reglab/statecodes huggingface dataset:
2023 Idaho Code › Title 54 - PROFESSIONS, VOCATIONS, AND BUSINESSES › Chapter 20 - IDAHO REAL ESTATE LICENSE LAW › Section 54-2039 - BROKER AND BRANCH MANAGER.

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 acting as branch manager.
(2) Change of broker in business entity. A license issued to a legal business entity, as defined in this chapter, is effective only as long as the individual designated broker’s license is in active status and in effect. If the individual so designated has a license refused, revoked, suspended or otherwise made inactive by the commission, or if the individual designated broker voluntarily surrenders the individual license or ceases to be connected with the entity in the manner required in this chapter, the business entity shall have ten (10) business days in which to designate another qualified individual as designated broker before the entity’s license is terminated, and the licenses of all associated licensees are made inactive.
(3) Effective date of changes. No change in designated broker shall be effective until written notice is received and approved by the commission, in the form required.
(4) Failure to comply — Original broker to remain responsible except in the case of revocation. Where a licensed brokerage company fails to comply with this section and its office is closed, or during any period where the designated broker has left the brokerage company and no new broker has been designated to act for the company, the original designated broker shall remain responsible for trust account funds, pending transactions and records in the manner described in sections 54-2041 through 54-2049, Idaho Code. However, if the license of the original designated broker of the brokerage company is revoked, the license of that brokerage company shall be made inactive and its office closed until the company designates another qualified individual to act as broker.
History:
[54-2039, added 2000, ch. 285, sec. 3, p. 931; am. 2001, ch. 123, sec. 14, p. 433; am. 2015, ch. 51, sec. 9, p. 121; am. 2020, ch. 106, sec. 2, p. 287.]
2023 Idaho Code › Title 54 - PROFESSIONS, VOCATIONS, AND BUSINESSES › Chapter 20 - IDAHO REAL ESTATE LICENSE LAW › Section 54-2040 - MAIN OFFICE OR BUSINESS LOCATION.

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 his main office for the transaction of business and be regarded for the intent and purpose of this chapter as his principal place of business. Notice in writing shall be given to the commission of any change by the broker of the business name, location, or mailing address. No other location may be used as a main office location until proper notice is acknowledged by the commission. A change of business name or location without notification to the commission shall automatically inactivate the license previously issued. The broker shall also notify the commission in writing of any change in the business telephone number. A designated broker is not required to obtain, display or possess a physical license certificate as evidence of the business’s licensure; however, the commission may make license certificates available for a fee as authorized by this chapter. The broker shall not display or otherwise make available to the public any license certificate bearing a former business name or former location.
(2) Broker for more than one business. A qualified individual may be the designated broker for more than one (1) licensed real estate business entity only if all licensed businesses operate their main offices at the same physical location.
(3) Brokers sharing same business location. More than one (1) individually licensed broker may operate an office at the same address only if each broker operates under a business name which clearly identifies the broker as an individual within the group of brokers, and each broker shall maintain his or her records and trust accounts separate from all other brokers.
(4) Business name. A broker shall not conduct business under any name other than the one in which the license is issued.
(5) Lending license prohibited. A broker shall not lend or permit the use of the broker’s license, whether for compensation or not, to enable anyone licensed or unlicensed to, in fact, establish or carry on a business for which a real estate broker’s license is required, wherein the broker does not actively manage and have full control. In like manner, a salesperson shall not use another person’s broker’s license, whether for compensation or not, to establish or carry on a business for which a broker’s license is required, nor to manage and control the office, except as allowed by section 54-2016(4), Idaho Code.
History:
[54-2040, added 2000, ch. 285, sec. 3, p. 932; am. 2001, ch. 123, sec. 15, p. 435; am. 2002, ch. 220, sec. 8, p. 616; am. 2007, ch. 98, sec. 8, p. 296; am. 2020, ch. 106, sec. 3, p. 288.]
2023 Idaho Code › Title 54 - PROFESSIONS, VOCATIONS, AND BUSINESSES › Chapter 20 - IDAHO REAL ESTATE LICENSE LAW › Section 54-2041 - TRUST ACCOUNTS AND ENTRUSTED PROPERTY.

