Idaho License Law
Under Idaho law, when a licensee receives a written offer from a buyer, when must the offer be presented to the seller?
AWithin 24 hours
BAs soon as practicable, without delay✓ Correct
CWithin 3 business days
DOnly if the licensee believes it is a serious offer
Explanation
Idaho licensees have a duty to present all written offers to their client as soon as practicable — without unreasonable delay. A licensee cannot withhold, delay, or selectively present offers.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
State-Specific Concepts
License Law
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