Idaho Out of State Broker Cooperation
- 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.
QUASI - BIZ BROKER STATE*
Idaho Real Estate Reciprocity
None. However Idaho waives the national portion of the licensing exam, pre-license education, and broker experience requirements (if applicable) if you are licensed on active status in another state.
- See Page
* State Exam Necessary
Confirmed by Idaho Real Estate Commission
Specific to Idaho Real Estate
- Brokers must have Physical Location in Idaho
- This State requires Mandatory E&O Insurance Coverage (see RISC) www.risceo.com/states/idaho/
Idaho 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, Tennessee, Vermont, Washington
Idaho Real Estate 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.
Idaho is a NON-DISCLOSURE state. Transaction details and the Buyer, Seller, Sales Price, or even if a property sold is NOT PUBLIC RECORD.
*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.