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 entrusted to the broker or to any licensee representing the broker when the parties to the transaction have instructed the broker or its licensees, in writing, to transfer such moneys or property to a third party, including, but not limited to, a title, an escrow or a trust company if upon transfer, the broker or its licensees have no right to exercise control over the safekeeping or disposition of said moneys or property.
(2) Unless otherwise instructed by the parties in writing to deposit entrusted moneys on a later day, immediately upon receipt, the broker shall deposit entrusted moneys in a neutral, qualified trust fund account pursuant to section 54-2042, Idaho Code, and shall properly care for any entrusted property.
(3) Only moneys relating to a regulated real estate transaction may be deposited in the broker’s real estate trust fund account. Entrusted moneys shall not be commingled with moneys of the broker, firm or agent, except for that minimum amount that may be required to open and maintain the trust account or as otherwise allowed by subsection (7) of section 54-2042, Idaho Code.
(4) A licensed real estate broker shall not be responsible for depositing moneys into the broker’s real estate trust account, nor responsible for creating a real estate trust account with an approved depository as set forth in section 54-2042, Idaho Code, when the parties to the transaction have instructed the broker or its licensees, in writing, to transfer such moneys to a third party, including, but not limited to, a title, an escrow or a trust company. Provided however, a broker shall be responsible for maintaining a record of the time and date that said moneys or property was transferred from the broker to a third party.
(5) The real estate broker shall remain fully responsible and accountable for all entrusted moneys and property until a full accounting has been given to the parties involved.
History:
[54-2041, added 2000, ch. 285, sec. 3, p. 933; am. 2001, ch. 123, sec. 16, p. 436; am. 2002, ch. 220, sec. 9, p. 617; am. 2005, ch. 107, sec. 12, p. 352; am. 2009, ch. 134, sec. 1, p. 415.]
2023 Idaho Code › Title 54 - PROFESSIONS, VOCATIONS, AND BUSINESSES › Chapter 20 - IDAHO REAL ESTATE LICENSE LAW › Section 54-2042 - CREATION OF NONINTEREST-BEARING TRUST ACCOUNTS — REQUIREMENTS.

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 approved depository and must be noninterest-bearing, except as allowed in section 54-2043, Idaho Code, or as otherwise may be provided by law. Approved depositories are state or federally chartered banks and trust companies, state or federally chartered savings and loan associations, properly licensed title insurance companies, or an actively licensed attorney at law.
(2) Each account must be identified by the term "real estate trust account," on checks, deposit slips, and with the depository.
(3) Each trust account must be established and maintained under the licensed business name of the broker, and shall be under the full control of the broker.
(4) Each broker trust account must have a separate and complete set of records, which must consist of a monthly accounting, deposits, charges, and withdrawals or checks, even if the moneys are on deposit with a title company, attorney or other approved depository. The broker is responsible for ensuring that these separate account records are provided by the depository.
(5) Funds deposited in a real estate trust account must be subject to withdrawal on demand at the order or direction of the broker at all times, even if deposited with a title company or other approved depository.
(6) A commission-approved form giving notice of opening a trust account and giving authorization for the commission to inspect the account must be completed for each trust account, signed by the broker and an officer of the bank or depository and returned to the commission.
(7) No deposits to the trust account shall be made of funds that belong to the broker or real estate firm, except that the broker may deposit broker or firm funds for the purpose of opening and maintaining the account and for the payment of anticipated bank service charges for the trust account. In no event shall the balance of broker or firm funds in the account exceed three hundred dollars ($300). Maintenance funds shall not be disbursed for any purpose other than to cover bank charges charged directly to the trust account by the bank.
(8) An entity not specified as an approved escrow depository in subsection (1) of this section, may be accepted and approved by the commission as an escrow depository upon disclosure of the following:
(a) The details of the entity’s financial structure;
(b) The amount and terms of errors and omissions insurance and any bonding;
(c) A copy of the entity’s last audit and financial statement;
(d) A copy of any license or certificate issued to the entity; and
(e) Any other information that may help the commission make its determination.
History:
[54-2042, added 2000, ch. 285, sec. 3, p. 933; am. 2001, ch. 123, sec. 17, p. 436; am. 2005, ch. 107, sec. 13, p. 352.]
2023 Idaho Code › Title 54 - PROFESSIONS, VOCATIONS, AND BUSINESSES › Chapter 20 - IDAHO REAL ESTATE LICENSE LAW › Section 54-2043 - INTEREST-BEARING TRUST ACCOUNTS.

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-bearing trust account must be established in accordance with all requirements in section 54-2042, Idaho Code. However, the interest-bearing trust account shall be created at an approved depository.
(2) The deposit shall be made in the name of the broker, as described above, and each such account shall contain only the funds relating to one (1) transaction.
(3) The interest-bearing trust account, when created for this purpose, must allow for withdrawal of the funds upon the broker’s demand, unless all parties direct the broker in writing to do otherwise.
(4) There must be a written agreement signed by both the buyer and the seller stating who is to receive the interest accrued from the deposit. This agreement is to be retained by the responsible broker in the transaction file with a copy given to the buyer and the seller.
History:
[54-2043, added 2000, ch. 285, sec. 3, p. 934; am. 2005, ch. 107, sec. 14, p. 353.]
2023 Idaho Code › Title 54 - PROFESSIONS, VOCATIONS, AND BUSINESSES › Chapter 20 - IDAHO REAL ESTATE LICENSE LAW › Section 54-2045 - TRUST ACCOUNT DEPOSITS AND RECEIPT OF CONSIDERATION.

