ID Code § 54-2004 (2021)
2021 Idaho Code|Title 54 - PROFESSIONS, VOCATIONS, AND BUSINESSES|Chapter 20 - IDAHO REAL ESTATE LICENSE LAW|Section 54-2004 - DEFINITIONS.

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 this state" means and includes dealing with any interest in real property, or a business opportunity involving an interest in real property, that is situated in the state of Idaho, or conducting or attempting to conduct or solicit real estate business with residents of the state of Idaho. (3) "Active license" means the status of a real estate license that has not been inactivated, expired, terminated, suspended or revoked. (4) "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. (5) "Branch office" means an office operated by a licensed real estate broker or licensed legal business entity, separate and apart from the main office. A branch office may be licensed or unlicensed, in accordance with this chapter. (6) "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. (7) "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. (8) "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. (9) "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. (10) "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. (11) "Business name" means the name in which the brokerage company is licensed by the commission. (12) "Business opportunity" means and includes an established business, goodwill of an established business, or any interest therein, other than a lease, or any one (1) or combination thereof, where a sale or transfer of real property is involved in the transaction. (13) "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. Commercial real estate does not include residential dwelling units such as condominiums, townhouses or homes in a subdivision when that real estate is sold, leased or otherwise conveyed on a unit-by-unit basis, even though the units may be part of a larger building or parcel of real estate containing more than four (4) units. Commercial real estate does not include property used in association with any agricultural operation or agricultural facility as those terms are defined in section 22-4502, Idaho Code, and that is zoned to allow the agricultural use. (14) "Commission" means the Idaho real estate commission, unless the context clearly indicates a different meaning. (15) "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. A core course must contain no more than four (4) classroom hours of instruction. (16) "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. (17) "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. (18) "Cooperative sale" means a transaction involving two (2) or more brokers. (19) "Council" means the Idaho real estate education council. (20) "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. (21) "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. (22) "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. (23) "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. An agreement or loan application is not made known unless it is disclosed in writing to the prospective loan underwriter or loan guarantor. (24) "Executive director" means the executive director of the Idaho real estate commission. (25) "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. (26) "Fee or commission" means a payment, actual, promised or expected, as compensation for the performance of any act requiring a real estate license. (27) "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. (28) "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. (29) "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. (30) "Limited broker" means a broker individually qualified to do business in Idaho, but who may not have associate brokers or salespersons licensed with that broker. (31) "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. (32) "Main office" means the principal location where the real estate broker is licensed to transact business. (33) "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. (34) "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. (35) "Person" means and includes an individual, or any legal business entity. (36) "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. The course must contain no more than twelve (12) classroom hours of instruction. (37) "Primary Idaho license" means an Idaho real estate license that is not contingent upon continuance of a license in another state or jurisdiction. (38) "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. (39) "Real estate broker" means and includes: (a) Any person other than a real estate salesperson who, directly or indirectly, while acting for another for compensation or a promise or an expectation thereof, engages in any of the following: sells, lists, buys, or negotiates, or offers to sell, list, buy or negotiate the purchase, sale, option or exchange of real estate or any interest therein or business opportunity or interest therein for others; (b) Any actively licensed broker while, directly or indirectly, acting on the broker’s own behalf; (c) Any person who represents to the public that the person is engaged in any of the activities in this subsection; (d) Any person who directly or indirectly engages in, directs, or takes any part in the procuring of prospects or in the negotiating or closing of any transaction which does or is calculated to result in any of the acts in this subsection; (e) A dealer in options as defined in this section. (40) "Real estate salesperson" or "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. (41) "Real estate settlement procedures act" means the real estate settlement procedures act of 1974, as amended, 12 U.S.C. 2601 et seq., and as in effect on January 1, 2008. (42) "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. (43) "Regulated real estate transaction" means those real estate transactions for which a real estate license is required under chapter 20, title 54, Idaho Code. (44) "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. (45) "Revoked license" means a license that has been permanently revoked by the issuing authority. (46) "Sales associate" means a salesperson or an associate broker licensed under and associated with a designated broker. (47) "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. (48) "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. (49) "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. (50) "Suspended license" means a license that has been temporarily suspended by the issuing authority.  History: [54-2004, added 2000, ch. 285, sec. 3, p. 912; am. 2001, ch. 123, sec. 1, p. 418; am. 2002, ch. 220, sec. 1, p. 606; am. 2002, ch. 280, sec. 1, p. 817; am. 2003, ch. 16, sec. 14, p. 61; am. 2005, ch. 107, sec. 1, p. 334; am. 2006, ch. 166, sec. 1, p. 501; am. 2007, ch. 98, sec. 1, p. 283; am. 2008, ch. 144, sec. 1, p. 235; am. 2011, ch. 108, sec. 1, p. 275; am. 2014, ch. 42, sec. 1, p. 98; am. 2014, ch. 67, sec. 1, p. 170; am. 2015, ch. 51, sec. 2, p. 111; am. 2017, ch. 232, sec. 1, p. 564; am. 2021, ch. 261, sec. 1, p. 802.]