Regulatory Alerts2010-03-25
Added · Updated
Joint Short Sale Guidance and Frequently Asked Questions
The Idaho Department of Finance and Real Estate Commission issued this joint guidance to clarify licensing requirements and regulatory obligations for short sale transactions. The Department of Finance mandates that third-party short sale negotiators require a mortgage broker or loan originator license unless the activity is performed by a licensed real estate agent compensated solely through standard real estate commissions. The Real Estate Commission prohibits unlicensed individuals from evading licensure through deeds or options, and strictly forbids licensees from engaging in fraudulent practices such as withholding offers, manipulating listing prices, or facilitating undisclosed property flips.