Transcription of Law Book July 1, 2021 - Real Estate Commission
1 July 2021 idaho real Estate License Law & rules - i idaho real Estate Commission StaffPhone (208) 334-3285 Fax (208) 334-2050 Administration:MiChell BirdExecutive ValerioAdministrative Assistant Ron BassettFinancial BoyackChief Nathan WilliamsAdministrative Assistant Education & Licensing:Melissa FergusonEducation & Licensing RosensweigTechnical Records Specialist BoenderCustomer Service Representative RobertsAdministrative Assistant YoungTraining Specialist - idaho real Estate License Law & rules July 2021 Commissioners Michael James JohnstonSoutheastern DistrictWork: (208) CooperNorthern DistrictWork: StoneSouth Central DistrictCell: (208) 420-2685 EspilPublic MemberCell: (970) Be AppointedSouthwestern DistrictEducation CouncilPatrick MaloneSoutheastern DistrictWork: (208) CasdorphSouth Central DistrictWork: (208) AyersNorthern DistrictWork: SinnardSouthwestern DistrictWork: (208) 2021 idaho real Estate License Law & rules - iii Northern DistrictSouthwestern DistrictSoutheastern DistrictSouth Central Districtiv - idaho real Estate License Law & rules July 2021 This booklet contains the idaho real Estate License Law and rules effective on July 1, underline indicates text has been added;A strikethrough indicates deleted of Contents54-2001.
2 Short Title..154-2002. Licensure Required..154-2003. Exceptions to Licensure Active Licensees - Transactions Involving Personal Property..154-2004. Definitions..254-2005. The idaho real Estate Commission ..554-2006. Qualifications of Commissioners - Term and Organization..554-2007. Compensation, Powers and Duties of Commission ..654-2008. Establishment of idaho real Estate Education Council..654-2009. Council Appointment, Qualifications and Term..654-2010. Compensation..654-2011. Types of Licenses..654-2012. Minimum Requirements for an Individual Primary idaho License..654-2013. Errors and Omissions Insurance. (See also rules ) ..954-2014. License Exams..1054-2015. Individuals Actively Licensed in Another State or Jurisdiction Seeking Primary idaho Licensure..1054-2016. Primary idaho Licenses for Legal Business Entities, Sole Proprietorships and Branch Offices - Additional Requirements..1154-2017. Cooperative Licenses..1254-2018. License Renewals - Inactive Licenses Status - Personal Changes - Effective Dates - Fees Nonrefundable.
3 (See also Rule 105.) ..1354-2019. Denial of License Applications..1654-2020. Fees. (See also Rule 100.) ..1654-2021. Disposition of Funds Occupational License Fund - Receipt and Disbursement..1754-2022. real Estate Education Prelicense Requirements..1754-2023. Continuing Education Requirements. (See also Rule 305. and Rule 402.) 1854-2024. Purpose of Certification..1954-2025. Certification Requirements..1954-2026. Certification of Course Providers..2054-2027. Duties and Requirements of All Certified Course Providers. (See also Rule 500.) ..2154-2028. Term of Provider Certification and Renewal..2254-2029. Notice of Potential Expiration of Certification..2354-2030. Expiration or Withdrawal of Provider Certification Notice to Students.. 2354-2031. Withdrawal of idaho Certification for Cause Process..2354-2032. Certification of Instructors..2354-2033. Instructor Qualifications..2354-2034. Special Consideration Discretion of the Commission .
4 24 Chapter 20 Title 54 idaho real Estate License LawJuly 2021 idaho real Estate License Law & rules - v 54-2035. Term of Instructor Certification and Renewal..2454-2036. Certification of Courses and Course Content..2554-2037. Term of Course Certification and Renewal..2554-2038. Designated Broker General Responsibilities Broker Price Opinions. (See also Rule 305.) ..2654-2039. Broker and Branch Manager..2654-2040. Main Office or Business Location..2754-2041. Trust Account and Entrusted Property..2754-2042. Creation of Noninterest-Bearing Trust Accounts Requirements..2854-2043. Interest-Bearing Trust Accounts..2954-2044. Trust Account Record Keeping Format of Records Required..2954-2045. Trust Account Deposits and Receipt of Consideration..3154-2046. Trust Account Disbursements..3154-2047. Disputed Earnest Money..3254-2048. Responsible Broker for the Transaction Duties and Recordkeeping.
5 3254-2049. Record Retention Schedules..3354-2050. Brokerage Representation Agreements Required Elements..3354-2051. Offers to Purchase..3454-2052. Electronically Generated Agreements..3454-2053. Advertising..3454-2054. Compensation, Commissions and Fees Prohibited Conduct..3554-2055. Licensees Dealing with Their Own Property..3654-2056. Terminating or Changing Licensed Business Relationships..3754-2057. Death or Incapacity of a Designated Broker..3754-2058. Authority to Investigate and Discipline..3854-2059. Disciplinary Powers Revocation, Suspension or Other Disciplinary Action..3854-2060. Grounds for Disciplinary Action..3954-2061. Additional Grounds for Disciplinary Action Court Actions Licensee to Report to Commission ..4054-2062. Additional Grounds for Disciplinary Action Other Administrative Actions Licensee to Report to Commission ..4054-2063. Disciplinary Procedure and Review of Agency Action..4054-2064.
