ID Real Estate key terms

A legal duty requiring a real estate agent to put the client's interests first, usually including loyalty, confidentiality, disclosure, obedience, accounting, and reasonable care.

A legal relationship in which a broker or salesperson represents a client and owes fiduciary duties, created by a written agreement or by the parties' conduct.

A transaction in which one broker represents both the buyer and the seller; it requires informed written consent and limits the broker's ability to advocate fully for either client.

A written employment contract between a seller and a broker that authorizes the broker to market the property and states the asking price, commission, duration, and duties.

The most probable price a property should bring in a competitive, open market under fair sale conditions, with both buyer and seller acting knowledgeably and without unusual pressure.

A broker's or agent's estimate of a property's likely selling price based on recently sold, pending, and active comparable properties; it is not a licensed appraisal.

An independent, written opinion of a property's value prepared by a licensed or certified appraiser using accepted methods and standards.

Any right, interest, lien, or restriction that burdens a property's title and may reduce its value or limit its use, such as an easement, mortgage, or deed restriction.

A legal right held by one person to use another person's land for a specific purpose, such as access, utilities, or drainage, without owning the land.

A claim against property that secures payment of a debt or obligation; if the debt is not paid, the lienholder may be able to force a sale.

A statutory claim filed by a contractor, subcontractor, or supplier who provided labor or materials for improvements and was not paid; it attaches to the improved property.

A written legal instrument that transfers ownership of real property from a grantor to a grantee when it is properly executed and delivered.

The legal right to own, use, and transfer real property, together with the recorded evidence of ownership and any encumbrances affecting the property.

A neutral third party's holding of funds and documents during a transaction until all conditions are met and the parties are ready to close.

A written promise by a borrower to repay a loan on stated terms, including the principal amount, interest rate, payment schedule, and maturity date.

A security instrument that pledges real property as collateral for a loan; in lien-theory states the lender holds a lien rather than title to the property.

A three-party security instrument in which a trustee holds legal title until the borrower repays the loan; commonly used in Idaho and allows nonjudicial foreclosure.

The four parts of a typical monthly mortgage payment: principal, interest, property taxes, and homeowner's insurance; lenders often use it to qualify borrowers.

A loan amount divided by the property's appraised value or purchase price, expressed as a percentage; higher ratios generally mean greater lender risk.

A federal law that prohibits discrimination in the sale, rental, and financing of housing based on race, color, religion, sex, national origin, familial status, or disability.

The illegal practice of guiding buyers toward or away from certain neighborhoods based on a protected characteristic rather than the buyer's stated housing needs.

The illegal practice of persuading homeowners to sell quickly at low prices by suggesting that members of a protected class are moving into the neighborhood.

The illegal practice of refusing or limiting loans, insurance, or other real estate services in certain neighborhoods because of race or other protected characteristics.

The use of a property that is legally permissible, physically possible, financially feasible, and produces the greatest value; it is a key appraisal and investment concept.

Local government regulation that divides land into districts and specifies permitted uses, lot sizes, building heights, setbacks, and other development standards.

Official permission from a local zoning board to deviate from a zoning rule because the property has a special hardship not shared by nearby properties.

The government's constitutional power to take private property for a public purpose, provided that the owner receives just compensation under the law.

A legal doctrine under which a person can acquire title to land by possessing it openly, notoriously, hostilely, and continuously for the period required by state law.

A form of co-ownership in which each owner holds a separate undivided interest and there is no right of survivorship; an interest may be sold or inherited.

A form of co-ownership with equal undivided interests and a right of survivorship, so a deceased owner's share passes automatically to the surviving owners.

The state agency that licenses real estate brokers and salespersons, enforces Idaho real estate law, and administers education, trust account, and recovery fund rules.

An Idaho requirement that a licensee give a consumer a written explanation of whom the licensee represents, generally at the first substantial contact before confidential information is shared.

An Idaho arrangement in which one broker represents both buyer and seller with written consent; the broker cannot advocate for one side over the other or keep certain confidences.

Idaho does not make real estate sale prices available as public records, so agents often rely on MLS data, appraisers, or private sources to estimate market value.

A fund managed by the Idaho Real Estate Commission that may reimburse consumers for certain monetary losses caused by licensee misconduct, subject to statutory limits and procedures.

An Idaho protection that shields a limited amount of equity in a homeowner's primary residence from forced sale in certain circumstances; it is separate from the property tax homeowner's exemption.

An Idaho program that reduces the taxable value of an owner-occupied primary residence by a percentage set by law, lowering the owner's property tax bill.

A marital property system used in Idaho in which most property acquired during marriage is owned equally by both spouses, while separate property remains individually owned.

Idaho's main water-rights system, in which the first person to put water to beneficial use has priority; later users may be curtailed when water is scarce.

An Idaho process in which a deed of trust is foreclosed through a trustee's sale without a court action after the borrower defaults and required notices and waiting periods are completed.