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 real estate trust account maintained by the broker at an approved depository. In addition, all earnest money, option money, promissory notes, tangible personal property and any other consideration received by a broker, regardless of form, must be accounted for upon receipt and in the following manner:
(1) Time of deposit. All moneys received by a broker for another in a real estate transaction are to be deposited on or before the banking day immediately following the receipt day of such funds, unless written instructions signed by the party or parties having an interest in the funds direct the broker to do otherwise.
(2) Checks held in uncashed form. A ledger record must also be created when the broker or associate receives a check to be held for later deposit. However, such a check must be accompanied by written instructions in the purchase and sale agreement or offer to withhold deposit until a time certain, such as acceptance of the offer by the seller.
(3) Consideration returned before deposit. A ledger record must also be created even if the consideration received by a broker or salesperson is to be returned before it has been deposited or otherwise transferred. A written and dated notation must be placed on both the purchase and sale agreement, offer or other document dealing with the consideration, and on the ledger record. No consideration is to be returned without the knowledge and consent of the broker.
(4) Consideration received by sales associate. All consideration, including cash, checks held in uncashed form and promissory notes, received by a sales associate in connection with a real estate transaction shall be immediately delivered to the broker or the broker’s office.
History:
[54-2045, added 2000, ch. 285, sec. 3, p. 936; am. 2007, ch. 98, sec. 10, p. 299.]
2023 Idaho Code › Title 54 - PROFESSIONS, VOCATIONS, AND BUSINESSES › Chapter 20 - IDAHO REAL ESTATE LICENSE LAW › Section 54-2046 - TRUST ACCOUNT DISBURSEMENTS.

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 payments in lieu of cash must be disbursed from the real estate trust account only in accordance with this section. Failure to comply with this section is a violation of license law and will subject the broker to discipline.
(1) Written authorization required. No disbursements shall be made without a written, signed authorization by the parties to the transaction or an order of the court. Written and signed instructions from parties to the transaction may be in the purchase and sale agreement or in a separate document.
(2) Disbursements in advance of closing. No disbursements shall be made in advance of closing or before the happening of a condition set forth in the purchase and sale agreement or other agreement in a regulated real estate transaction to the seller, closing agent or any other person without the required written and signed authorization.
(3) Disbursements to escrow agent. When set forth in the purchase and sale agreement that funds are to be disbursed to the person or company named as the escrow closing agent or agency, such disbursement shall be made to the person, company, agent or agency on or before the day of closing, and a receipt for such disbursement shall be retained in the broker’s transaction file.
(4) Withdrawal of broker’s commission. No disbursement of any portion of the broker’s commission shall take place without prior written, signed authorization from the buyer and seller or until copies of the closing statements, signed by the buyer and seller, have been delivered to the broker and until the buyer or seller has been paid the amount due as determined by the closing statement.
(5) Provision for forfeited earnest money. The purchase and sale agreement must include a provision for division of moneys taken as earnest money when the transaction is not closed and such moneys are retained by any person as forfeited payment.
History:
[54-2046, added 2000, ch. 285, sec. 3, p. 937; am. 2001, ch. 123, sec. 18, p. 437.]
2023 Idaho Code › Title 54 - PROFESSIONS, VOCATIONS, AND BUSINESSES › Chapter 20 - IDAHO REAL ESTATE LICENSE LAW › Section 54-2047 - DISPUTED EARNEST MONEY.

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 the demand of the other party; and
(b) Keep all parties to the transaction informed of any actions by the broker regarding the disputed funds or other consideration, including retention of the funds by the broker until the dispute is properly resolved.
(2) The broker may reasonably rely on the terms of the purchase and sale agreement or other written documents signed by both parties to determine how to disburse the disputed money and may, at the broker’s own discretion, make such disbursement. Discretionary disbursement by the broker based on a reasonable review of the known facts is not a violation of license law, but may subject the broker to civil liability.
(3) If the broker does not believe it is reasonably possible to disburse the disputed funds, the broker may hold the funds until ordered by a court of proper jurisdiction to make a disbursement. The broker shall give all parties written notice of any decision to hold the funds pending a court order for disbursement.
History:
[54-2047, added 2000, ch. 285, sec. 3, p. 937.]
2023 Idaho Code › Title 54 - PROFESSIONS, VOCATIONS, AND BUSINESSES › Chapter 20 - IDAHO REAL ESTATE LICENSE LAW › Section 54-2048 - RESPONSIBLE BROKER FOR THE TRANSACTION — DUTIES AND RECORDKEEPING.

