Idaho § 55-1802 - Definitions

§ 55-1802. Definitions

When used in this chapter, unless the context otherwise requires:

(1) "Commission" means the Idaho real estate commission.

(2) "Disposition" includes sale, lease, assignment, award by lottery or any other transaction concerning a subdivision, if undertaken for gain or profit.

(3) "Offer" includes any inducement, solicitation or attempt to encourage a person to acquire an interest in land, if undertaken for gain or profit.

(4) "Person" means an individual, corporation, government, governmental subdivision or agency, business trust, estate, trust, partnership, unincorporated association, two (2) or more of any of the foregoing having a joint or common interest or any other legal or commercial entity.

(5) "Purchaser" means a person who acquires or attempts to acquire or succeeds to an interest in land.

(6) "Subdivider" means any owner of subdivided land who offers it for disposition or the principal agent of an inactive owner.

(7) "Subdivision" or "subdivided lands" means and includes the following:

(a) Any land situated outside the state of Idaho that is divided or is proposed to be divided for the purpose of disposition into five (5) or more lots, parcels, units or interests and also includes any land, whether contiguous or not, if five (5) or more lots, parcels, units or interests are offered as a part of a common promotional plan of advertising and sale;

(b) Any time shared property located within or without this state that is offered to purchasers or is proposed to be offered to purchasers.

(8) "Time shared property" means any real property in which the use and occupancy rights are divided or proposed to be divided into more than thirteen (13) units, interests or parcels in accordance with a fixed or variable time schedule on a periodic basis that allocates the use or occupancy among the persons holding similar interests, whether such use or occupancy rights are granted by deed, contract or share certificate.

[55-1802, added 1972, ch. 276, sec. 2, p. 667; am. 1984, ch. 61, sec. 1, p. 110; am. 2010, ch. 214, sec. 2, p. 468.]