2001 Legislation
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HOUSE BILL NO. 155 – Real estate/agncy disclosr brochure

HOUSE BILL NO. 155

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Daily Data Tracking History



H0155...........................................................by BUSINESS
REAL ESTATE - Amends existing law to revise the agency disclosure brochure
required for representation confirmation.
                                                                        
02/06    House intro - 1st rdg - to printing
02/07    Rpt prt - to Bus
02/20    Rpt out - rec d/p - to 2nd rdg
02/21    2nd rdg - to 3rd rdg
02/22    3rd rdg - PASSED - 61-0-9
      AYES -- Barraclough, Barrett, Bedke, Bell, Bieter, Black, Boe, Bolz,
      Bradford, Bruneel, Callister, Campbell, Chase, Clark, Collins, Crow,
      Cuddy, Deal, Denney, Ellis, Ellsworth, Eskridge, Field(13),
      Field(20), Gagner, Hadley, Hammond, Harwood, Henbest, Higgins,
      Hornbeck, Jaquet, Kellogg, Kendell, Kunz, Lake, Loertscher, Mader,
      Marley, McKague, Meyer, Mortensen, Moss, Moyle, Pearce, Pischner,
      Pomeroy, Raybould, Roberts, Sali, Sellman, Shepherd, Smylie,
      Stevenson, Stone, Swan, Tilman, Trail, Wheeler, Wood, Young
      NAYS -- None
      Absent and excused -- Gould, Jones, Langford, Montgomery, Ridinger,
      Robison, Schaefer, Smith, Mr. Speaker
    Floor Sponsors -- Kellogg & Gagner
    Title apvd - to Senate
02/23    Senate intro - 1st rdg - to Com/HuRes
03/16    Rpt out - rec d/p - to 2nd rdg
03/19    2nd rdg - to 3rd rdg
03/21    3rd rdg - PASSED - 34-1-0
      AYES -- Andreason, Boatright, Branch, Brandt, Bunderson, Burtenshaw,
      Cameron, Danielson, Darrington, Davis, Deide, Dunklin, Frasure,
      Geddes, Goedde, Ingram, Ipsen, Keough, King-Barrutia, Lee, Lodge,
      Noh, Richardson, Risch, Sandy, Schroeder, Sims, Sorensen, Stegner,
      Stennett, Thorne, Wheeler, Whitworth, Williams,
      NAYS -- Hawkins
      Absent and excused -- None
    Floor Sponsor -- Davis
    Title apvd - to House
03/22    To enrol - rpt enrol - Sp signed
03/23    Pres signed
03/26    To Governor
03/28    Governor signed
         Session Law Chapter 251
         Effective: 07/01/01

Bill Text


                                                                        
                                                                        
  ||||              LEGISLATURE OF THE STATE OF IDAHO             ||||
 Fifty-sixth Legislature                  First Regular Session - 2001
                                                                        
                                                                        
                              IN THE HOUSE OF REPRESENTATIVES
                                                                        
                                     HOUSE BILL NO. 155
                                                                        
                                   BY BUSINESS COMMITTEE
                                                                        
  1                                        AN ACT
  2    RELATING TO REAL ESTATE AGENCY REPRESENTATION AND DISCLOSURE; AMENDING SECTION
  3        54-2085, IDAHO CODE, TO REVISE THE AGENCY DISCLOSURE BROCHURE REQUIRED FOR
  4        REPRESENTATION CONFIRMATION AND TO MAKE TECHNICAL CORRECTIONS.
                                                                        
