Title 54, PROFESSIONS, VOCATIONS, AND BUSINESSES

54-2055. Licensees dealing with their own property. (1) Any actively licensed Idaho broker, sales associate, or legal business entity shall comply with this entire chapter when that licensee is buying, selling or otherwise acquiring or disposing of the licensee’s own interest in …

54-2056. Terminating or changing licensed business relationships. (1) Termination of licensed association. A sales associate who terminates his licensed association with a broker shall provide the broker written notice of the termination no later than three (3) business days afte…

54-2057. Death or incapacity of a designated broker. (1) Legal business entities. Upon the death or incapacity of a designated broker for a legal business entity licensed as a real estate brokerage company in Idaho, the licensed entity shall appoint and designate a qualified indi…

54-2058. Authority to investigate and discipline. (1) General authority to investigate. The commission may investigate the action of any person engaged in the business or acting in the capacity of real estate broker or salesperson in this state, or any person believed to have act…

54-2059. Disciplinary powers — Revocation, suspension or other disciplinary action. (1) The commission may temporarily suspend or permanently revoke licenses issued under the provisions of this chapter, issue a formal reprimand and impose a civil penalty in an amount not to excee…

54-2060. Grounds for disciplinary action. A person found guilty of misconduct while performing or attempting to perform any act requiring an Idaho real estate broker or salesperson’s license, regardless of whether the act was for the person’s own account or in his capacity as bro…

54-2061. Additional grounds for disciplinary action — Court actions — Licensee to report to commission. (1) The commission may also take disciplinary action against a licensee including, but not limited to, suspension or revocation of a license, where, in a court of competent jur…

54-2062. Additional grounds for disciplinary action — Other administrative actions — Licensee to report to commission. (1) The commission may also take any disciplinary action, including, but not limited to, suspension or revocation of a license where the licensee: (a) Has an ord…

54-2063. Disciplinary procedure and review of agency action. All disciplinary actions under this chapter and all rights of review or appeal are governed by chapter 52, title 67, Idaho Code, and the rules of practice and procedure of the Idaho real estate commission.

54-2064. Proof of complaint — Prosecution by county prosecuting attorney. The commission may prefer a complaint for violation of any section of this chapter before any court of competent jurisdiction. It shall be the duty of the prosecuting attorney of each county in the state to…

54-2065. Penalty for acting as a broker or salesperson without license. Any person acting as a real estate broker or real estate salesperson within the meaning of this chapter without a license as herein provided shall be guilty of a misdemeanor and, upon conviction thereof, if a…

54-2067. Cease and desist orders. The commission is authorized to order that any person violating any provision of this chapter cease and desist such activity immediately. Violation of the cease and desist order shall be a violation of this chapter and shall subject the person to…

54-2068. Witnesses — Depositions — Fees — Subpoenas. (1) The commission, or any member thereof, the executive director of the commission, or such other person so designated by the commission by rule, shall have power to administer oaths, certify to all official acts, issue subpoe…

54-2069. Real estate recovery fund established. There is hereby created in the state treasury the real estate recovery fund. A balance of not more than twenty thousand dollars ($20,000) shall be maintained in the fund, to be used for satisfying claims against persons licensed und…

54-2070. Augmentation of fund. Upon the original application or renewal of every real estate broker’s, associate broker’s and salesperson’s license for a two (2) year period, the licensee shall pay, in addition to the original or renewal license fee, a fee of twenty dollars ($20.…

54-2071. Recovery from fund — Procedure — Grounds — Amount — Hearing. (1) When any person obtains a final judgment in any court of competent jurisdiction against any licensee under this chapter, upon grounds of fraud, misrepresentation or deceit with reference to any transaction …

54-2072. Commission may answer petition — Compromise of claims. (1) Whenever the court proceeds upon a petition as provided in section 54-2071, Idaho Code, the commission may answer and defend any such action against the recovery fund on behalf of the recovery fund and in the nam…

54-2073. Court order requiring payment from recovery fund. If the court finds, after hearing that the claim should be levied against the portion of the recovery fund allocated for the purpose of carrying out the provisions of sections 54-2069 through 54-2078, Idaho Code, the cour…

54-2074. Automatic suspension of broker’s, associate broker’s or salesperson’s license on payment by commission — Condition for license reinstatement. If, pursuant to court order, the commission pays from the recovery fund any amount in settlement of a claim or towards satisfacti…

54-2075. Order of payment of claims if recovery fund balance insufficient — Interest. If, at any time, the money deposited in the recovery fund and allotted for satisfying claims against licensees is insufficient to satisfy any authorized claim or portion thereof, the commission …

54-2076. Commission’s right to subrogation. When the commission has paid from the recovery fund any sum to the judgment creditor, the commission has subrogated all other rights of the judgment creditor and the judgment creditor shall assign all his right, title and interest in th…

54-2077. Waiver of rights. The failure of a person to comply with all of the provisions of sections 54-2069 through 54-2071, Idaho Code, shall constitute a waiver of any rights hereunder.

