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Idaho Real Estate > License Law > Flashcards

License Law Flashcards

0
Q

License exemptions

A

Owner, employee of owner, attorney on behalf of client, receiver/trustee, estate executor do not need to be licensed

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1
Q

License required

A

Even a single act of broker constitutes engaging in business

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2
Q

Licensees bound by real estate law

A

Even if otherwise would be exempted and even if personal property sale would otherwise be exempt.

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3
Q

Idaho real estate commission

A

4 members with 4 year term appointed by governor from one of each regional districts. Must have been actively licensed brokers. Charged with making and enforcing reasonable rules.

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4
Q

Real estate education council

A

6 members - 4 appointed by commission us commissioner and executive director. Recommend education policy, certification guidelines and suggested content

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5
Q

Types of license

A

Real estate salesperson
Associate broker
Designated broker for sole practitioner or business

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6
Q

Requirements for license

A

18, high school grad, no disciplinary or legal probs, no serious misdemeanor or felonies, per license ed, pass national and state test, provide proof of e&o, have designated broker unless licensed as broker.

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7
Q

Errors & Omissions

A

Must have independent or state program e&o insurance

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8
Q

License Exams

A

National exam may be waived for appropriate experience.

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9
Q

Actively licensed out of state broker

A

May have national portion waived, pre-license ed waived, must submit proof of license in good standing

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10
Q

Business licensing

A

Business is registered with and licensed by commission. Broker has to complete business conduct and office operations course. Designated broker must be officer, general partner, member/manager. Biz license runs with designated broker license. E&o for broker and biz. No multiple biz names.

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11
Q

License renewals

A

License period 2 years with birth month renewal. 1st term will run one year plus up to birth month.

Renewal must include continuing ed completion and e&o.

Failure to renew for 12 months is terminated and may not be renewed

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12
Q

Notice to commission for personal info change

A

10 days to provide notice to the commission of name address or phone change

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13
Q

Denial of license

A

Applicant not qualified
Any fraud or misrepresentation on application
Any cause for action in Idaho in the previous 5 years
Funds not honored by bank
Facts about applicant which are of concern

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14
Q

License Fees

A

Commission establishes license fees

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15
Q

Pre-license education

A

90 hours salesperson
Assoc broker or broker 4 advanced courses for 90 hours
Within 3 years of license application

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16
Q

Continuing ed for renewal

A

Commission core class plus 16 hours

No duplicate or repeat credit given

Licensee keeps proof

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17
Q

Certified course providers

A

Purpose to insure high quality education. Certified by commission or be degree granting institute. Certified for 2 years. Must have certified instructors. Content of courses certified individually.

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18
Q

Designated broker responsibilities

A

Responsible for all actions of its licensees and associated unlicensed persons.

Supervise all activities. Review and approve all contracts. Must be available during regular biz hours - cannot have outside full time employment. If not able to supervise can be limited broker with no supervisory responsibility

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19
Q

Broker price opinions

A

Broker price opinions must run through and notify designated broker.

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20
Q

Broker and manager absence

A

Absence of more than 21 days requires a qualified designated broker or manager to be appointed. Commission must be notified in writing with name of appointee. Absence of more than 60 days is prohibited. New broker shall be appointed or biz shall be made inactive with all associated licenses and termination of all listings and buyer broker agreements

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21
Q

Office

A

Definite location required.Broker can’t be broker for more than one biz. Brokers can share space as long as separate licenses are clearly identified and records maintained separately.No more than one biz name. No allowing use of broker licenses for activity not under full broker control

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22
Q

Trust account

A

Not entrusted when transferred to escrow or third party with no broker control. Deposits made into neutral qualified account. Only money in account relating to regulated real estate transaction except for up to $300 as a minimum amount required to maintain account. Fully responsible until accounting made to all parties for funds

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23
Q

Creation of trust account

A

Approved institution, identified as real estate trust account, under biz name of broker, under control of broker, commission inspection authorization, not more than $300 in account maintenance funds

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24
Q

Interest bearing trust fund

A

Single transaction account.Written agreement between buyer and seller who is to receive interest

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25
Q

Trust account recording keeping

A

Maintenance fund ledger with all open accounts.Ledger for each transaction including deposits to escrow. Receipt for any transfer of funds including payee and date if transfer

