The Idaho Real Estate Commission has broad authority to regulate the real estate industry in Idaho. Which of the following is NOT a power granted to the IREC under the Idaho Real Estate License Act?
Correct Answer
C) Setting the maximum commission rates that brokers may charge clients in Idaho transactions
The IREC does NOT have the authority to set maximum commission rates. Commission rates in Idaho are negotiable between the parties and are determined by market forces and agreement. Setting commission rates would constitute price-fixing and violate federal antitrust law. The IREC's powers are focused on licensing, education, discipline, and rulemaking — not rate regulation.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
Advertising regulations govern how real estate licensees may market properties and services, requiring truthful, non-deceptive advertising that includes proper identification of the brokerage.
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