Idaho Real Estate

Out of State Licensee (OSL) Participation in deals:
Physical Location State

- An out-of-state licensee can enter the state, but can do nothing more then accompany Idaho licensee.
- An out-of-state licensee can receive cooperative commission from Idaho licensee but cannot list, show or inspect property in Idaho, nor advertise within the state.
- An out-of-state licensee probably cannot sue for commission in Idaho.

License Types

Real Estate Salesperson
Real Estate Broker

Exam/Edu Provider

Pearson VUE

Waivers

Partial Exam

QUASI - BIZ BROKER STATE*

Reciprocity

Any State*

* State Exam Necessary

Specific to Idaho

- Brokers must have Physical Location in Idaho
- This State requires Mandatory E&O Insurance Coverage (see Rice)

Reverse Reciprocity

These states specifically mention Idaho in their Reciprocity:
Montana, Nevada (Salesperson Only)

These States recognize any other State licenses but may have additional requirements:
Alaska, Alabama, Colorado, Georgia, Indiana, Kansas, Kentucky, Maine, Nebraska, North Carolina, Rhode Island, South Dakota, Tennesee, Vermont, Washington

Customs

Closings are handled through escrow.
Conveyance is by warranty deed or corporate deed, though often there are contracts of sale involved.
Either mortgages or deeds of trust may be the security instruments. Deeds of trust which include power of sale provisions are restricted to properties in incorporated areas and properties elsewhere which don’t exceed 20 acres.
Idaho uses ALTA policies and various endorsements.
Buyers and sellers split escrow costs in general and negotiate who’s going to pay the title insurance premiums.
There are no documentary taxes, mortgage taxes, or transfer taxes, but there are property taxes.
Idaho is a community-property state.

Links

Reciprocity Page
Idaho Real Estate Commission

*QUASI - BIZ BROKER STATE

If a business brokerage commission is contingent on "the transfer of an interest in real estate", (this includes a lease transfer) then the business broker must possess a real estate license to be paid.

From the Idaho Real Estate Commission Handbook, for the purposes of real estate licensure:

(12) “Business opportunity” means and includes an established business, good will goodwill of an established business, or any interest therein, or any one (1) or combination thereof, where a sale or transfer of an interest in land including, but not limited to, an assignment of a lease, is involved in the transaction.