6 Proof of Complaint Prosecution by County Prosecuting Attorney..4054-2065. Penalty for Acting as a Broker or Salesperson Without License..4154-2066. Injunctive Relief..4154-2067. Cease and Desist Orders..4154-2068. Witnesses Depositions Fees Subpoenas..4154-2069. real Estate Recovery Fund Established..4154-2070. Augmentation of Fund..4154-2071. Recovery from Fund Procedure Grounds Amount Hearing..4254-2072. Commission May Answer Petition Compromise of Claims..4354-2073. Court Order Requiring Payment from Recovery Fund..4354-2074. Automatic Suspension of Broker s, Associate Broker s or Salesperson s License on Payment by Commission Condition for License Reinstatement..4354-2075. Order of Payment of Claims if Recovery Fund Balance Insufficient Interest..4354-2076. Commission s Right to Subrogation..4354-2077. Waiver of Rights..4454-2078. Disciplinary Action Against Licensees Not Restricted for Violations of Law or rules .
7 4454-2079. Termination of Sales Associate for Violation of Disciplinary Provisions Statement to be Filed with Commission ..44vi - idaho real Estate License Law & rules July 202154-2080. Records Disclosure to Public..4454-2081. (Reserved)..4454-2082. Short Title..4454-2083. Definitions..4454-2084. Brokerage Agency Relationships Creation..4554-2085. Disclosure and Writing Requirements Agency Disclosure Brochure and Representation Confirmation..4654-2086. Duties to a Customer..4754-2087. Duties to a Client..4754-2088. Limited Dual Agency and Assigned Agency Permitted..4954-2089. Broker Compensation..5054-2090. (Reserved) .. 5054-2091. Duration of Agency Relationship..5054-2092. Duties and Obligations Owed After Termination of Representation..5054-2093. Vicarious Liability Abolished ..5154-2094. Representation Not Fiduciary in Nature..5154-2095. Conflicts with Other Law..5154-2096. Severability..5154-2097.
8 Rulemaking Authority of the Commission ..51 Chapter 41, Title 54. idaho real Estate Appraisers Act..5154-4103. Unlawful Practice of Appraisal..5154-4104. Definitions..5154-4105. Exceptions..52 Chapter 5, Title 9, Section 9-508. real Estate Commission Contracts to be in Writing..52 Chapter 28, Title 55: Pyschologically Impacted real Property..5255-2801. Psychologically Impacted Defined..5255-2802. No Cause of Action..5355-2803. Request for Disclosure..53 IDAPA 24, TITLE 37, CHAPTER 01 ( rules of the idaho real Estate Commis-sion) ..53000. Legal Authority..53001. Scope..53002. 005. (Reserved)..53006. Electronic Signatures..53007. 099. (Reserved)..53100. Licensing Fees..54101. 104. (Reserved)..54105. Conditions to Renew Expired License..54106. 116. (Reserved) ..54117. Mandatory Errors and Omissions Insurance..54118. Insurance Plan..54119. (Reserved)..55120. Certification a Prerequisite for License Issuance or Renewal.
9 55121. Failure to Maintain Insurance..55122. Falsification of Certificates..55123. 299. (Reserved) ..5300. Disputes Concerning Commissions and Fees..56301. (Reserved)..56302. Title Legal Opinions..56304. (Reserved)..56305. Education Records Access..56 July 2021 idaho real Estate License Law & rules - vii Costs associated with this publication are available from the idaho real Estate Com-mission in accordance with idaho Code 60-202, July 2021/19500 399. (Reserved) ..56400. 401. (Reserved) ..56402. Approved Topics for Continuing Education..56403. 499. (Reserved) ..56500. Minimum Teaching Standards..56501. 999. (Reserved) ..57 idaho real Estate Commission GuidelinesGUIDELINE #1 Cancellation or Withdrawal of Listings ..57 GUIDELINE #2 Brokering idaho Property Requires an idaho real Estate #3 Regular Employee Status Determination ..60 GUIDELINE #4 Agency Disclosure Brochure ( The Blue Brochure ) Record Keeping Requirements.
10 61 GUIDELINE #5 Disclosure of Transaction Fees - When Required ..62 GUIDELINE #6 Offering Guarantees ..64 GUIDELINE #7 Guidelines for Suspended Licensees ..66 GUIDELINE #8 Off-MLS and Coming Soon Listings ..66 GUIDELINE #9 Terms Under Which Rental or Lease Fees May Be Split With Nonlicensed #10 Splitting Fees With Unlicensed Persons Prohibited - Finder s Fees, Donating to Charities ..70 GUIDELINE #11 Failure to Account for Money and Property of Others ..72 GUIDELINE #12 Internet and Social Media Advertising ..74 GUIDELINE #13 Advertising ..76 GUIDELINE #14 Disputed Earnest Money ..78 GUIDELINE #15 Establishing real Estate Trust Accounts ..79 GUIDELINE #16 Presentation of Multiple Offers by the Listing Agent ..81 GUIDELINE #17 Use of Unlicensed Assistants and Office Staff ..83 GUIDELINE #18 Dealer in Options ..84 GUIDELINE #19 (Reserved) ..87 GUIDELINE #20 Joint Guideline on Broker Price Opinions (BPOs) ..87 GUIDELINE #21 (Reserved).
