2014 Idaho Statutes
Title 54 - PROFESSIONS, VOCATIONS, AND BUSINESSES
Chapter 20 - IDAHO REAL ESTATE LICENSE LAW
Section 54-2050 - BROKERAGE REPRESENTATION AGREEMENTS -- REQUIRED ELEMENTS.
(1) Seller representation agreements. Each seller representation agreement, whether exclusive or nonexclusive, must contain the following provisions:
(2) Buyer representation agreements. Each buyer representation agreement, whether exclusive or nonexclusive, must contain the following provisions:
(3) Prohibited provisions and exceptions -- Automatic renewal clauses. No buyer or seller representation agreement shall contain a provision requiring the party signing the agreement to notify the broker of the party's intention to cancel the agreement after the definite expiration date, unless the representation agreement states that it is completely nonexclusive and it contains no financial obligation, fee or commission due from the party signing the agreement.
(4) Copies required. A broker or salesperson who obtains a written brokerage representation agreement of any kind shall, at the time of securing such agreement, give the person or persons signing such agreement, a legible, signed, true and correct copy thereof. To the extent the parties have agreed in writing, copies that are electronically generated or transmitted, faxed or delivered in another method shall be deemed true and correct.
(5) Electronically generated agreements. To the extent the parties have agreed in writing, brokerage representation agreements with a buyer or seller that are electronically generated or transmitted, faxed or delivered in another method shall be deemed true and correct and enforceable as originals.
History:
[54-2050, added 2000, ch. 285, sec. 3, p. 939; am. 2001, ch. 123, sec. 19, p. 438; am. 2009, ch. 135, sec. 1, p. 416.]
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