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 chapter. The broker who lists and sells any real property shall be deemed the responsible broker in the transaction. In the case of a cooperative sale, the broker who holds entrusted funds in a real estate trust account while the transaction is pending, or who delivers or transfers the funds to the closing agency or any authorized party other than the cooperating broker in the transaction, shall be deemed the broker responsible for the transaction. The responsible broker shall:
(1) Ensure the correctness and delivery of detailed closing statements that accurately reflect all receipts and disbursements for their respective accounts to both the buyer and seller in a transaction, even if the closing is completed by a real estate escrow closing agent, title company or other authorized third party and regardless of the responsible broker’s agent or nonagent relationship to the buyer or seller.
(2) Show proof of delivery of the closing statement to the buyer and seller by their signatures on copies of such closing statements, which shall be retained in the broker’s transaction file. When signatures of the parties cannot be obtained, a copy of the closing statement transmittal letter, sent by certified mail, return receipt requested, or a written certification of delivery signed by an officer of the escrow closing agency, shall be retained in the broker’s transaction files.
(3) Create and maintain, for the retention period required in section 54-2049, Idaho Code, a transaction file containing the following documents, as applicable. For all pending, closed or fallen transactions, the original or a true and correct copy of:
(a) Signed closing statements, if applicable;
(b) Written and signed brokerage representation agreements, if any. A responsible broker who is representing both the seller and the buyer in a transaction shall retain properly executed brokerage representation agreements in the transaction file and, if appropriate to the transaction, a properly executed "consent to limited dual representation" statement. A responsible broker who has a signed brokerage representation agreement with only one (1) party to the transaction, either buyer or seller, must retain only that one (1) agreement in the transaction file;
(c) All offers accepted, countered or rejected, which must each be retained in the manner required in section 54-2049, Idaho Code;
(d) The original or a true and correct copy of all rejected offers must be retained in the files of the selling broker for the statutory records retention period in section 54-2049, Idaho Code.
History:
[54-2048, added 2000, ch. 285, sec. 3, p. 938; am. 2020, ch. 87, sec. 4, p. 235.]
2023 Idaho Code › Title 54 - PROFESSIONS, VOCATIONS, AND BUSINESSES › Chapter 20 - IDAHO REAL ESTATE LICENSE LAW › Section 54-2049 - RECORD RETENTION SCHEDULES.

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 following records must be kept by a broker for three (3) calendar years after the year in which the event occurred, the transaction closed, all funds were disbursed, or the agreement and any written extension expired:
(1) The original or true copy of all accepted, countered or rejected offers;
(2) Listing or buyer brokerage representation agreements and "consent to limited dual representation" forms;
(3) Transaction files and the contents required in section 54-2048(3), Idaho Code;
(4) Trust account ledger records; and
(5) All trust account reconciliation records, as defined in this chapter.
History:
[54-2049, added 2000, ch. 285, sec. 3, p. 939.]
2023 Idaho Code › Title 54 - PROFESSIONS, VOCATIONS, AND BUSINESSES › Chapter 20 - IDAHO REAL ESTATE LICENSE LAW › Section 54-2051 - OFFERS TO PURCHASE.

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 be deemed in all respects an offer to purchase.
(2) Immediately upon receiving any offer to purchase signed and dated by the buyer and any consideration, a broker or salesperson shall provide a copy of the offer to purchase to the buyer as a receipt.
(3) Upon obtaining any document signed by a buyer or seller, a sales associate shall provide a true and legible copy of such document to the designated broker or broker’s office prior to the end of the next business day. If the document is a fully executed purchase and sale agreement, counter offer, or addendum, such sales associate shall also provide a true and legible copy of such document to both the buyer and the seller.
(4) The broker or sales associate shall make certain that all offers to purchase real property or any interest therein are in writing and contain all of the following specific terms, provisions and statements:
(a) All terms and conditions of the real estate transaction as directed by the buyer or seller;
(b) The actual form and amount of the consideration received as earnest money;
(c) The name of the responsible broker in the transaction, as defined in section 54-2048, Idaho Code;
(d) The "representation confirmation" statement required in section 54-2085(4), Idaho Code, and, only if applicable to the transaction, the "consent to limited dual representation" as required in section 54-2088, Idaho Code;
(e) A provision for division of earnest money retained by any person as forfeited payment should the transaction not close;
(f) All appropriate signatures and the dates of such signatures; and
(g) A legal description of the property.
(5) All changes made to any offer to purchase or other real estate purchase agreement shall be initialed and dated by the parties to the transaction.
History:
[54-2051, added 2000, ch. 285, sec. 3, p. 940; am. 2007, ch. 98, sec. 11, p. 300; am. 2015, ch. 51, sec. 10, p. 122; am. 2020, ch. 88, sec. 2, p. 239.]
2023 Idaho Code › Title 54 - PROFESSIONS, VOCATIONS, AND BUSINESSES › Chapter 20 - IDAHO REAL ESTATE LICENSE LAW › Section 54-2052 - ELECTRONICALLY GENERATED AGREEMENTS.