54-2078. Disciplinary action against licensees not restricted for violations of law or rules. Nothing contained in sections 54-2069 through 54-2078, Idaho Code, limits the authority of the commission to take disciplinary action against a licensee for a violation of any of the pro…

54-2079. Termination of sales associate for violation of disciplinary provisions — Statement to be filed with commission. Whenever a real estate broker terminates a sales associate for a violation of any of the provisions of sections 54-2060 through 54-2062, Idaho Code, the broke…

54-2080. Records — Disclosure to public. Records kept in the office of the commission under authority of this chapter and chapter 18, title 55, Idaho Code, shall be open to public inspection as provided in chapter 1, title 74, Idaho Code.

54-2082. Short title. Sections 54-2082 through 54-2097, Idaho Code, shall be known and may be cited as "The Idaho Real Estate Brokerage Representation Act."

54-2083. Definitions. As used in sections 54-2082 through 54-2097, Idaho Code: (1) "Adverse material fact" means a fact that would significantly affect the desirability or value of the property to a reasonable person or which establishes a reasonable belief that a party to the tr…

54-2084. Brokerage agency relationships — Creation. (1) A buyer or seller is not represented by a brokerage in a regulated real estate transaction unless the buyer or seller and the brokerage agree, in a separate written document, to such representation. No type of agency represe…

54-2085. Disclosure and writing requirements — Agency disclosure brochure and representation confirmation. (1) A licensee shall give to a prospective buyer or seller at the first substantial business contact the agency disclosure brochure adopted or approved by the Idaho real est…

54-2086. Duties to a customer. (1) If a buyer, prospective buyer, or seller is not represented by a brokerage in a regulated real estate transaction, that buyer or seller remains a customer, and as such, the brokerage and its licensees are nonagents and owe the following legal du…

54-2087. Duties to a client. If a buyer or seller enters into a written contract for representation in a regulated real estate transaction, that buyer or seller becomes a client to whom the brokerage and its licensees owe the following agency duties and obligations: (1) To perfor…

54-2088. Limited dual agency and assigned agency permitted. (1) A brokerage may represent both the buyer and the seller in the same transaction only as a limited dual agent and only with the express written consent of all other clients involved in the transaction. (2) A brokerage…

54-2089. Broker compensation. Payment of compensation or a written agreement only for payment of compensation to a brokerage shall not constitute an agreement for agency representation or otherwise create an agency relationship.

54-2091. Duration of agency relationship. (1) A brokerage’s agency relationship and corresponding representation duties under sections 54-2082 through 54-2097, Idaho Code, shall commence on the date indicated on the written agreement between the brokerage and a buyer/client or se…

54-2092. Duties and obligations owed after termination of representation. Except as otherwise agreed in writing, a brokerage owes no further duty or obligation to a client after termination of the agreed representation except: (1) Accounting for all moneys and property received b…

54-2093. Vicarious liability abolished. (1) A client, as defined in this chapter, whether buyer or seller, shall not be liable for a wrongful act, error, omission or misrepresentation of his broker or his broker’s licensees unless the client had actual knowledge of or reasonably …

54-2094. Representation not fiduciary in nature. While this act is intended to abrogate the common law of agency as it applies to regulated real estate transactions, nothing in this act shall prohibit a brokerage from entering into a written agreement with a buyer or seller which…

54-2095. Conflicts with other law. If the provisions of this act are found to be in conflict with any other provision of Idaho law, the provisions of this act shall control.

54-2096. Severability. The provisions of this chapter are severable and if any provision of this chapter or the application of such provision to any person or circumstance is declared invalid for any reason, such declaration shall not affect the validity of the remaining portions…

54-2097. Rulemaking authority of the commission. The Idaho real estate commission shall have authority to promulgate rules in accordance with the provisions of chapter 52, title 67, Idaho Code, to implement the provisions of this chapter.