2005 Idaho Code - 54-2045 — TRUST ACCOUNT DEPOSITS AND RECEIPT OF CONSIDERATION

                                  TITLE  54
                    PROFESSIONS, VOCATIONS, AND BUSINESSES
                                  CHAPTER 20
                        IDAHO REAL ESTATE LICENSE LAW
    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 located in the state of
Idaho. 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 properly 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.