Protecting the public interest in regulated real estate transactions

Business Entity License Requirements

Sole Proprietorship:
The designated broker must complete all requirements for a broker’s license.  If already licensed as a broker, submit a Notice of Change Form to show the change to the new office.  In addition, the following documents are required:
   1.    An additional completed license application for the sole proprietorship.
   2.    Completed Trust Account Notification form. 
   3.    If applicable, a copy of the file-stamped Certificate of Assumed Business Name from the Idaho Secretary of State.

Corporation, Limited Liability Company, Partnership, Limited Liability Partnership, Limited Partnership:
The designated broker must complete all requirements for a broker’s license.  If already licensed as a broker, submit a Notice of Change Form to show the change to the new office.  In addition, the following documents are required:
   1.    An additional completed license application for the business entity.  The expiration date of a business entity license will be the same as the expiration date of the designated broker’s license.
   2.    Proof of separate E&O insurance for the business entity.
   3.    Completed Trust Account Notification form. 
   4.    If applicable, a copy of the file-stamped Certificate of Assumed Business Name from the Idaho Secretary of State.

AND one of the following:

Corporation
   5.    Copy of the Idaho Secretary of State file-stamped Articles of Incorporation or Certificate of Authority.
   6.    Copy of the meeting minutes or corporate resolution naming the designated broker, who shall be an officer of the corporation.
   7.    List of officers, directors, and their addresses.

Limited Liability Company
   5.    Copy of the Idaho Secretary of State file-stamped Articles of Organization or Registration of Foreign LLC.
   6.    The portion of the operating agreement naming the designated broker, who shall be a member or a manager of the LLC.
   7.    List of members, managers, and their addresses.

Partnership
   5.    Copy of the Idaho Secretary of State file-stamped Statement of Partnership Authority, if applicable.
   6.    Copy of the portion of Partnership Agreement naming the designated broker, who shall be a partner.
   7.    List of partners and their addresses.

Limited Liability Partnership
   5.    Copy of the Idaho Secretary of State file-stamped Statement of Qualification or Statement of Foreign Qualification.
   6.    Copy of the LLP partnership or operating agreement naming the designated broker, who must be a general partner.
   7.    List of all partners and their addresses.

Limited Partnership
   5.    Copy of the Idaho Secretary of State file-stamped Certificate of Limited Partnership or Certificate of Authority for Foreign Limited Partnership.
   6.    Copy of the Partnership Agreement naming the designated broker, who must be a general partner.
   7.    List of all partners and their addresses.

Licensed Branch Office
The designated broker of the main office must name a managing associate broker for the branch office.  The branch office must operate under the same name as the main office.  The managing associate broker must complete all requirements for a broker’s license.  If already licensed as a broker, submit a Notice of Change Form to show the change to the new office.  In addition, the following documents are required:
   1.   Completed Branch Office license application.
   2.   Completed Trust Account Notification form. 

 

All application forms are available on our Forms page.