Idaho Real Estate Practice Exam

What must a licensee do after transferring from one firm to another?

1. Notify their former broker in writing within 3 business days

2. Return all keys and files to the former broker

3. Immediately begin working with new clients

4. File a new application with the Idaho Real Estate Commission

The correct answer is: Notify their former broker in writing within 3 business days

A licensee must notify their former broker in writing within 3 business days after transferring from one firm to another. This requirement is essential for maintaining professionalism and ensuring clear communication within the industry. By providing written notice, the licensee is formally indicating to their former broker that they are no longer associated with the firm, which allows the broker to update their records accordingly. Timeliness is crucial in this process, as the 3-day period helps to prevent misunderstandings about the licensee's status and obligations to clients under the previous broker's supervision. Providing written notice also helps to facilitate any necessary transitions regarding ongoing transactions and clients who may require assistance during the change. While returning keys and files to the former broker is an important step in the transition, it does not specifically fulfill the requirement set by the Idaho Real Estate Commission regarding notification. Starting work with new clients should not occur until the proper transfer protocols have been completed, ensuring that all legal and ethical considerations are addressed. Filing a new application with the Idaho Real Estate Commission is also not a necessary step for a transfer, as a licensee retains their license but must inform the former broker of their departure.