Property management licensing laws are essential for anyone who owns or manages property. In Idaho, since 1981, no real estate broker license has been required to manage rental properties. However, if a lease or lease offer includes selling options or other terms related to the sale of the property, it would be considered a covered activity that requires a real estate broker license. Community associations and condo associations in Idaho do not require a broker's license either.
It is important to stay informed with the latest property ownership news, laws and information from property management leaders. Idaho is one of only five states with no broker license or property management requirements for property management firms. This means that it is the Wild West when it comes to keeping track of rent payments and security deposits, or who collects them. Landlords must disclose information about shared meters and agree on how they will be managed among stakeholders in the future.
There are additional resources for landlords, property managers and tenants that can provide a better view of property management laws in Idaho, as well as other types of assistance to which they have access. In California, a state that requires a license, it takes 15 to 16 weeks to complete a semester's worth of courses. Idaho does not have a specific law on the disclosure of lead paint; however, homeowners and property managers are subject to the federal Lead-based Home Paint Hazard Reduction Act of 1992. There are no laws in Idaho that specifically regulate official inspections of properties with poor living conditions. Each section references the original law of the Idaho legislature and other useful resources that can provide property managers and homeowners with an idea of licensing laws, as well as the different rights and responsibilities that come with them. A real estate license for property management isn't difficult to obtain, but it does require some time and dedication.
The main problem is that property managers receive rent payments and security deposits on behalf of landlords. It is important for anyone who owns or manages property in Idaho to understand the state's licensing laws. Property managers should stay informed about the latest news, laws and information from property management leaders in order to ensure compliance with all applicable regulations. Additionally, landlords must disclose information about shared meters and agree on how they will be managed among stakeholders in the future. There are also resources available for landlords, property managers and tenants that can provide an overview of property management laws in Idaho.