2008 Legislation
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SENATE BILL NO. 1401<br /> – Real estate license law, definitns


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Bill Status

S1401......................................by LOCAL GOVERNMENT AND TAXATION
REAL ESTATE - Amends existing law relating to real estate license law to
revise definitions.

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
         Effective: 07/01/08

Bill Text

  ]]]]              LEGISLATURE OF THE STATE OF IDAHO             ]]]]
 Fifty-ninth Legislature                   Second Regular Session - 2008


                                       IN THE SENATE

                                    SENATE BILL NO. 1401


  1                                        AN ACT

  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
  8    Code:
  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
 13    contract.
 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
 33        parties;
 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
  3    transaction.
  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 / Fiscal Impact

                      STATEMENT OF PURPOSE
                            RS 17753
 This legislation clarifies that sold prices are not confidential client
 information under the Idaho Real Estate Brokerage Representation Act.
                           FISCAL NOTE
 There is no impact to the General Fund.
Name:  John Eaton, Idaho Association of Realtors
Phone: 208-342-3585
STATEMENT OF PURPOSE/FISCAL NOTE                          S 1401