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26
Q

Individual trust fund ledger and checking account records

A

Sequential numbering. Names of both transaction parties. Property location Date of each deposit or payment. Payee or payor. Amount check number and nature of deposit or dispersement. Final disposition of funds

27
Q

Trust account deposits

A

Receipt of deposits into trust account showing time of deposit, requires deposit by the next banking day unless the parties direct otherwise. Uncashed checks have to have written instructions about depositing with transaction docs. If never deposited, still needs ledger with receipts. Money received by salesperson must be immediately delivered to broker

28
Q

Trust account dispersements

A

Written authorization required. No dispersements in advance of closing or the condition authorizing dispersement. Receipt if money dispersed to escrow. No dispersement for commission without authorization. Forfeited earnest money provision must be in purchase agreement

29
Q

Disputed earnest money

A

Notify each party in writing of demand of other party

Keep all parties informed of actions including retention of funds by broker until dispute resolved

Broker may disperse based on Psa but may incur civil liability

Broker may hold funds until court resolves

30
Q

Responsible broker duties and record keeping

A

Responsible broker is liable for record keeping, transaction, funds and closing.

Broker who holds or transfers funds is responsible broker.

If broker is sole broker in transaction, automatically responsible broker

31
Q

Responsible broker duties

A

Ensure correctness and delivery of detailed closing statements including proof of delivery

Maintain file with signed closing statements, broker representation for represented parties, all offers accepted, countered or rejected marked and dated.

32
Q

Record retention schedules

A

3 calendar years from closing or cancellation:
Originals of all accepted, rejected or countered offers
Listing or buyer brokerage or dual representation forms
Transaction file records
Trust account ledgers and reconciliations

33
Q

Seller Brokerage representation agreements

A

Conspicuous and definite beginning and end dates

Sufficient identification of the property being sold

Price and terms

Fees or commissions

Signed and dated by owner or owners representative

34
Q

Buyer brokerage agreement requirements

A

Conspicuous and definite beginning and end dates

All financial obligations of buyer including fees and commissions

Manner in which fees are paid

Signature and date

35
Q

Prohibited from brokerage agreements

A

No automatic renewal

No requirement for notification of non renewal unless completely non-exclusive

36
Q

Brokerage agreement delivery

A

Copies delivered at signing

Electronic copies if agreed to in writing are acceptable

37
Q

Offers to purchase - delivery

A

Deliver to seller written offer as promptly as practical.

Give copy of offer to buyer as receipt

Upon execution provide copies to both buyer and seller

38
Q

Offers to purchase - required elements

A

All terms and conditions of the transaction

Form and amount of earnest money

Name of responsible broker

Representation confirmation and dual consent if applicable

Forfeit earnest money provision

A legal description of the property

All appropriate signatures and initials on changes

39
Q

Electronically generated agreements

A

Parties must agree in writing to electronic transmission of documents and signatures

40
Q

Advertising

A

Only actively licensed brokers can be named in any type of Idaho advertising

All advertising has to include biz name

No misleading advertising - defined as possible to deceive person who is target

41
Q

Commissions and fees - prohibited conduct

A

Only actively licensed broker can bring court action re: commissions

No splitting fees with unlicensed person - license does not have to be Idaho

No finders fees to unlicensed parties

No interference with another broker’s relationship

No double contracts - secret contract concealing terms from lender or otherwise committing fraud

No undisclosed kickbacks or rebates, or fees paid by multiple parties

No after the fact referrals or reduction of fees because of broker participation

All fees must be paid through broker

42
Q

Licensees own property

A

Transactions must be conducted through broker

No later than presentation of purchase agreement, broker to disclose licensed status

43
Q

Changing broker affiliation - notices

A

No later than 3 business days after termination broker or salesperson provide written notice

New association requires written application to commission

Termination for cause requires notice to Commission within 10 business days of circumstances of termination

44
Q

Affiliation changes - records and contracts

A

Upon termination of relationship a salesperson shall turn over all contacts and info to broker. May not entice business to leave.

Upon termination of broker designation, broker to notify commission of location of all records and trust accounts. Have to maintain records for 3 years.

Broker that leaves company has to main files unless requested to turn over to new designated broker for company

45
Q

Death of incapacity of designated broker

A

Entity must replace designated broker with duly licensed substitute or cease to be licensed.

