Idaho Real Estate License Law
Idaho real estate practice is governed by Idaho Code Title 54, Chapter 20 and administered by the Idaho Real Estate Commission. This chapter covers the Commission's authority, the designated-broker structure, and license requirements.
The Idaho Real Estate Commission
The Idaho Real Estate Commission (IREC) licenses and regulates real estate brokers and salespersons and enforces the Idaho real estate license law under Title 54, Chapter 20. A license is required for anyone who, for compensation, lists, sells, leases, or negotiates real estate for others unless a statutory exemption applies. The Commission adopts rules, investigates complaints, and may deny, suspend, or revoke a license and impose penalties for violations.
The Designated Broker
Each Idaho brokerage must have a designated broker who is responsible for the brokerage's real estate operations, its trust account, and the supervision of affiliated licensees. A salesperson conducts licensed activity for, and under the supervision of, the designated broker, and is compensated through that brokerage. A salesperson may not accept a fee or commission directly from a buyer, seller, or another licensee.
Handling of Trust Funds
Trust funds, including earnest money, must be handled through the brokerage's trust account and kept separate from the broker's personal and operating money. A salesperson who receives trust funds must deliver them to the designated broker for proper deposit. Commingling or converting trust money is a serious violation of Idaho license law that can lead to discipline.