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ID S1249
Bill
AI Summary
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Revises errors and omissions insurance requirements for real estate licensees, including establishing a maximum premium cap of $200 per year and allowing an administrative fee not to exceed $10 per licensee.
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Permits a licensed salesperson who obtains a broker license to retain the renewal period and expiration date of their original salesperson license.
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Revises continuing education requirements to specify that 16 classroom hours plus a commission core course are required for license renewal on active status or to change from inactive to active status.
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Requires licensees to disclose in writing to buyers or sellers no later than at the time of presentation of the purchase and sale agreement that they hold an active Idaho real estate license when dealing with their own property.
Legislative Description
Amends existing law relating to Idaho real estate license law to revise requirements relating to errors and omissions insurance; to provide that a licensed salesperson who obtains a broker license shall retain the renewal period and expiration date of his salesperson license; and to require that a licensee make a certain disclosure within a specified amount of time.
REAL ESTATE LICENSE LAW
Last Action
to Com/HuRes
1/18/2010