Question

If a licensee obtains an E & O policy from a private insurer and does not use the state sponsored plan, what must they have in their files for IREC review?

Answer 1

If a licensee obtains an E & O policy from a private insurer and doesn't use the state-sponsored plan, they must have certain documents in their files for IREC review.

Step-by-step explanation:

If a licensee obtains an E & O (Errors and Omissions) policy from a private insurer instead of using the state-sponsored plan, they must have the following documents in their files for IREC (Idaho Real Estate Commission) review:

1. 
   
3. A copy of the insurance policy that shows coverage is in effect.
4. 
   
6. Proof of payment for the policy.
7. 
   
9. Documentation of the policy's terms and conditions.
10. 
    
12. Contact information for the insurance company.

These documents are necessary to demonstrate that the licensee has obtained the required E & O coverage and is in compliance with IREC regulations.