The commission may allow a personal rep to take over a sole proprietorship and wrap up transactions, accounting and commissions.

46
Q

Authority to investigate and discipline

A

Commission has general authority to investigate actions or licensed or unlicensed real estate activity in the state.

Commission is authorized to audit transaction records and trust accounts. Out of state brokers must provide documents to state as requested.

47
Q

Disciplinary actions

A

Commission may suspend, revoke, issue formal reprimand and impose a civil penalty not to exceed $5000 (plus can assess costs and attorney fees)

Executive director may issue informal letter of reprimand without civil penalty or cost assessment

Commission may pursue collection of fees via court

48
Q

Grounds for disciplinary action

A 
Fraudulent misrepresentation
Misrepresentation or making false promises
Failing to account for entrusted funds
Failing to keep adequate records
Acting under an assumed name
Fraud in securing license
Proposing or use of double contract
Seeking or receiving kickback
Violation of license law
Dishonest or dishonorable dealings
Gross negligence or reckless actions
49
Q

Disciple - Court actions

A

Agent subject to discipline if convicted of felony or misdemeanor involving fraud, misrepresentation, or otherwise indicating lack of trustworthiness

Been declared legally incompetent

Within 20 days of court order, judgment or conviction, licensee shall submit legal info on actions to commission

50
Q

Discipline - admin actions to report to commission

A

Licensee to report disbarment or other license action for fraud, misrepresentation, or other administrative action within 20 days of such action, submitting legal document to commission

51
Q

Discipline - general info

A

All actions and rights of review and appeal governed by Idaho code.

Commission may refer to county prosecuting attorneys

52
Q

Penalty for unlicensed activity

A

Misdemeanor
Fine up to $5000 ($10k if a company not individual) on conviction
Imprisonment up to 1 year
Additional civil penalty of $5k for person or $10k for company

53
Q

Discipline - remedies

A

Injunction against actions

Cease and desist

54
Q

Discipline - witnesses, subpoenas

A

Commission can administer lathes, subpeona, take testimony

Witnesses paid mileage and civil court fees

55
Q

Real estate recovery fund

A

$20k recovery fund for satisfying claims against licensees.

Amounts over $20k moved to general fund for approval by legislature for commission business

$20 deposit for each license app and renewal into fund

56
Q

Recovery from fund

A

Court judgment against licensee for fraud misrepresentation or deceit against a licensee in any one year is payable in a max amt of10k. Only no personal assets available to satisfy judgment. State may defend against judgment. Court enters order requiring payment. Licensees automatically suspended. Interest paid if payments out of fund deferred.

57
Q

Termination of sales associate for cause

A

Written statement of facts to commission if termination for violation of disciplinary provisions

58
Q

Records open to public

A

Records kept in office of the commissioner open to public inspection

59
Q

The Idaho real estate brokerage representation act

A 
Agency relationships 
Agency disclosure
Agency duties to customer and clients
Limited dual agency
Compensation
Office policy
Duration 
Duties after termination
60
Q

Creation of agency relationships

A

Not represented unless agency relationship is in writing as a separate agreement.Brokerage relationships - nonagency, agency, limited dual agency, limited dual agency with assigned agents

61
Q

Disclosure brochure and representation

A

Provide agency brochure at first substantial contact.Disclosure brochure lists types of agency and prominent notice that without written agreement no agency exists.Agency agreement must be executed no later than preparation or presentation of Psa . Statutory representation language

62
Q

Confirmation of Agency Relationship

A

PSA, addendum or other document drafted in connection with regulated real estate transaction have to have statutory Confirmation of Representation.

63
Q

Duties to Customer (non-represented)

A

To assist with transaction. To perform acts with honesty, good faith, reasonable skill and care. Properly account for money. Disclose all adverse material facts actually known or which should reasonably be know by agent.

64
Q

Customer compensation agreements

A

If customer has compensation agreement with broker, have to be present for timely receipt and presentation of offers. May charge fee for each separate service provided customer

65
Q

Customer duties NOT owed

A

No duties owed can be waived. No duty owed to independently investigate any representation made by parties in the transaction reasonably believed by broker to be accurate.

Idaho Real Estate (1 decks)

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