Disclosure And Writing Requirements — Agency Disclosure Brochure And Representation Confirmation

TITLE 54 PROFESSIONS, VOCATIONS, AND BUSINESSES CHAPTER 20 IDAHO REAL ESTATE LICENSE LAW 54-2085. Disclosure and writing requirements — Agency disclosure brochure and representation confirmation. (1) A licensee shall give to a prospective buyer or seller at the first substantial business contact the agency disclosure brochure adopted or approved by the Idaho real estate commission. The commission by motion shall establish the form and contents of the brochure in accordance with the provisions of this chapter. Each brokerage shall keep a signed and dated record of a buyer or seller’s receipt of the agency disclosure brochure. (2)  The agency disclosure brochure shall list the types of representation available to a buyer or seller in a regulated real estate transaction, the legal duties and obligations owed to the buyer or seller in each type of representation, and a conspicuous notice that no representation will exist absent a written agreement between the buyer or seller and the brokerage. (3)  A brokerage’s relationship with a buyer or seller as an agent, nonagent, limited dual agent, or limited dual agent with assigned agents must be determined and all necessary agreements executed no later than the preparation of a purchase and sale agreement. A brokerage must disclose its relationship to both buyer and seller in any transaction no later than the preparation or presentation of a purchase and sale agreement. (4)  In addition, a purchase and sale agreement, an attachment thereto, or other document drafted in connection with a regulated real estate transaction shall contain the following confirmation of the relationship, whether it involved representation or not, between the buyer, seller and licensees involved: REPRESENTATION CONFIRMATION AND ACKNOWLEDGMENT OF DISCLOSURE Check one (1) box in Section 1 below and one (1) box in Section 2 below to confirm that in this transaction the brokerage(s) involved had the following relationship(s) with the BUYER(S) and SELLER(S). Section 1: A.  □  The brokerage working with the BUYER(S) is acting as an AGENT for the BUYER(S). B.  □  The brokerage working with the BUYER(S) is acting as a LIMITED DUAL AGENT for the BUYER(S), without an ASSIGNED AGENT. C.  □  The brokerage working with the BUYER(S) is acting as a LIMITED DUAL AGENT for the BUYER(S) and has an ASSIGNED AGENT acting solely on behalf of the BUYER(S). D.  □  The brokerage working with the BUYER(S) is acting as a NONAGENT for the BUYER(S). Section 2: A.  □  The brokerage working with the SELLER(S) is acting as an AGENT for the SELLER(S). B.  □  The brokerage working with the SELLER(S) is acting as a LIMITED DUAL AGENT for the SELLER(S), without an ASSIGNED AGENT. C.  □  The brokerage working with the SELLER(S) is acting as a LIMITED DUAL AGENT for the SELLER(S) and has an ASSIGNED AGENT acting solely on behalf of the SELLER(S). D.  □  The brokerage working with the SELLER(S) is acting as a NONAGENT for the SELLER(S). Each party signing this document confirms that he has received, read and understood the Agency Disclosure Brochure adopted or approved by the Idaho real estate commission and has consented to the relationship confirmed above. EACH PARTY UNDERSTANDS THAT HE IS A "CUSTOMER" AND IS NOT REPRESENTED BY A BROKERAGE UNLESS THERE IS A SIGNED WRITTEN AGREEMENT FOR AGENCY REPRESENTATION. (5)  The failure of a licensee to timely give a buyer or seller the agency disclosure brochure or the failure of a licensee to properly and timely obtain any written agreement or confirmation required by this chapter shall be a violation of the Idaho real estate license law and may subject the licensee to disciplinary action according to the provisions of sections 54-2058 through 54-2078 , Idaho Code. (6)  Neither the commission brochure nor the representation confirmation shall create a brokerage relationship. A separate, signed, written agreement is required for that purpose.