Print Friendly SENATE BILL NO. 1401
– Real estate license law, definitns
SENATE BILL NO. 1401
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S1401......................................by LOCAL GOVERNMENT AND TAXATION
REAL ESTATE - Amends existing law relating to real estate license law to
02/08 Senate intro - 1st rdg - to printing
02/11 Rpt prt - to Loc Gov
02/21 Rpt out - rec d/p - to 2nd rdg
02/22 2nd rdg - to 3rd rdg
02/25 3rd rdg - PASSED - 32-1-2
AYES -- Andreason, Bair, Bastian, Bilyeu, Broadsword, Burkett,
Cameron, Corder, Darrington, Davis, Fulcher, Geddes, Goedde, Hammond,
Heinrich, Hill, Jorgenson, Kelly, Keough, Langhorst, Little, Lodge,
Malepeai(Sagness), McGee, McKague, McKenzie, Pearce, Richardson,
Schroeder, Stegner, Stennett, Werk
NAYS -- Siddoway
Absent and excused -- Coiner, Gannon
Floor Sponsor - Hill
Title apvd - to House
02/26 House intro - 1st rdg - to Bus
03/12 Rpt out - rec d/p - to 2nd rdg
03/13 2nd rdg - to 3rd rdg
03/19 3rd rdg - PASSED - 56-10-4
AYES -- Anderson, Andrus, Bayer, Bedke, Bell, Bilbao, Black, Block,
Bock, Boe, Bolz, Brackett, Bradford, Chadderdon, Chavez, Chew,
Collins, Crane, Durst, Eskridge, Hagedorn, Hart, Henbest, Jaquet,
Killen, King, Kren, Labrador, Lake, LeFavour, Luker, Marriott,
Mathews, McGeachin, Mortimer, Nonini, Pasley-Stuart, Patrick, Pence,
Raybould, Ringo, Ruchti, Rusche, Sayler, Shepherd(02), Shirley,
Shively, Smith(30), Smith(24), Snodgrass, Stevenson, Thomas, Vander
Woude, Wills, Wood(27), Mr. Speaker
NAYS -- Barrett, Bowers, Harwood, Loertscher, Nielsen, Roberts,
Schaefer, Shepherd(08), Thayn, Wood(35)
Absent and excused -- Clark, Henderson, Moyle, Trail
Floor Sponsor - Snodgrass
Title apvd - to Senate
03/20 To enrol - Rpt enrol - Pres signed
03/21 Sp signed
03/24 To Governor
03/28 Governor signed
Session Law Chapter 298
]]]] LEGISLATURE OF THE STATE OF IDAHO ]]]]
Fifty-ninth Legislature Second Regular Session - 2008
IN THE SENATE
SENATE BILL NO. 1401
BY LOCAL GOVERNMENT AND TAXATION COMMITTEE
1 AN ACT
2 RELATING TO REAL ESTATE LICENSE LAW; AMENDING SECTION 54-2083, IDAHO CODE, TO
3 REVISE DEFINITIONS.
4 Be It Enacted by the Legislature of the State of Idaho:
5 SECTION 1. That Section 54-2083, Idaho Code, be, and the same is hereby
6 amended to read as follows:
7 54-2083. DEFINITIONS. As used in sections 54-2082 through 54-2097, Idaho
9 (1) "Adverse material fact" means a fact that would significantly affect
10 the desirability or value of the property to a reasonable person or which
11 establishes a reasonable belief that a party to the transaction is not able to
12 or does not intend to complete that party's obligations under a real estate
14 (2) "Agency representation" or "representation" means the statutory
15 agency relationship between a client and a brokerage in a regulated real
16 estate transaction with respect to which the duties defined in section
17 54-2087, Idaho Code, are applicable. See also "representation."
18 (3) "Assigned agent" means, where a brokerage is representing more than
19 one (1) party to the transaction as a limited dual agent as provided in sec-
20 tion 54-2088, Idaho Code, the sales associate assigned by the brokerage to act
21 on behalf of one (1) client and to represent solely that client consistent
22 with the applicable duties set forth in section 54-2087, Idaho Code. The des-
23 ignated broker shall not act as an assigned agent of the brokerage.
24 (4) "Brokerage" means a licensed designated broker, the licensed real
25 estate business represented by that broker and its associated licensees.
26 (5) "Client" means a buyer or seller, or a prospective buyer or seller,
27 or both who have entered into an express written contract or agreement with a
28 brokerage for agency representation in a regulated real estate transaction.
29 (6) "Confidential client information" means information gained from or
30 about a client that:
31 (a) Is not a matter of public record;
32 (b) The client has not disclosed or authorized to be disclosed to third
34 (c) If disclosed, would be detrimental to the client; and
35 (d) The client would not be personally obligated to disclose to another
36 party to the transaction. Information which is required to be disclosed by
37 statute or rule or where the failure to disclose would constitute fraudu-
38 lent misrepresentation is not confidential client information within the
39 provisions of sections 54-2082 through 54-2097, Idaho Code. Information
40 generally disseminated in the marketplace , including "sold" prices of
41 property, is also not confidential client information within the provi-
42 sions of such sections. A "sold" price of real property is also not confi-
43 dential client information within the provisions of such sections.
1 (7) "Customer" means a buyer or seller, or prospective buyer or seller,
2 who is not represented in an agency relationship in a regulated real estate
4 (8) "Customer services agreement" or "compensation agreement" means an
5 agreement between a real estate brokerage and a customer for the provision of
6 any real estate services for which the brokerage has the right to be compen-
7 sated by the customer.
8 (9) "Designated broker" means an individual who is licensed as a real
9 estate broker in Idaho and who is designated by the brokerage company to be
10 responsible for the supervision of the brokerage company and the activities of
11 any associated licensees in accordance with this chapter.
12 (10) "Idaho real estate license law and rules" means chapter 20, title 54,
13 Idaho Code, and all administrative rules promulgated thereunder.
14 (11) "Limited dual agent" means a brokerage that is representing both a
15 buyer and a seller as clients in a regulated real estate transaction, as pro-
16 vided in section 54-2088, Idaho Code.
17 (12) "Ministerial acts" means reasonably necessary and customary acts typ-
18 ically performed by real estate licensees in assisting a transaction to its
19 closing or conclusion.
20 (13) "Nonagent" means a brokerage and its licensees working with or
21 assisting a buyer or seller as a customer to which the duties provided in sec-
22 tion 54-2086, Idaho Code, are applicable.
23 (14) "Regulated real estate transaction" means those real estate transac-
24 tions for which a real estate license is required under chapter 20, title 54,
25 Idaho Code.
26 (15) "Representation" or "brokerage representation" or "represented" means
27 the statutory agency relationship between a client and a brokerage in a regu-
28 lated real estate transaction with respect to which the duties provided in
29 section 54-2087, Idaho Code, are applicable.
30 (16) "Representation agreement" or "contract for representation" means a
31 written agreement between a buyer, seller, or both, and a real estate broker-
32 age for agency representation in a regulated real estate transaction. A repre-
33 sentation agreement under this chapter can only be made in writing, and cannot
34 be made orally or by assumption or implication.
35 (17) "Sales associate" means a salesperson or an associate broker licensed
36 under and associated with a designated broker.
STATEMENT OF PURPOSE
This legislation clarifies that sold prices are not confidential client
information under the Idaho Real Estate Brokerage Representation Act.
There is no impact to the General Fund.
Name: John Eaton, Idaho Association of Realtors
STATEMENT OF PURPOSE/FISCAL NOTE S 1401