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 correct and enforceable as originals.
History:
[54-2052, added 2000, ch. 285, sec. 3, p. 941; am. 2001, ch. 123, sec. 20, p. 439.]
2023 Idaho Code › Title 54 - PROFESSIONS, VOCATIONS, AND BUSINESSES › Chapter 20 - IDAHO REAL ESTATE LICENSE LAW › Section 54-2053 - ADVERTISING.

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 shall clearly and conspicuously contain the broker’s licensed business name. A new business name shall not be used or shown in advertising unless and until a proper notice of change in the business name has been approved by the commission.
(3) All advertising by licensed branch offices shall clearly and conspicuously contain the broker’s licensed business name.
(4) No advertising shall provide any information to the public or to prospective customers or clients that is misleading in nature. Information is misleading if, when taken as a whole, there is a distinct probability that such information will deceive the persons whom it is intended to influence.
History:
[54-2053, added 2000, ch. 285, sec. 3, p. 941; am. 2017, ch. 125, sec. 1, p. 295.]
2023 Idaho Code › Title 54 - PROFESSIONS, VOCATIONS, AND BUSINESSES › Chapter 20 - IDAHO REAL ESTATE LICENSE LAW › Section 54-2055 - LICENSEES DEALING WITH THEIR OWN PROPERTY.

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 real property in a regulated real estate transaction.
(2) A licensee shall disclose in writing to any buyer or seller no later than at the time of presentation of the purchase and sale agreement that the licensee holds an active Idaho real estate license, if the licensee directly, indirectly, or through a third party, sells or purchases an interest in real property for personal use or any other purpose; or acquires or intends to acquire any interest in real property or any option to purchase real property.
(3) Each actively licensed person buying or selling real property or any interest therein, in a regulated real estate transaction, must conduct the transaction through the broker with whom he is licensed, whether or not the property is listed.
History:
[54-2055, added 2000, ch. 285, sec. 3, p. 943; am. 2003, ch. 65, sec. 7, p. 220; am. 2010, ch. 217, sec. 4, p. 490.]
2023 Idaho Code › Title 54 - PROFESSIONS, VOCATIONS, AND BUSINESSES › Chapter 20 - IDAHO REAL ESTATE LICENSE LAW › Section 54-2056 - TERMINATING OR CHANGING LICENSED BUSINESS RELATIONSHIPS.

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 after the effective date. A broker who terminates the licensed association of a sales associate shall provide the associate written notice of the termination no later than three (3) business days after the effective date. A licensee’s written notice to the commission does not relieve him of the duty to provide written notice to the other licensee that he is terminating the licensed association.
(2) New association. The broker shall submit a written application, in the form and manner approved by the commission, for each sales associate licensing with the broker.
(3) Termination for cause. Any broker who terminates the association of a sales associate for the violation of any of the provisions of sections 54-2059 through 54-2065, Idaho Code, shall, within ten (10) business days of the termination, notify the commission, in writing, of the termination and the facts giving rise to the termination.
(4) Closing a branch office. Immediately upon closing a branch office, the broker shall provide the commission written notice of the closure advising of the new status of all licensees licensed with the closed branch. The broker shall remove from public view any license certificates for the branch office.
(5) Property of the broker. Upon termination of the business relationship as a sales associate licensed under a broker, the sales associate shall immediately turn over to the broker all listing information and listing contracts, keys, purchase and sale agreements and similar contracts, buyer brokerage information and contracts, and other property belonging to the broker. A sales associate shall not engage in any practice or conduct, directly or indirectly, which encourages, entices or induces clients of the broker to terminate any legal business relationship with the broker unless he first obtains written permission of the broker.
(6) Location of trust accounts and file records. When an actively licensed broker changes to a license status other than that of a designated broker, that individual must notify the commission in writing of the location of all trust accounts and transaction file records which the broker was responsible for during the term of licensure as a designated broker. These records shall be available to the commission for three (3) years following the year in which each transaction was closed.
History:
[54-2056, added 2000, ch. 285, sec. 3, p. 943; am. 2001, ch. 123, sec. 21, p. 439; am. 2002, ch. 220, sec. 11, p. 620; am. 2005, ch. 107, sec. 15, p. 354; am. 2007, ch. 98, sec. 12, p. 301; am. 2015, ch. 51, sec. 11, p. 123.]
2023 Idaho Code › Title 54 - PROFESSIONS, VOCATIONS, AND BUSINESSES › Chapter 20 - IDAHO REAL ESTATE LICENSE LAW › Section 54-2057 - DEATH OR INCAPACITY OF A DESIGNATED BROKER.

