2005 Idaho Code - 54-2083 — DEFINITIONS

                                  TITLE  54
                    PROFESSIONS, VOCATIONS, AND BUSINESSES
                                  CHAPTER 20
                        IDAHO REAL ESTATE LICENSE LAW
    54-2083.  DEFINITIONS. As used in sections 54-2082 through 54-2097, Idaho
Code:
    (1)  "Adverse material fact" means a fact that would significantly affect
the desirability or value of the property to a reasonable person or which
establishes a reasonable belief that a party to the transaction is not able to
or does not intend to complete that party's obligations under a real estate
contract.
    (2)  "Agency representation" or "representation" means the statutory
agency relationship between a client and a brokerage in a regulated real
estate transaction with respect to which the duties defined in section
54-2087, Idaho Code, are applicable. See also "representation."
    (3)  "Assigned agent" means, where a brokerage is representing more than
one (1) party to the transaction as a limited dual agent as provided in
section 54-2088, Idaho Code, the sales associate assigned by the brokerage to
act on behalf of one (1) client and to represent solely that client consistent
with the applicable duties set forth in section 54-2087, Idaho Code. The
designated broker shall not act as an assigned agent of the brokerage.
    (4)  "Brokerage" means a licensed designated broker, the licensed real
estate business represented by that broker and its associated licensees.
    (5)  "Client" means a buyer or seller, or a prospective buyer or seller,
or both who have entered into an express written contract or agreement with a
brokerage for agency representation in a regulated real estate transaction.
    (6)  "Confidential client information" means information gained from or
about a client that:
    (a)  Is not a matter of public record;
    (b)  The client has not disclosed or authorized to be disclosed to third
    parties;
    (c)  If disclosed, would be detrimental to the client; and
    (d)  The client would not be personally obligated to disclose to another
    party to the transaction. Information which is required to be disclosed by
    statute or rule or where the failure to disclose would constitute
    fraudulent misrepresentation is not confidential client information within
    the provisions of this act. Information generally disseminated in the
    marketplace, including "sold" prices of property, is also not confidential
    client information within the provisions of this act.
    (7)  "Customer" means a buyer or seller, or prospective buyer or seller,
who is not represented in an agency relationship in a regulated real estate
transaction.
    (8)  "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.
    (9)  "Express agreement" or "express contract" means a written agreement
by the parties to undertake brokerage representation. An express agreement
under this statute can only be made in writing, and cannot be made orally or
by assumption or implication.
    (10) "Idaho real estate license law and rules" means chapter 20, title 54,
Idaho Code, and all administrative rules promulgated thereunder.
    (11) "Limited dual agent" means a brokerage that is representing both a
buyer and a seller as clients in a regulated real estate transaction, as
provided in section 54-2088, Idaho Code.
    (12) "Ministerial acts" means reasonably necessary and customary acts
typically performed by real estate licensees in assisting a transaction to its
closing or conclusion.
    (13) "Nonagent" means a brokerage and its licensees working with or
assisting a buyer or seller as a customer to which the duties provided in
section 54-2086, Idaho Code, are applicable.
    (14) "Regulated real estate transaction" means those real estate
transactions for which a real estate license is required under chapter 20,
title 54, Idaho Code.
    (15) "Representation" or "brokerage representation" or "represented" means
the statutory agency relationship between a client and a brokerage in a
regulated real estate transaction with respect to which the duties provided in
section 54-2087, Idaho Code, are applicable.
    (16) "Sales associate" means a salesperson or an associate broker licensed
under and associated with a designated broker.