Idaho Bills

Amends and adds to existing law to authorize the Idaho Real Estate Commission to issue a cooperative license to an out-of-state broker working with an Idaho broker for a commercial real estate transaction; to establish the terms and conditions of a cooperative license; and to authorize a license fee.

Idaho law requires anyone brokering real property located in this state to hold an active Idaho real estate license. This proposal addresses a need in the market for a limited entry into Idaho for the purpose of brokering commercial real property. This need is driven by large scale consumers who may have portfolios with multiple properties across several states. This proposal would define commercial real estate and establish a cooperative license between an individual licensed in another jurisdiction and an Idaho broker for a single commercial real estate transaction. This legislation outlines requirements for out-of-state licensees to act in commercial real estate transactions in this state. It provides for supervision of the transaction by an Idaho licensed broker, document retention within this state, errors and omissions insurance, and consent to service with the Executive Director of the Idaho Real Estate Commission.