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 individual as designated broker in the manner and within the time required in section 54-2039, Idaho Code, or shall cease to be licensed.
(2) Sole proprietorships. Upon the death or incapacity of a sole proprietor broker, the commission may issue a limited authorization for an executor, administrator, conservator, personal representative, court-appointed guardian, or some other person or agency to close out the pending transactions on behalf of the deceased or incapacitated broker, and only in accordance with the provisions of this section. The person given temporary authority shall close out the affairs of the deceased or incapacitated sole proprietor broker by taking the following actions:
(a) Termination of listings and buyer brokerage agreements. Termination of all listings and buyer brokerage agreements in which there are not outstanding offers or earnest money receipts.
(b) Completion of negotiations. Completion of all negotiations between buyers and sellers on transactions in which an offer to purchase has been written or received.
(c) Accounting for moneys. Depositing and withdrawing moneys from the real estate trust account in connection with completion of all transactions still pending at the time of death of a sole proprietor broker.
(d) Commissions. Prompt payment of all real estate commissions owing after closing of all transactions, both to the decedent broker’s duly appointed personal representative and to sales associates of the deceased broker or participating brokers entitled to commissions resulting from the transactions.
History:
[54-2057, added 2000, ch. 285, sec. 3, p. 944.]
2023 Idaho Code › Title 54 - PROFESSIONS, VOCATIONS, AND BUSINESSES › Chapter 20 - IDAHO REAL ESTATE LICENSE LAW › Section 54-2058 - AUTHORITY TO INVESTIGATE AND DISCIPLINE.

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 acted as a real estate broker or salesperson without a license in violation of section 54-2002, Idaho Code. Upon receipt of a written complaint from anyone who claims to have been injured or defrauded as a result of such action, or upon information received by the executive director, the executive director shall perform an investigation of the facts alleged against such real estate broker or salesperson or such unlicensed person. Prior to the initiation of any proceedings for the revocation or suspension of a license, or for such other disciplinary actions as set forth in section 54-2059, Idaho Code, the executive director shall transmit to the commission a report, in writing, signed by the executive director, setting forth the facts alleged against such real estate broker or salesperson or unlicensed person. Upon receiving such report, the commission shall make an examination of all the facts and circumstances connected with such report. If the facts set forth in the report are deemed insufficient by the commission, no further action shall be taken, unless the executive director resubmits the report with additional facts supporting the filing of an administrative complaint. Should the commission deem that the facts set forth in the report are sufficient to proceed with a formal action, the commission shall authorize the filing of an administrative complaint against such person.
(2) Audits. The commission or its duly authorized representative is vested with the authority to conduct periodic inspections, surveys and audits of the transaction records and real estate trust accounts of all Idaho licensed designated brokers. Any transaction records or real estate trust account records located outside the state of Idaho shall promptly be made available to the commission upon request at the licensee’s own cost and at the location or in the manner requested by the commission. If the analysis of a broker’s real estate trust account indicates a deficiency or any irregularity which cannot be resolved between the commission and the broker, the commission may order a complete audit of the trust account by a certified public accountant at the broker’s expense.
(3) The commission also has the authority to investigate the action of any Idaho licensee as provided in this section. The licensee or broker shall answer all reasonable investigative questions of the commission, and must make available, promptly upon request, any and all records to the commission at the licensee’s own cost and at the location or in the manner requested by the commission.
History:
[54-2058, added 2000, ch. 285, sec. 3, p. 945; am. 2001, ch. 123, sec. 22, p. 440; am. 2002, ch. 116, sec. 1, p. 330; am. 2011, ch. 108, sec. 3, p. 279.]
2023 Idaho Code › Title 54 - PROFESSIONS, VOCATIONS, AND BUSINESSES › Chapter 20 - IDAHO REAL ESTATE LICENSE LAW › Section 54-2059 - DISCIPLINARY POWERS — REVOCATION, SUSPENSION OR OTHER DISCIPLINARY ACTION.

