54-2001 Short Title
54-2002 Licensure Required
54-2003 Exceptions to Licensure — Active Licensees — Transactions Involving Personal Property
54-2004 Definitions
54-2005 the Idaho Real Estate Commission
54-2006 Qualifications of Commissioners — Term and Organization
54-2007 Compensation, Powers and Duties of Commission
54-2008 Establishment of Idaho Real Estate Education Council
54-2009 Council Appointment, Qualifications and Term
54-2010 Compensation
54-2011 Types of Licenses
54-2012 Minimum Requirements for an Individual Primary Idaho License
54-2013 Errors and Omissions Insurance
54-2014 License Exams
54-2015 Individuals Actively Licensed in Another State or Jurisdiction Seeking Primary Idaho Licensure
54-2016 Primary Idaho Licenses for Legal Business Entities, Sole Proprietorships and Branch Offices — Additional Requirements
54-2017 Cooperative Licenses
54-2018 License Renewals — Inactive License Status — Personal Changes — Effective Dates — Fees Nonrefundable
54-2019 Denial of License Applications
54-2020 Fees
54-2021 Disposition of Funds
54-2022 Real Estate Education — Prelicense Requirements
54-2023 Continuing Education Requirements
54-2024 Purpose of Certification
54-2025 Certification Requirements
54-2026 Certification of Course Providers
54-2027 Duties and Requirements of All Certified Course Providers
54-2028 Term of Provider Certification and Renewal
54-2029 Notice of Potential Expiration of Certification
54-2030 Expiration or Withdrawal of Provider Certification — Notice to Students
54-2031 Withdrawal of Idaho Certification for Cause — Process
54-2032 Certification of Instructors
54-2033 Instructor Qualifications
54-2034 Special Consideration — Discretion of the Commission
54-2035 Term of Instructor Certification and Renewal
54-2036 Certification of Courses and Course Content
54-2037 Term of Course Certification and Renewal
54-2038 Designated Broker — General Responsibilities — Broker Price Opinions
54-2039 Broker and Branch Manager
54-2040 Main Office or Business Location
54-2041 Trust Accounts and Entrusted Property
54-2042 Creation of Noninterest-Bearing Trust Accounts — Requirements
54-2043 Interest-Bearing Trust Accounts
54-2044 Trust Account Recordkeeping — Format of Records Required
54-2045 Trust Account Deposits and Receipt of Consideration
54-2046 Trust Account Disbursements
54-2047 Disputed Earnest Money
54-2048 Responsible Broker for the Transaction — Duties and Recordkeeping
54-2049 Record Retention Schedules
54-2050 Brokerage Representation Agreements — Required Elements
54-2051 Offers to Purchase
54-2052 Electronically Generated Agreements
54-2053 Advertising
54-2054 Compensation, Commissions and Fees — Prohibited Conduct
54-2055 Licensees Dealing With Their Own Property
54-2056 Terminating or Changing Licensed Business Relationships
54-2057 Death or Incapacity of a Designated Broker
54-2058 Authority to Investigate and Discipline
54-2059 Disciplinary Powers — Revocation, Suspension or Other Disciplinary Action
54-2060 Grounds for Disciplinary Action
54-2061 Additional Grounds for Disciplinary Action — Court Actions — Licensee to Report to Commission
54-2062 Additional Grounds for Disciplinary Action — Other Administrative Actions — Licensee to Report to Commission
54-2063 Disciplinary Procedure and Review of Agency Action
54-2064 Proof of Complaint — Prosecution by County Prosecuting Attorney
54-2065 Penalty for Acting as a Broker or Salesperson Without License
54-2066 Injunctive Relief
54-2067 Cease and Desist Orders
54-2068 Witnesses — Depositions — Fees — Subpoenas
54-2069 Real Estate Recovery Fund Established
54-2070 Augmentation of Fund
54-2071 Recovery From Fund — Procedure — Grounds — Amount — Hearing
54-2072 Commission May Answer Petition — Compromise of Claims
54-2073 Court Order Requiring Payment From Recovery Fund
54-2074 Automatic Suspension of Broker’s, Associate Broker’s or Salesperson’s License On Payment by Commission — Condition for License Reinstatement
54-2075 Order of Payment of Claims If Recovery Fund Balance Insufficient — Interest
54-2076 Commission’s Right to Subrogation
54-2077 Waiver of Rights
54-2078 Disciplinary Action Against Licensees Not Restricted for Violations of Law or Rules
54-2079 Termination of Sales Associate for Violation of Disciplinary Provisions — Statement to Be Filed With Commission
54-2080 Records — Disclosure to Public
54-2082 Short Title
54-2083 Definitions
54-2084 Brokerage Agency Relationships — Creation
54-2085 Disclosure and Writing Requirements — Agency Disclosure Brochure and Representation Confirmation
54-2086 Duties to a Customer
54-2087 Duties to a Client
54-2088 Limited Dual Agency and Assigned Agency Permitted
54-2089 Broker Compensation
54-2091 Duration of Agency Relationship
54-2092 Duties and Obligations Owed After Termination of Representation
54-2093 Vicarious Liability Abolished
54-2094 Representation Not Fiduciary in Nature
54-2095 Conflicts With Other Law
54-2096 Severability
54-2097 Rulemaking Authority of the Commission

Terms Used In Idaho Code > Title 54 > Chapter 20

  • Accredited college or university: means an institution accredited by the regional accrediting associations, as reported in the most current publication of the accredited institutions of postsecondary education. See Idaho Code 54-2004
  • Active license: means the status of a real estate license that has not been inactivated, expired, terminated, suspended or revoked. See Idaho Code 54-2004
  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Branch office: means an office operated by a licensed real estate broker or licensed legal business entity, separate and apart from the main office. See Idaho Code 54-2004
