Idaho Code 54-2055 – Licensees Dealing With Their Own Property
Current as of: 2023 | Check for updates
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(1) Any actively licensed Idaho broker, sales associate, or legal business entity shall comply with this entire chapter when that licensee is buying, selling or otherwise acquiring or disposing of the licensee’s own interest in real property in a regulated real estate transaction.
(2) A licensee shall disclose in writing to any buyer or seller no later than at the time of presentation of the purchase and sale agreement that the licensee holds an active Idaho real estate license, if the licensee directly, indirectly, or through a third party, sells or purchases an interest in real property for personal use or any other purpose; or acquires or intends to acquire any interest in real property or any option to purchase real property.
Terms Used In Idaho Code 54-2055
- Legal business entity: means and includes any type of corporation, partnership, limited liability company or limited liability partnership, a governmental entity, trust or other entity capable of conducting business. See Idaho Code 54-2004
- Licensee: means any person who is licensed in accordance with this chapter to engage in the business or act in the capacity of real estate broker, associate broker or real estate salesperson. See Idaho Code 54-2004
- Person: means and includes an individual, or any legal business entity. See Idaho Code 54-2004
- Property: includes both real and personal property. See Idaho Code 73-114
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Regulated real estate transaction: means those real estate transactions for which a real estate license is required under chapter 20, title 54, Idaho Code. See Idaho Code 54-2004
- Sales associate: means a salesperson or an associate broker licensed under and associated with a designated broker. See Idaho Code 54-2004
(3) Each actively licensed person buying or selling real property or any interest therein, in a regulated real estate transaction, must conduct the transaction through the broker with whom he is licensed, whether or not the property is listed.