Title 54, PROFESSIONS, VOCATIONS, AND BUSINESSES

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)…

54-2051. Offers to purchase. (1) A broker or sales associate shall, as promptly as practicable, tender to the seller every written offer to purchase obtained on the real estate involved, up until time of closing. A purchase and sale agreement signed by the prospective buyer shall…

54-2052. Electronically generated agreements. To the extent the parties to the transaction have agreed in writing offers to purchase, counteroffers and acceptances may be electronically generated or transmitted, faxed or delivered in another method shall be deemed true and correc…

54-2053. Advertising. (1) Only licensees who are actively licensed in Idaho may be named by an Idaho broker in any type of advertising of Idaho real property, may advertise Idaho property in Idaho or may have a sign placed on Idaho property. (2) All advertising of listed property…

54-2054. Compensation, commissions and fees — Prohibited conduct. (1) Court action for fee collection. No person engaged in the business or acting in the capacity of real estate broker or salesperson in Idaho shall bring or maintain any action in the courts for the collection of …

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."