  • Broker price opinion: means a written price opinion of the estimated price for identified real property prepared or rendered by an actively licensed broker or associate broker, for a purpose other than a prospective listing or sale, and that complies or purports to comply with the requirements and content provision of section 54-4105, Idaho Code. See Idaho Code 54-2004
  • Brokerage company: means a real estate business, whether a sole proprietorship, a legal entity, or any other licensed person engaged in acts requiring a real estate license in Idaho, that is conducting or holding itself out as conducting the business of real estate through a designated broker. See Idaho Code 54-2004
  • Brokerage representation agreement: means a written contract between a buyer, seller, or both, and a real estate brokerage for agency representation in a regulated real estate transaction. See Idaho Code 54-2004
  • Business conduct and office operations course: means the component of the advanced real estate course that is required in order to obtain a broker license and that teaches business practices and office operations of the brokerage, including recordkeeping, trust account procedures and the laws governing those practices. See Idaho Code 54-2004
  • Business day: means and includes each day of the week except Saturday, Sunday or any other legal holiday enumerated in section 73-108, Idaho Code. See Idaho Code 54-2004
  • Business name: means the name in which the brokerage company is licensed by the commission. See Idaho Code 54-2004
  • Business opportunity: means and includes an established business, goodwill of an established business, or any interest therein, or any one (1) or combination thereof, where a sale or transfer of an interest in land including, but not limited to, an assignment of a lease, is involved in the transaction. See Idaho Code 54-2004
  • Commercial real estate: means a business opportunity as defined in this section, or any real estate other than real property improved by one (1) to four (4) residential dwelling units. 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
  • Commission core course: means the annual course covering the twelve (12) month period between July 1 and June 30, which contains curriculum identified by the commission that stresses that year’s trends in real estate practices and changes in laws in real estate-related industries. See Idaho Code 54-2004
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Continuance: Putting off of a hearing ot trial until a later time.
  • Continuing education elective course: means a real estate course offering, other than the commission core course for which continuing education credit hours may be obtained as provided in section 54-2023, Idaho Code. See Idaho Code 54-2004
  • Contract: A legal written agreement that becomes binding when signed.
  • Convicted: means a plea of nolo contendere or guilty, a jury verdict of guilty or a court decision of guilt whether or not a judgment or sentence has been imposed, withheld or suspended. See Idaho Code 54-2004
  • Conviction: A judgement of guilt against a criminal defendant.
  • Cooperative sale: means a transaction involving two (2) or more brokers. See Idaho Code 54-2004
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Council: means the Idaho real estate education council. See Idaho Code 54-2004
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Dealer in options: means any person, firm, partnership, association or corporation who shall directly or indirectly take, obtain or use options to purchase, exchange, lease option or lease purchase real property or any interest therein for another or others whether or not the options shall be in his or its name and whether or not title to the property shall pass through the name of the person, firm, partnership, association or corporation in connection with the purchase, sale, exchange, lease option or lease purchase of the real property, or interest therein. See Idaho Code 54-2004
  • Decedent: A deceased person.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Deposition: An oral statement made before an officer authorized by law to administer oaths. Such statements are often taken to examine potential witnesses, to obtain discovery, or to be used later in trial.
  • Designated broker: means an individual who is licensed as a real estate broker in Idaho and who is designated by the brokerage company to be responsible for the supervision of the brokerage company and the activities of any associated licensees in accordance with this chapter. See Idaho Code 54-2004
  • Distance learning course: means , in relation to a real estate course offering, a real estate course that is delivered not as a live course but through a medium in which the instructor and student are separated by both distance and time. See Idaho Code 54-2004
  • Double contract: means two (2) or more written or unwritten contracts of sale, purchase and sale agreements, loan applications, or any other agreements, one (1) of which is not made known to the prospective loan underwriter or the loan guarantor, to enable the buyer to obtain a larger loan than the true sales price would allow, or to enable the buyer to qualify for a loan that he or she otherwise could not obtain. See Idaho Code 54-2004
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Executive director: means the executive director of the Idaho real estate commission. See Idaho Code 54-2004
  • Executor: A male person named in a will to carry out the decedent
  • Expired license: means the status of a license when the license period has expired and the license is not renewed or provisional license granted, and before the license is terminated. See Idaho Code 54-2004
  • Fee or commission: means a payment, actual, promised or expected, as compensation for the performance of any act requiring a real estate license. See Idaho Code 54-2004
  • Felony: A crime carrying a penalty of more than a year in prison.