  5    Be It Enacted by the Legislature of the State of Idaho:
                                                                        
  6        SECTION 1.  That Section 54-2085, Idaho Code, be, and the same  is  hereby
  7    amended to read as follows:
                                                                        
  8        54-2085.  DISCLOSURE  AND  WRITING  REQUIREMENTS -- AGENCY DISCLOSURE BRO-
  9    CHURE AND REPRESENTATION CONFIRMATION. (1) A licensee shall give to a prospec-
 10    tive buyer or seller at the first substantial business contact the agency dis-
 11    closure brochure established by the Idaho real estate commission. The  commis-
 12    sion  by  rule shall establish the form and contents of the brochure in accor-
 13    dance with the provisions of this act chapter. Each brokerage  shall  keep  an
 14    initialed  and  dated record of a buyer or seller's receipt of the agency dis-
 15    closure brochure.
 16        (2)  The agency disclosure brochure shall list the types of representation
 17    available to a buyer or seller in a regulated  real  estate  transaction,  the
 18    legal  duties and obligations owed to the buyer or seller in each type of rep-
 19    resentation and a conspicuous notice that no representation will exist  absent
 20    a written agreement between the buyer or seller and the brokerage.
 21        (3)  A  brokerage's  relationship  with  a  buyer  and seller as an agent,
 22    nonagent, or limited dual agent must be determined and  all  necessary  agree-
 23    ments executed no later than the preparation of a purchase and sale agreement.
 24    A  brokerage  must  disclose  its relationship to both buyer and seller in any
 25    transaction no later than the preparation or presentation of  a  purchase  and
 26    sale agreement.
 27        (4)  In addition, a purchase and sale agreement, an attachment thereto, or
 28    other document drafted in connection with a real estate transaction shall con-
 29    tain  the following confirmation of the relationship, whether it involved rep-
 30    resentation or not, between the buyer, seller and licensees involved:
 31                             REPRESENTATION CONFIRMATION
 32             Check one (1) box in Section 1 below and one (1) box in  Section
 33        2  below  to  confirm  that  iIn  this  transaction, the brokerage(s)
 34        involved had the following  relationship(s)  with  the  BUYER(S)  and
 35        SELLER(S). ("agent" or "nonagent" or "limited dual agent"):
 36        Listing broker acted as a(n) ................ for the buyer.
 37        Selling broker acted as a(n) ................ for the buyer.
 38             In this transaction, the brokerage(s) involved had the following
 39        relationship(s)  with  the  SELLER ("agent" or "nonagent" or "limited
 40        dual agent"):
 41        Listing broker acted as a(n) ................ for the seller.
 42        Selling broker acted as a(n) ................ for the seller.
                                                                        
                                           2
                                                                        
  1        Section 1:
  2             A.      The broker working with the BUYER(S)  is  acting  as  an
  3             AGENT for the BUYER(S).
  4             B.      The broker working with the BUYER(S) is acting as a LIM-
  5             ITED DUAL AGENT for the BUYER(S).
  6             C.      The  broker  working  with  the  BUYER(S) is acting as a
  7             NONAGENT for the BUYER(S).
  8        Section 2:
  9             A.      The broker working with the SELLER(S) is  acting  as  an
 10             AGENT for the SELLER(S).
 11             B.      The  broker  working  with  the SELLER(S) is acting as a
 12             LIMITED DUAL AGENT for the SELLER(S).
 13             C.      The broker working with the SELLER(S)  is  acting  as  a
 14             NONAGENT for the SELLER(S).
 15        Each  party  signing  this  document  confirms  that  he  or  she has
 16        received, read and understood the Agency Disclosure Brochure and  has
 17        elected  the  relationship  confirmed  above. In addition, each party
 18        confirms that the broker's agency office policy  was  made  available
 19        for inspection and review. EACH PARTY UNDERSTANDS THAT HE OR SHE IS A
 20        "CUSTOMER"  AND  IS  NOT  REPRESENTED  BY  A BROKER UNLESS THERE IS A
 21        SIGNED WRITTEN AGREEMENT FOR AGENCY REPRESENTATION.
 22        (5)  The failure of a licensee to timely give a buyer or seller the agency
 23    disclosure brochure or the failure of a licensee to properly and timely obtain
 24    any written agreement or confirmation required by this act chapter shall be  a
 25    violation of the Idaho real estate license law and may subject the licensee to
 26    disciplinary  action  according  to the provisions of sections 54-2058 through
 27    54-2078, Idaho Code.
 28        (6)  Neither the commission brochure nor the  representation  confirmation
 29    shall  create  a brokerage relationship. A separate, signed, written agreement
 30    is required for that purpose.

Statement of Purpose / Fiscal Impact



                       STATEMENT OF PURPOSE
                            RS 10754
This legislation will change the Real Estate Agency Disclosure
form to make it easier by using a check-off rather than writing
out each brokerage relationship. 





                          FISCAL IMPACT

None.

Contact
Name: Rep. Lee Gagner 
Phone: 332-1000




STATEMENT OF PURPOSE/FISCAL NOTE                         H 15