments.