Terms Used In Idaho Code > Title 54 > Chapter 20 - Idaho Real Estate License Law

• Accredited college or university: means an institution accredited by the regional accrediting associations, as reported in the most current publication of the accredited institutions of postsecondary education. See Idaho Code 54-2004
• Active license: means the status of a real estate license that has not been inactivated, expired, terminated, suspended or revoked. See Idaho Code 54-2004
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Associate broker: means an individual who has qualified personally as a real estate broker in Idaho under this chapter, but is licensed under, associated with and represents a designated broker in the performance of any act described in subsection (39) of this section. See Idaho Code 54-2004
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Branch office: means an office operated by a licensed real estate broker or licensed legal business entity, separate and apart from the main office. See Idaho Code 54-2004
• Broker price opinion: means a written price opinion of the estimated price for identified real property prepared or rendered by an actively licensed broker or associate broker, for a purpose other than a prospective listing or sale, and that complies or purports to comply with the requirements and content provision of section 54-4105, Idaho Code. See Idaho Code 54-2004
• Brokerage company: means a real estate business, whether a sole proprietorship, a legal entity, or any other licensed person engaged in acts requiring a real estate license in Idaho, that is conducting or holding itself out as conducting the business of real estate through a designated broker. See Idaho Code 54-2004
• Brokerage representation agreement: means a written contract between a buyer, seller, or both, and a real estate brokerage for agency representation in a regulated real estate transaction. See Idaho Code 54-2004
• Business conduct and office operations course: means the component of the advanced real estate course that is required in order to obtain a broker license and that teaches business practices and office operations of the brokerage, including recordkeeping, trust account procedures and the laws governing those practices. See Idaho Code 54-2004
• Business day: means and includes each day of the week except Saturday, Sunday or any other legal holiday enumerated in section 73-108, Idaho Code. See Idaho Code 54-2004
• Business name: means the name in which the brokerage company is licensed by the commission. See Idaho Code 54-2004
• Business opportunity: means and includes an established business, goodwill of an established business, or any interest therein, other than a lease, or any one (1) or combination thereof, where a sale or transfer of real property is involved in the transaction. See Idaho Code 54-2004
• Commercial real estate: means a business opportunity as defined in this section, or any real estate other than real property improved by one (1) to four (4) residential dwelling units. See Idaho Code 54-2004
• Commission: means the Idaho real estate commission, unless the context clearly indicates a different meaning. See Idaho Code 54-2004
• Commission core course: means the annual course covering the twelve (12) month period between July 1 and June 30, which contains curriculum identified by the commission that stresses that year’s trends in real estate practices and changes in laws in real estate-related industries. See Idaho Code 54-2004
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Continuance: Putting off of a hearing ot trial until a later time.
• Continuing education elective course: means a real estate course offering, other than the commission core course for which continuing education credit hours may be obtained as provided in section 54-2023, Idaho Code. See Idaho Code 54-2004
• Contract: A legal written agreement that becomes binding when signed.
• Convicted: means a plea of nolo contendere or guilty, a jury verdict of guilty or a court decision of guilt whether or not a judgment or sentence has been imposed, withheld or suspended. See Idaho Code 54-2004
• Conviction: A judgement of guilt against a criminal defendant.
• Cooperative sale: means a transaction involving two (2) or more brokers. See Idaho Code 54-2004
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Council: means the Idaho real estate education council. See Idaho Code 54-2004
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Dealer in options: means any person, firm, partnership, association or corporation who shall directly or indirectly take, obtain or use options to purchase, exchange, lease option or lease purchase real property or any interest therein for another or others whether or not the options shall be in his or its name and whether or not title to the property shall pass through the name of the person, firm, partnership, association or corporation in connection with the purchase, sale, exchange, lease option or lease purchase of the real property, or interest therein. See Idaho Code 54-2004
• Decedent: A deceased person.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Deposition: An oral statement made before an officer authorized by law to administer oaths. Such statements are often taken to examine potential witnesses, to obtain discovery, or to be used later in trial.
• Designated broker: means an individual who is licensed as a real estate broker in Idaho and who is designated by the brokerage company to be responsible for the supervision of the brokerage company and the activities of any associated licensees in accordance with this chapter. See Idaho Code 54-2004
• Distance learning course: means , in relation to a real estate course offering, a real estate course that is delivered not as a live course but through a medium in which the instructor and student are separated by both distance and time. See Idaho Code 54-2004
• Double contract: means two (2) or more written or unwritten contracts of sale, purchase and sale agreements, loan applications, or any other agreements, one (1) of which is not made known to the prospective loan underwriter or the loan guarantor, to enable the buyer to obtain a larger loan than the true sales price would allow, or to enable the buyer to qualify for a loan that he or she otherwise could not obtain. See Idaho Code 54-2004
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Executive director: means the executive director of the Idaho real estate commission. See Idaho Code 54-2004
• Executor: A male person named in a will to carry out the decedent
• Expired license: means the status of a license when the license period has expired and the license is not renewed or provisional license granted, and before the license is terminated. See Idaho Code 54-2004
• Fee or commission: means a payment, actual, promised or expected, as compensation for the performance of any act requiring a real estate license. See Idaho Code 54-2004
• Fiduciary: A trustee, executor, or administrator.
• Fraud: Intentional deception resulting in injury to another.
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Inactive license: means the status of a license that is not expired, terminated, suspended or revoked, and during which inactive period the license holder is not authorized to act as or associate with a designated broker. See Idaho Code 54-2004
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• 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
• Live presentation: means , in reference to a real estate course offering, a real estate course that is personally presented by the instructor and personally attended by the student at the same facility, or, if separated by distance, the instructor and student are connected by contemporaneous, two-way audio and visual communication. See Idaho Code 54-2004
• Main office: means the principal location where the real estate broker is licensed to transact business. See Idaho Code 54-2004
• Month: means a calendar month, unless otherwise expressed. See Idaho Code 73-114
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Out-of-state broker: means a person who holds the equivalent of an active Idaho designated broker license in another jurisdiction who is not licensed as a real estate broker under this chapter. See Idaho Code 54-2004
• Out-of-state sales associate: means a person who holds the equivalent of an active Idaho salesperson or associate broker license in another jurisdiction who is not licensed as a salesperson or associate broker under this chapter. See Idaho Code 54-2004
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means and includes an individual, or any legal business entity. See Idaho Code 54-2004
• Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
• Post license course: means a commission-approved or certified elective course that is specifically oriented toward salespersons in their first two (2) years of Idaho practice. See Idaho Code 54-2004
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Property: includes both real and personal property. See Idaho Code 73-114
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Provisional license: means an extension of the period of active licensure, beyond the licensee’s expiration date, granted by the commission for the purpose of allowing the licensee to complete the continuing education requirements set forth in section 54-2023, Idaho Code, or for any other purpose allowed by this chapter. See Idaho Code 54-2004
• Quorum: The number of legislators that must be present to do business.
• Real estate broker: means and includes: