Dates, Numbers and Deadlines Study Grid

Broker to let IREC know of firing agent for cause

10 business days

Broker to let Agent know in writing they have been let go

3 business days

Agent to let broker know in writing they have quit their firm

3 business days

Licensee to let IREC know of a felony conviction

20 days

Company must replace their designated broker after losing them

10 business days

Licensee to IREC know of change of name, home address or phone number

10 days

Maximum fine IREC may levy against an individual

$5,000

Amount paid by a licensee with their license fee to establish a Real Estate Recovery fund. Said fund can reimburse someone up to $10,000/year/licensee for their judgment against a licensee for fraud, deceit or misrepresentation

$20

Required for an active renewal of any real estate license

2 Commission Core courses

Required for an active renewal of any real estate license

12 elective credits

Elective required by a licensee renewing their license ‘Active’ for the first time. Includes 8-hour Fundamentals class plus one 4 hour course of post-license electives

12 Post-License credits

Licensee must give earnest money (or other consideration) to their broker

Immediately

Time that an associate broker must have taken either Brokerage Management or Business Conduct and Office Operations (BCOO) to qualify as a Branch Manager

3 years

Minimum time require to be an Active salesperson to qualify for a Broker’s License

2 years

Time a license may be on Expired status before the license terminates

12 months

The number of Idaho real estate commissioners (Governor appointed)

5 members

The number of members of the Idaho Real Estate Commission Education Council (IREC Commissioners appointed)

6 members

The minimum number of transaction sides within the last 5 years to qualify for a broker’s license

15 transaction sides

The minimum dollar volume in real estate transactions within the last 5 years to qualify for a broker’s license

$2,000,000

How long your fingerprint background check is good for to qualify for a license

6 months

How long your PearsonVue test results are good for to qualify for a license

12 months

How long any salesperson or broker pre-license course is good for to qualify for a license

3 years

How long a cooperative license agreement is good for

12 months

Number of transactions that may be brokered under a cooperative license agreemen

1 commercial transaction

Number of simultaneous cooperative licenses an out-of-state broker may obtain

Unlimited

The last day of the year to purchase the state E&O Insurance coverage

September 30

Maximum amount the IREC recovery fund can pay out in any given year for an individual licensee

$10,000

When a license is revoked if the real estate recovery fund pays out for them

Immediately

Timeframe a licensee is to present to potential buyers and sellers the IREC Agency Disclosure Brochure

First substantial business contact

The number of years AFTER the year of the contract that a broker must retain the file

3 years

Granted for IREC ordered education as a disciplinary action

0 credit hours

Amount of Continuing Education credit hours granted for attending an IREC Commission meeting

Up to 4 credit hours

The timeframe to renew a real estate license prior to its expiration date

No sooner than 90 days prior

Deadline to renew a real estate license on the last possible day

5:00 PM Mountain Time

Number of CE credit hours required to renew a license on Inactive status

O Credit hours

Late fee for renewing a license late

$25

Unless otherwise instructed by the parties, the deadline when a broker must place the entrusted funds into their trust account

On or before the end of the next banking day

The maximum of personal or business funds a broker may put into their trust account to maintain the accoun

$300

When any entrusted funds are to be handed into the broke

Immediately

Times a broker must reconcile their trust account if they have one.

Monthly

Deadline from when a buyer signs an offer for the broker to initiate a ledger card

Immediately

Amount of time after contract ratification the seller must provide the buyer a copy the Seller’ Property Condition Disclosure Statement

10 calendar days

Buyer may rescind transaction in writing after receiving the Seller’s Property Condition Disclosure statement based on a defect disclosed by the seller.

3 business days

Deadline Borrower may redeem (AKA reinstate by catching up their back payments) after a Notice of Default (NOD) has been filed

115 days

The soonest date a trustee may hold a foreclosure sale of a deed of trust after the Notice of Default is filed

120 days

Statutory redemption period the borrower may redeem (buy back) their property after a judicial foreclosure of a mortgage of the property is 20 acres or less.

6 months

Statutory redemption period the borrower may redeem (buy back) their property after a judicial foreclosure of a mortgage of the property is more than 20 acres

12 months

Properties in which a lender may use a Mortgage as security instrument

Any size or use

Properties in which a lender must use a Mortgage as security instrument if used for agricultural purpose.

40 acres or greater

Properties in which a lender must use a Mortgage as security instrument if used for any purpose

80 acres or greater

Properties in which a lender may use a deed of trust as security instrument if used for non-agricultural purpose

80 acres or less

Statutory redemption period after a non-judicial foreclosure of deed of trust the borrower has to redeem the property

0 days

Maximum land that may be irrigated from an Idaho domestic well using up to 13,000 gallons per day

½ acre

The amount of time to pass to subject a water right holder to loss of right for non-use

5 years

The amount of protection from unsecured creditors through the Homestead Protection

$175,000

The amount of time for a lease term that requires the lease to be in writing to be enforceable

More than one year

The default deadline to return any unused tenant deposit. (Lease may override to 30 days

21 days

Number of lots the state defines as a subdivision and statutes kick i

5 or more

The statutory period to successfully use/possess another’s land to petition for adverse possession or prescriptive easements

20 years

Deadline to file a mechanic’s lien from completion of work or delivery of materials

90 days

Timeframe a mechanic’s lien expire and for mechanic (contractor) to ‘perfect the lien’

6 months

The length of time a judgment lien stays good. May be refiled (extended)

10 years

Date property tax liens on each parcel by statute become ‘due but not yet payable

January 1

Assessment notices are sent to property owners

1st Monday in June

Tax bill (notices) is sent to owner

4th Monday in November

Tax bill is due. However, owner may pay only half without penalty

December 20

2nd half of tax bill due if not paid prior

June 20 (Following year)

Maximum amount of Homeowners exemption (Statute calls it Homestead)

$125,000

The number of years property taxes must go unpaid for the county to sell the property for the back taxes

3 years

Due date to file for a circuit breaker tax break (must file annually

April 15

Minimum down payment requirement for FHA Insured loans

3.5%

Deadline for a lender to issue a Loan Estimate (LE) after a loan application.

3 business days

Deadline for lender to issue borrower a Closing Disclosure (prior to closing

3 business days

Amount of capital gains exempted when a single person sells their personal residence

$250,000

Amount of capital gains exempted when a married couple sells their personal residence

$500,000

Amount of time in the previous 5 years the owner must own and use their home as a primary residence to qualify for capital gains exemption

24 months

When buyer must receive the seller’s Lead-based Paint Disclosure

Prior to signing an offer

Homes built prior to this year are ‘targeted housing’ requiring a seller disclosure of known lead-based paint hazards on the property

1978

Buyer’s statutory period to conduct their own lead-based paint assessment

10 Calendar days

Amount of land in a section per Government Rectangular Survey system

640 acres

Amount of land in a Township per Government Rectangular Survey system

36 sections