Print Friendly HOUSE BILL NO. 155 – Real estate/agncy disclosr brochure
HOUSE BILL NO. 155
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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
|||| 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 i In 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.
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
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.
Name: Rep. Lee Gagner
STATEMENT OF PURPOSE/FISCAL NOTE H 15