I compiled these Idaho Broker Exam study notes from reading the Idaho Real Estate Law book. These notes helped me passed the exam. If you study and remember everything listed here you should be able to pass.

-- Idaho Real Estate Commission - 4 members. 1 from each part/district of the state.
-- Each member of commission must have held active license for 5 years.
-- Terms start on July 1st and last for four years.
-- Governor can appoint and remove members from commission.
-- Commissioners may hire Executive Director or other assistants as necessary.
-- Idaho Real Estate Education Council - 6 members, 4 appointed by commission, one from each district, 1 commissioner, and the Commission's executive director.
-- To qualify for license must not have:
Had a professional license revoked for fraud within past 5 years
No felony for past 5 years
No confinement for past 5 years for fraud or dishonest or dinhonorable dealing.
Commission may make exceptions
and must Fingerprints sign and file with Commission Irrevocable Consent to Service allowing judicial and legal notices to be served through executive director of commission. -- All licensees must provide new address to commission within 10 business days of change.
-- To qualify for broker, must have been an active licensee from 2 of past 5 years.
-- E&O insurance can't exceed $200 + $10 amin fee per year.
-- Passed license exam is good for 12 months.
-- License test fee may not exceed $100
-- For business entity if broker goes away, must be replaced within 10 business days.
-- Expired license for 1 year and then is terminated.
-- License fee not to exceed $200 including $20 real estate recovery fund; late license renewal fee $25
Saleperson license = 90 classroom hours
Broker license = 90 additional hours, four courses
-- Courses are good for 5 years
-- Renewal = Core course plus 16 classroom hours
-- Broker's must be full time.
-- Broker's absent for more than 21 consecutive days must appoint a qualified designated broker of another office or an associate broker of the same office.
-- Branch manager absent for more than 21 consecutive days must appoint a qualified individual.
-- Unless emergency, must notify commission in writing before leaving.
-- Broker or Branch Manager cannot be absent for more than 60 days.
-- If are, new broker must be assigned or all licensees under that broker go inactive.
-- Leaving, deceased broker, 10 business days to replace broker or licensees go inactive.
-- If broker leaves, that broker is still responsible for trust funds and files unless that broker's license was revoked.
-- Broker may be broker for more than one business if all businesses are in same location.
-- Trust account must be identified by "real estate trust account" on checks, deposit slips, and with depository.
-- Maintenance funds can be no more than $300.00
-- Records for trust account must include Ledger - Trust Account Maintenance Fund
Individual trust ledger records, for each transaction Sorted by transaction number One file for pendings, another file for closed/terminated
-- Deposit records kept in chronological order
Time of deposit = no later than next banking day after receipt.
-- Checks help in uncashed form must also have a ledger record. Cash and checks received by salesperson must be immediately delivered to broker.
-- Broker must ensure correctness of closing statements and ensure deliver of same to both buyer and seller.
-- To prove delivery must maintain closing statements signed by buyer and seller in the transaction file.
-- The following records must be kept in by broker for 3 years:
Accepted, countered or rejected offers
Representation agreements
Trust account ledger records
Trust account reconciliation records
-- Representation agreements must have
Seller
begininning and expiration dates
legal description of property
Price and terms
All fees or commisssions
signature of owner
Buyer
beginning and expiration dates
financial obligations of buyer including fees and commissions
Manner in which fee is paid to broker
signature of buyer
-- No automatic renewal clauses
-- Broker may pay a former salesperson for services rendered while under that broker regadless of licensees license status.
-- Licensee that terminates realtionship with a broker must provide written notification to broker within 3 business days.
-- Broker that terminates realtionship with a licensee must provide written notification to licensee within 3 business days.
-- If broker terminates licensee due to license law violation, must report to commission within 10 business days the related facts.
-- Upon closing a branch office broker must provide immediate written notice to commission.
-- Terminated licensee shall not solicit clients of the broker with written permission from the broker.
-- Licensee's or those acting without a license can be fined up to $5000 plus attorney's fees and or jailed for one year
-- Inc or LLC found of acting without a license can be fined $10,000
-- Comission may escalate to District Court to collect fines through judgement
-- If convicted of a felony or other dishonorable act must inform commission legal copy of court record within 20 days.
-- All pentalties/fines go into the special real estate fund.
-- Real Estate recovery fund = no more than $20,000 to pay claims against licensees
-- Payments from fund due to any one licensee are limited to $10,000 per year.
-- If payment is made, licensee's license is automatically suspended until repaid in full.
-- E&O covers $100,000 pe occurance.
-- Taxes billed by the 4th Monday in November with a due date of December 20th
-- Can pay all in December or if elect payments the second half must then be paid by June 20th of the following year
-- Homeowner's exemption, to qualify for current year you must occupy home and file form before April 15th