Idaho License Law

What are 'advance fees' and how does IREC regulate them in Idaho?

ACommission advances paid before the transaction closes

BFees collected before services are rendered; IREC regulates advance fees to ensure they are properly disclosed and handled as trust funds if for future services✓ Correct

CEarly payment discounts for listing agreements

DGovernment fees paid in advance

Explanation

Advance fees collected before services are rendered must be disclosed and handled properly — often as trust funds — to prevent brokers from collecting fees without performing services. IREC has rules governing when and how advance fees may be collected.