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 exceed five thousand dollars ($5,000) against any licensee who is found to have violated any section of the Idaho Code, the commission’s administrative rules or any order of the commission. The executive director may issue informal letters of reprimand to licensees without civil penalty or cost assessment.
(2) The commission may impose a civil penalty in an amount not to exceed five thousand dollars ($5,000) against any person who is found, through a court or administrative proceeding, to have acted without a license in violation of section 54-2002, Idaho Code. The civil penalty provisions of this section are in addition to and not in lieu of any other actions or criminal penalties for acting as a broker or salesperson without a license which might be imposed by other sections of this chapter or Idaho law.
(3) The commission may also accept, on such conditions as it may prescribe, or reject any offer to voluntarily terminate the license of a person whose activity is under investigation or against whom a formal complaint has been filed.
(4) The assessment of fees and costs incurred in the investigation and prosecution or defense of a licensee or other person under this section shall be governed by the provisions of section 12-117(5), Idaho Code.
(5) If the commission suspends or revokes a license, or imposes a civil penalty, or assesses costs and attorney’s fees, the commission may withhold execution of the suspension, revocation or civil penalty, or costs and attorney’s fees on such terms and for such time as it may prescribe.
(6) If any amounts assessed against a defendant by final order of the commission become otherwise uncollectible or payment is in default, and only if all the defendant’s rights to appeal have passed, the commission may then proceed to district court and seek to enforce collection through judgment and execution.
(7) All civil penalties, costs, and attorney’s fees collected by the commission under this chapter shall be deposited in the state treasury to the credit of the occupational licenses fund. Any amounts of civil penalties so collected, deposited and credited shall be expended for exclusive use in developing and delivering Idaho real estate education.
History:
[54-2059, added 2000, ch. 285, sec. 3, p. 945; am. 2004, ch. 121, sec. 1, p. 409; am. 2014, ch. 42, sec. 7, p. 105; am. 2018, ch. 348, sec. 12, p. 810; am. 2021, ch. 224, sec. 51, p. 677.]
2023 Idaho Code › Title 54 - PROFESSIONS, VOCATIONS, AND BUSINESSES › Chapter 20 - IDAHO REAL ESTATE LICENSE LAW › Section 54-2060 - GROUNDS FOR DISCIPLINARY ACTION.

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 broker or salesperson, shall be subject to disciplinary action by the commission. The following acts shall constitute misconduct within the meaning of this section:
(1) Making fraudulent misrepresentations;
(2) Engaging in a continued or flagrant course of misrepresentation or making of false promises, whether done personally or through agents or salespersons;
(3) Failure to account for or remit any property, real or personal, or moneys coming into the person’s possession which belong to another;
(4) Failure to keep adequate records of all property transactions in which the person acts in the capacity of real estate broker or salesperson;
(5) Failure or refusal, upon lawful demand, to disclose any information within the person’s knowledge, or to produce any documents, books or records in the person’s possession for inspection by the commission or its authorized representative;
(6) Acting as a real estate broker or salesperson under an assumed name;
(7) Employment of fraud, deception, misrepresentation, misstatement or any unlawful means in applying for or securing a license to act as a real estate broker or salesperson in the state of Idaho;
(8) Using, proposing to use, or agreeing to use a "double contract" as prohibited in section 54-2054(5), Idaho Code;
(9) Seeking or receiving a "kickback" or rebate prohibited in section 54-2054(6), Idaho Code;
(10) Violation of any provision of sections 54-2001 through 54-2097, Idaho Code, or any administrative rule made or promulgated by the commission or any final order of the commission;
(11) Any other conduct whether of the same or a different character than hereinabove specified which constitutes dishonest or dishonorable dealings;
(12) Gross negligence or reckless conduct in a regulated real estate transaction. Conduct is grossly negligent or reckless if, when taken as a whole, it is conduct which substantially fails to meet the generally accepted standard of care in the practice of real estate in Idaho.
History:
[54-2060, added 2000, ch. 285, sec. 3, p. 946.]
2023 Idaho Code › Title 54 - PROFESSIONS, VOCATIONS, AND BUSINESSES › Chapter 20 - IDAHO REAL ESTATE LICENSE LAW › Section 54-2061 - ADDITIONAL GROUNDS FOR DISCIPLINARY ACTION — COURT ACTIONS — LICENSEE TO REPORT TO COMMISSION.

