2005 Idaho Code - 54-2004 — DEFINITIONS

                                  TITLE  54
                    PROFESSIONS, VOCATIONS, AND BUSINESSES
                                  CHAPTER 20
                        IDAHO REAL ESTATE LICENSE LAW
    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)  "Active license" means the status of a real estate license that has
not been inactivated, expired, terminated, suspended or revoked.
    (3)  "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 (32) of this section.
    (4)  "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.
    (5)  "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, and which is conducting or holding
itself out as conducting the business of real estate through a designated
broker.
    (6)  "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.
    (7)  "Business conduct and office operations course" means, in reference
to a real estate course offering, 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.
    (8)  "Business name" means the name in which the brokerage company is
licensed by the commission.
    (9)  "Business opportunity" means and includes an established business,
good will of an established business, or any interest therein, or any one (1)
or combination thereof, where a sale or transfer of an interest in land
including, but not limited to, an assignment of a lease, is involved in the
transaction.
    (10) "Commission" means the Idaho real estate commission, unless the
context clearly indicates a different meaning.
    (11) "Commission core course" means, in reference to a real estate course
offering, the course containing curriculum, identified by the commission, that
stresses current 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.
    (12) "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.
    (13) "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.
    (14) "Cooperative sale" means a transaction involving two (2) or more
brokers.
    (15) "Council" means the Idaho real estate education council.
    (16) "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.
    (17) "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.
    (18) "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 distance
or time.
    (19) "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 which 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.
    (20) "Executive director" means the executive director of the Idaho real
estate commission.
    (21) "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.
    (22) "Fee or commission" means a payment, actual, promised or expected, as
compensation for the performance of any act requiring a real estate license.
    (23) "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.
    (24) "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.
    (25) "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.
    (26) "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.
    (27) "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.
    (28) "Main office" means the principal location where the real estate
broker is licensed to transact business.
    (29) "Person" means and includes an individual, or any legal business
entity.
    (30) "Primary Idaho license" means an Idaho real estate license that is
not contingent upon continuance of a license in another state or jurisdiction.
    (31) "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.
    (32) "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 above activities;
    (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 above set forth;
    (e)  A dealer in options as defined in this section.
    (33) "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 (32) of this
section.
    (34) "Real estate settlement procedures act" means the real estate
settlement procedures act of 1974, as amended, 12 U.S.C. section 2601 et seq.,
and as in effect on January 1, 2005.
    (35) "Regulated real estate transaction" means those real estate
transactions for which a real estate license is required under chapter 20,
title 54, Idaho Code.
    (36) "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.
    (37) "Revoked license" means a license that has been permanently revoked
by the issuing authority.
    (38) "Sales associate" means a salesperson or an associate broker licensed
under and associated with a designated broker.
    (39) "State or jurisdiction" means and includes any of the fifty (50)
states and any foreign jurisdiction that issue real estate licenses
substantially similar to those provided for in this chapter.
    (40) "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 final examination.
    (41) "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.
    (42) "Suspended license" means a license that has been temporarily
suspended by the issuing authority.