Title 54 — PROFESSIONS, VOCATIONS, AND BUSINESSES

54-2001. Short title. Sections 54-2001 through 54-2081, Idaho Code, shall be known and may be cited as "Idaho Real Estate License Law."

54-2002. Licensure required. No person shall engage in the business or act in the capacity of real estate broker or real estate salesperson in this state without an active Idaho real estate license therefor. Unless exempted from this chapter, any single act described within the d…

54-2003. Exceptions to licensure — Active licensees — Transactions involving personal property. (1) Exceptions to licensure. Except as otherwise stated below, an Idaho real estate license is not required for the following: (a) The purchase, option, exchange or sale of any interes…

54-2004. Definitions. As used in this chapter: (1) "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. (2) "Acting in th…

54-2005. The Idaho real estate commission. There is hereby created in the division of occupational and professional licenses the Idaho real estate commission, for the purpose of administering this chapter. The commission shall consist of five (5) members who shall be appointed by…

54-2006. Qualifications of commissioners — term and organization. (1) Four (4) members of the commission shall be actively licensed Idaho-designated real estate brokers or associate brokers who have had at least five (5) years’ active license experience as a designated broker or …

54-2007. Compensation, powers and duties of commission. Members shall be compensated as provided by section 59-509(n), Idaho Code. The commission is charged with administering and enforcing all provisions of this chapter, and is expressly vested with the power and authority to ma…

54-2008. Establishment of Idaho real estate education council. An education council consisting of six (6) members, four (4) of whom are to be appointed by the Idaho real estate commission, plus one (1) commissioner and the commission’s executive director, may be established to ac…

54-2009. Council appointment, qualifications and term. One (1) member of the council shall be named from each of the four (4) geographic districts of the state: north, south, east and west. The education director of the commission shall serve as the council executive at all counc…

54-2010. Compensation. Members of the education council are not employees of the state of Idaho, but shall be reimbursed expenses in the same manner as state employees in addition to a per diem allowance in the same amount as that received by the commissioners for each day of app…

54-2011. Types of licenses. (1) The commission may issue a primary Idaho real estate license to any individual, sole proprietorship or legal business entity in accordance with the requirements of this chapter. An individual may be licensed as a real estate salesperson, an associa…

54-2012. Minimum requirements for an individual primary idaho license. (1) Requirements for all individual primary licenses. Unless a qualification is waived or modified by the commission for good cause and upon special consideration, and except as provided in section 54-2015, Id…

54-2013. Errors and omissions insurance. (1) Each licensee who is actively licensed under this chapter shall, as a condition to licensing, carry and maintain errors and omissions insurance to cover all licensed activities under the provisions of this chapter. (2) The commission s…

54-2014. License exams. (1) Exam required. Unless a written certificate of waiver is obtained from the commission and submitted with the application, an individual applicant seeking a primary Idaho real estate license shall take and pass the national portion and the Idaho state p…

54-2015. Individuals actively licensed in another state or jurisdiction seeking primary Idaho licensure. (1) An individual who is currently and actively licensed as a real estate broker or salesperson in another state or jurisdiction at the time of application for a primary Idaho…

54-2016. Primary Idaho licenses for legal business entities, sole proprietorships and branch offices — Additional requirements. (1) Legal business entities. Each legal business entity, as defined in section 54-2004, Idaho Code, shall be licensed by the Idaho real estate commissio…

54-2017. COOPERATIVE LICENSES. (1) An individual who is currently and actively licensed as a real estate broker in another jurisdiction and wishes to work in cooperation with an Idaho real estate broker must submit an application on a form approved by the commission. The applicat…

54-2018. License renewals — Inactive license status — Personal changes — Effective dates — Fees nonrefundable. (1) Initial license period. Each new license shall be for a period of one (1) year plus the months up to and including the next birthday of the licensee, not to exceed a…

54-2019. Denial of license applications. (1) The commission may deny any license application, including an application for license renewal, upon the commission’s determination of any of the following: (a) The applicant does not possess all of the qualifications required for the l…

54-2020. Fees. The Idaho real estate commission shall establish fees that, in its discretion, are sufficient, when added to the other fees authorized by this chapter, or any other law or rule, to raise that revenue required to administer the provisions of this chapter. The commis…

54-2021. occupational licenses fund — RECEIPTS AND DISBURSEMENTS. All fees, charges, and fines received by the board under the provisions of this chapter shall be deposited in the state treasury to the credit of the occupational licenses fund, and all costs and expenses incurred …

54-2022. Real estate education — Prelicense requirements. (1) Except as provided in section 54-2015, Idaho Code, an applicant seeking a primary Idaho license as a real estate salesperson, broker or associate broker shall furnish satisfactory proof to the commission that the appli…

54-2023. Continuing education requirements. (1) Each licensee applying to renew an Idaho broker or salesperson license on active status, and each Idaho broker or salesperson applying to change from inactive to active license status after having renewed the license on inactive sta…

54-2024. Purpose of certification. It is the intent of this chapter that delivery of high quality real estate education to licensees and to those seeking to become licensed in the state of Idaho is a necessary and reasonable way to protect the citizens, businesses and public inte…

54-2025. Certification requirements. (1) Certification required. Except as otherwise provided in section 54-2023(6)(d), Idaho Code, certification must be obtained by all course providers, instructors teaching any course other than a continuing education elective course, and for a…