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 jurisdiction, the licensee:
(a) Has been convicted of a felony, or has been convicted of a misdemeanor involving fraud, misrepresentation, or dishonest or dishonorable dealing or which otherwise demonstrates the licensee’s lack of trustworthiness to engage in the real estate business;
(b) Has been declared to lack capacity or to be incompetent or under an infirmity, for the duration of such declaration only;
(c) Has a judgment entered against the licensee in a civil action upon grounds of fraud, misrepresentation, deceit or gross negligence with reference to a real estate-related transaction.
(2) The court’s record of conviction, order determining legal competency, or the order entering judgment in a civil case, or certified copies thereof, shall be prima facie evidence of a conviction, or the court’s action.
(3) A licensee who is convicted, declared legally incompetent, or who has a judgment entered against him in a civil action as described in subsection (1) of this section, shall, within twenty (20) days of such conviction, declaration or judgment, forward to the commission a copy of the legal document evidencing the same.
History:
[54-2061, added 2000, ch. 285, sec. 3, p. 947; am. 2001, ch. 123, sec. 23, p. 441.]
2023 Idaho Code › Title 54 - PROFESSIONS, VOCATIONS, AND BUSINESSES › Chapter 20 - IDAHO REAL ESTATE LICENSE LAW › Section 54-2062 - ADDITIONAL GROUNDS FOR DISCIPLINARY ACTION — OTHER ADMINISTRATIVE ACTIONS — LICENSEE TO REPORT TO COMMISSION.

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 order or determination of debarment, suspension, or any limitation on participation in government loan programs issued against the licensee for misconduct; or
(b) Has a real estate or other professional license suspended or revoked for a disciplinary violation involving fraud, misrepresentation, or dishonest or dishonorable dealings. A certified copy of the order of the administrative agency in the other jurisdiction shall be prima facie evidence of the suspension or revocation.
(2) A licensee against whom a final administrative action has been taken, as described in subsection (1) of this section, shall, within twenty (20) days of such action, forward to the commission a copy of the legal document evidencing the same.
History:
[54-2062, added 2000, ch. 285, sec. 3, p. 947; am. 2001, ch. 123, sec. 24, p. 441; am. 2005, ch. 107, sec. 16, p. 355.]
2023 Idaho Code › Title 54 - PROFESSIONS, VOCATIONS, AND BUSINESSES › Chapter 20 - IDAHO REAL ESTATE LICENSE LAW › Section 54-2063 - DISCIPLINARY PROCEDURE AND REVIEW OF AGENCY ACTION.

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.
History:
[54-2063, added 2000, ch. 285, sec. 3, p. 947.]
2023 Idaho Code › Title 54 - PROFESSIONS, VOCATIONS, AND BUSINESSES › Chapter 20 - IDAHO REAL ESTATE LICENSE LAW › Section 54-2064 - PROOF OF COMPLAINT — PROSECUTION BY COUNTY PROSECUTING ATTORNEY.

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 prosecute all violations of the provisions of this chapter in their respective counties in which the violations occur.
History:
[54-2064, added 2000, ch. 285, sec. 3, p. 948.]
2023 Idaho Code › Title 54 - PROFESSIONS, VOCATIONS, AND BUSINESSES › Chapter 20 - IDAHO REAL ESTATE LICENSE LAW › Section 54-2065 - PENALTY FOR ACTING AS A BROKER OR SALESPERSON WITHOUT LICENSE.

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 natural person, be punished by a fine of not to exceed five thousand dollars ($5,000) or by imprisonment in the county jail for a term not to exceed one (1) year, or by both such fine and imprisonment in the discretion of the court; or if a limited liability company or corporation, by a fine of not to exceed ten thousand dollars ($10,000). Additionally, the court may assess a civil penalty against a natural person in an amount not to exceed five thousand dollars ($5,000) and against a limited liability company or corporation in an amount not to exceed ten thousand dollars ($10,000). All civil penalties shall be credited to the occupational licenses fund.
History:
[54-2065, added 2000, ch. 285, sec. 3, p. 948; am. 2021, ch. 224, sec. 52, p. 677.]
2023 Idaho Code › Title 54 - PROFESSIONS, VOCATIONS, AND BUSINESSES › Chapter 20 - IDAHO REAL ESTATE LICENSE LAW › Section 54-2066 - INJUNCTIVE RELIEF.

54-2066. INJUNCTIVE RELIEF. The commission is hereby authorized to institute injunction proceedings in the district court of competent jurisdiction, pursuant to the Idaho rules of civil procedure, for cause shown, to restrain any person or persons from violating any provision of this chapter regardless of whether or not there exists an adequate remedy at law.
History:
[54-2066, added 2000, ch. 285, sec. 3, p. 948.]
2023 Idaho Code › Title 54 - PROFESSIONS, VOCATIONS, AND BUSINESSES › Chapter 20 - IDAHO REAL ESTATE LICENSE LAW › Section 54-2067 - CEASE AND DESIST ORDERS.

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 any and all remedies available to the commission in this or other chapters of the Idaho Code.
History:
[54-2067, added 2000, ch. 285, sec. 3, p. 948.]