  • Fiduciary: A trustee, executor, or administrator.
  • Fraud: Intentional deception resulting in injury to another.
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Inactive license: means the status of a license that is not expired, terminated, suspended or revoked, and during which inactive period the license holder is not authorized to act as or associate with a designated broker. See Idaho Code 54-2004
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Legal business entity: means and includes any type of corporation, partnership, limited liability company or limited liability partnership, a governmental entity, trust or other entity capable of conducting business. See Idaho Code 54-2004
  • Licensee: means any person who is licensed in accordance with this chapter to engage in the business or act in the capacity of real estate broker, associate broker or real estate salesperson. See Idaho Code 54-2004
  • Live presentation: means , in reference to a real estate course offering, a real estate course that is personally presented by the instructor and personally attended by the student at the same facility, or, if separated by distance, the instructor and student are connected by contemporaneous, two-way audio and visual communication. See Idaho Code 54-2004
  • Main office: means the principal location where the real estate broker is licensed to transact business. See Idaho Code 54-2004
  • Misdemeanor: Usually a petty offense, a less serious crime than a felony, punishable by less than a year of confinement.
  • Month: means a calendar month, unless otherwise expressed. See Idaho Code 73-114
  • Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Out-of-state broker: means a person who holds the equivalent of an active Idaho designated broker license in another jurisdiction who is not licensed as a real estate broker under this chapter. See Idaho Code 54-2004
  • Out-of-state sales associate: means a person who holds the equivalent of an active Idaho salesperson or associate broker license in another jurisdiction who is not licensed as a salesperson or associate broker under this chapter. See Idaho Code 54-2004
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: means and includes an individual, or any legal business entity. See Idaho Code 54-2004
  • Personal property: includes money, goods, chattels, things in action, evidences of debt and general intangibles as defined in the uniform commercial code — secured transactions. See Idaho Code 73-114
  • Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
  • Post license course: means a commission-approved or certified elective course that is specifically oriented toward salespersons in their first two (2) years of Idaho practice. See Idaho Code 54-2004
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
  • Property: includes both real and personal property. See Idaho Code 73-114
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • Provisional license: means an extension of the period of active licensure, beyond the licensee’s expiration date, granted by the commission for the purpose of allowing the licensee to complete the continuing education requirements set forth in section 54-2023, Idaho Code, or for any other purpose allowed by this chapter. See Idaho Code 54-2004
  • Quorum: The number of legislators that must be present to do business.
  • Real estate broker: means and includes:
Idaho Code 54-2004
  • Real estate settlement procedures act: means the real estate settlement procedures act of 1974, as amended, 12 U. See Idaho Code 54-2004
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Regular employee: means an individual who performs a service for wages or other compensation and whose employer withholds federal employment taxes under a contract of hire, written or oral, express or implied. See Idaho Code 54-2004
  • Regulated real estate transaction: means those real estate transactions for which a real estate license is required under chapter 20, title 54, Idaho Code. See Idaho Code 54-2004
  • Responsible broker: means the designated broker in the regulated real estate transaction who is responsible for the accounting and transaction files for the transaction, in the manner described in section 54-2048, Idaho Code. See Idaho Code 54-2004
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Revoked license: means a license that has been permanently revoked by the issuing authority. See Idaho Code 54-2004
  • Sales associate: means a salesperson or an associate broker licensed under and associated with a designated broker. 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.
  • State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
  • State or jurisdiction: means and includes any state or territory of the United States, the District of Columbia and any foreign jurisdiction that issues real estate licenses substantially similar to those provided for in this chapter. See Idaho Code 54-2004
  • Statute: A law passed by a legislature.
  • Subpoena: A command to a witness to appear and give testimony.
  • Successfully completed: means , in reference to a real estate course offering, completing all required course hours and, except where the licensee seeks continuing education credit for having regularly attended the live presentation of a course, passing a commission-approved assessment or final examination. See Idaho Code 54-2004
  • Surrendered license: means a license that has been voluntarily terminated or surrendered by a licensee who, at the time of the voluntary termination or surrender, was under investigation or named in a formal administrative complaint. See Idaho Code 54-2004
  • Suspended license: means a license that has been temporarily suspended by the issuing authority. See Idaho Code 54-2004
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
  • Trustee: A person or institution holding and administering property in trust.
  • Verdict: The decision of a petit jury or a judge.
  • Writ: signifies an order or precept in writing, issued in the name of the people, or of a court or judicial officer, and the word "process" a writ or summons issued in the course of judicial proceedings. See Idaho Code 73-114