54-2026. Certification of course providers. (1) Degree-granting institutions. Degree-granting, accredited colleges and universities in any state or jurisdiction shall be deemed to be approved course providers in Idaho. However, course content must still be approved for the real e…

54-2027. Duties and requirements of all certified course providers. Failure of a certified course provider to comply with the following duties and requirements shall be grounds for the commission to withdraw or cancel the provider’s certification for cause. (1) Discrimination pro…

54-2028. Term of provider certification and renewal. (1) Each course provider’s certification issued by the commission shall be for a term of up to one (1) year and shall expire annually on June 30. (2) In order to maintain certification, each provider shall: (a) Return a properl…

54-2029. Notice of potential expiration of certification. Certified providers who have not applied for renewal of certification or whose renewal applications do not meet the qualifications for renewal of certification shall be notified by the commission of potential termination a…

54-2030. Expiration or withdrawal of provider certification — Notice to students. If a provider’s certification expires, is terminated or is withdrawn for any reason, the provider will no longer be approved by the commission, and no credit will be given to students for any course…

54-2031. Withdrawal of Idaho certification for cause — Process. The commission may withdraw a provider’s certification at any time, for cause, including the violation of any provision of this chapter by the provider or those for whom the provider is responsible. Any withdrawal of…

54-2032. Certification of instructors. All individuals wishing to teach real estate courses for credit toward prelicense, post license or the commission continuing education core course requirements in Idaho must first be approved or certified by the commission for each course th…

54-2033. Instructor qualifications. (1) Qualified instructors at degree-granting institutions. A qualified or full-time instructor or professor of an accredited college or university in any state or jurisdiction and who teaches real estate-related courses is deemed to be an appro…

54-2034. Special consideration — Discretion of the commission. The commission may, in its discretion, make such additional investigation and inquiry relative to the applicant for instructor certification as it shall deem advisable, and if other good cause exists, may deny or acce…

54-2035. Term of instructor certification and renewal. (1) Certification. Each instructor certification issued by the commission shall be for a term of up to two (2) years and shall expire on the birthday of the certificate holder. (2) Recertification. (a) In order to be recertif…

54-2036. Certification of courses and course content. Every real estate course offered for prelicense or continuing education credit for an Idaho real estate license shall first be certified and accredited by the Idaho real estate commission. (1) An application for course certifi…

54-2037. Term of course certification and renewal. Each course certification issued by the commission shall be for a term of two (2) years. The exact expiration date will be shown on the course certificate. In order to maintain certification a course provider, for each course, mu…

54-2038. Designated broker — General responsibilities — broker price opinions. The requirement that each brokerage company be maintained and conducted in compliance with the Idaho real estate license law and the Idaho real estate brokerage representation act is the responsibility…

54-2039. Broker and branch manager. (1) Each real estate brokerage company must have a legally qualified individual acting as designated broker at all times. Each branch office licensed under section 54-2016(4), Idaho Code, shall have, at all times, a legally qualified individual…

54-2040. Main office or business location. (1) Definite location required. Each individual licensed as a designated real estate broker under the provisions of this chapter shall be required to have and maintain a definite, physical place of business, which place shall serve as hi…

54-2041. Trust accounts and entrusted property. (1) A licensed Idaho real estate broker shall be responsible for all moneys or property entrusted to that broker or to any licensee representing the broker. For purposes of this section, moneys or property shall not be considered en…

54-2042. Creation of noninterest-bearing trust accounts — Requirements. A broker may establish one (1) or more real estate trust accounts but each account must meet all requirements of this chapter, including the following: (1) Each trust account must be established at an approve…

54-2043. Interest-bearing trust accounts. The broker may deposit funds in a separate, interest-bearing trust account for a single transaction if directed in writing by both parties to the transaction, and only if the following additional requirements are met: (1) The interest-bea…

54-2044. Trust account recordkeeping — Format of records required. In order that the financial interests of the consumers of Idaho be adequately protected, each designated broker is required to create and maintain the following records regarding any real estate trust account, and…

54-2045. Trust account deposits and receipt of consideration. Except as otherwise provided in this section, all entrusted funds received by a broker in connection with a regulated real estate transaction, including, but not limited to, earnest money, shall be deposited into a rea…

54-2046. Trust account disbursements. The broker who holds entrusted funds or like payments in lieu of cash received in a regulated real estate transaction is fully responsible for all such funds until a full accounting has been made to the parties involved. All cash or like paym…

54-2047. Disputed earnest money. (1) Any time more than one (1) party to a transaction makes demand on funds or other consideration for which the broker is responsible, such as, but not limited to, earnest money deposits, the broker shall: (a) Notify each party, in writing, of th…

54-2048. Responsible broker for the transaction — Duties and recordkeeping. The "responsible broker," as referred to in this section, shall be responsible to the commission for the transaction, transaction records, the funds and closing in accordance with the requirements of this…

54-2049. Record retention schedules. All records required in this chapter to be kept and maintained by a real estate broker, including trust account and financial records, transaction files and other records are to be kept in the broker’s files according to this section. The foll…

54-2050. Brokerage representation agreements — Required elements. All real estate brokerage representation agreements, whether with a buyer or seller, must be in writing in the manner required by section 54-2085, Idaho Code, and must contain the following contract provisions: (1)…