IDAHO REAL ESTATE EVALUATION 2026 EXAM QUESTIONS
AND ANSWERS GRADED A+
✔✔What is the maximum amount of personal money allowed to maintain a trust
account
A. $100
B. $300
C. $500
D. $700 - ✔✔B. $300
✔✔Trust account maintenance funds can be used for what purpose
A. Cover bank charges
B. Cover NSF earnest money checks
C. Cover general operating account charges
D. Cover delivery of deposits to the bank - ✔✔A. Cover bank charges
✔✔A trust account must be established under what name
A. Designated Broker's Name
B. Licensed business name
C. Name with State Tax Department
D. Owner's name of the company - ✔✔B. Licensed business name
✔✔Who must be notified of opening a trust account
A. Secretary of State
B. Idaho Tax Commission
C. Idaho Real Estate Commission
D. Internal Revenue Service - ✔✔C. Idaho Real Estate Commission
✔✔A broker transferred $500 from the general operating account to the trust account
A. It's ok to replace a missing check
B. It's an example of commingling
C. Ok as long as IREC is notified
D. Used to maintain the trust account - ✔✔B. It's an example of commingling
✔✔A brokerage real estate trust account must be reconciled how often
A. Monthly
B. Quarterly
C. Semi-Annually
D. Annually - ✔✔A. Monthly
✔✔When is consideration received by a sales associate to be delivered to the broker or
broker's office
A. Within 24 hours
B. Within 1 day
, C. As soon as convenient
D. Immediately - ✔✔D. Immediately
✔✔Trust account checks must be imprinted with the words
A. (Name of Company) trust account
B. Business trust account
C. Real estate trust account
D. Trust account - ✔✔C. Real estate trust account
✔✔Unless otherwise stated, when must earnest money be deposited
A. Within 5 business days of acceptance
B. Next banking day
C. Next calendar day
D. Next business day - ✔✔B. Next banking day
✔✔Who is authorized to disburse disputed earnest money without written approval from
the parties to the transaction
A. Cannot disburse without written approval from buyer and seller
B. Escrow company
C. The broker holding the earnest money
D. Idaho Real Estate Commission - ✔✔C. The broker holding the earnest money
✔✔Who is considered the responsible broker in a cooperative sale
A. The listing broker
B. The selling broker
C. The broker holding entrusted funds
D. Both the listing and the selling brokers - ✔✔C. The broker holding entrusted funds
✔✔Who is responsible for the accuracy of a closing (settlement) statement
A. Responsible listing agent
B. Responsible selling agent
C. Responsible escrow officer
D. Responsible broker - ✔✔D. Responsible broker
✔✔How are rejected offers handled
A. Nothing is required
B. Need to be marked as rejected
C. Give to seller for their records
D. Marked and dated as rejected - ✔✔D. Marked and dated as rejected
✔✔Sales associates can only accept fee, compensation or commission from whom
A. The broker with whom licensed
B. Directly from the buyer or seller
C. From the escrow company
AND ANSWERS GRADED A+
✔✔What is the maximum amount of personal money allowed to maintain a trust
account
A. $100
B. $300
C. $500
D. $700 - ✔✔B. $300
✔✔Trust account maintenance funds can be used for what purpose
A. Cover bank charges
B. Cover NSF earnest money checks
C. Cover general operating account charges
D. Cover delivery of deposits to the bank - ✔✔A. Cover bank charges
✔✔A trust account must be established under what name
A. Designated Broker's Name
B. Licensed business name
C. Name with State Tax Department
D. Owner's name of the company - ✔✔B. Licensed business name
✔✔Who must be notified of opening a trust account
A. Secretary of State
B. Idaho Tax Commission
C. Idaho Real Estate Commission
D. Internal Revenue Service - ✔✔C. Idaho Real Estate Commission
✔✔A broker transferred $500 from the general operating account to the trust account
A. It's ok to replace a missing check
B. It's an example of commingling
C. Ok as long as IREC is notified
D. Used to maintain the trust account - ✔✔B. It's an example of commingling
✔✔A brokerage real estate trust account must be reconciled how often
A. Monthly
B. Quarterly
C. Semi-Annually
D. Annually - ✔✔A. Monthly
✔✔When is consideration received by a sales associate to be delivered to the broker or
broker's office
A. Within 24 hours
B. Within 1 day
, C. As soon as convenient
D. Immediately - ✔✔D. Immediately
✔✔Trust account checks must be imprinted with the words
A. (Name of Company) trust account
B. Business trust account
C. Real estate trust account
D. Trust account - ✔✔C. Real estate trust account
✔✔Unless otherwise stated, when must earnest money be deposited
A. Within 5 business days of acceptance
B. Next banking day
C. Next calendar day
D. Next business day - ✔✔B. Next banking day
✔✔Who is authorized to disburse disputed earnest money without written approval from
the parties to the transaction
A. Cannot disburse without written approval from buyer and seller
B. Escrow company
C. The broker holding the earnest money
D. Idaho Real Estate Commission - ✔✔C. The broker holding the earnest money
✔✔Who is considered the responsible broker in a cooperative sale
A. The listing broker
B. The selling broker
C. The broker holding entrusted funds
D. Both the listing and the selling brokers - ✔✔C. The broker holding entrusted funds
✔✔Who is responsible for the accuracy of a closing (settlement) statement
A. Responsible listing agent
B. Responsible selling agent
C. Responsible escrow officer
D. Responsible broker - ✔✔D. Responsible broker
✔✔How are rejected offers handled
A. Nothing is required
B. Need to be marked as rejected
C. Give to seller for their records
D. Marked and dated as rejected - ✔✔D. Marked and dated as rejected
✔✔Sales associates can only accept fee, compensation or commission from whom
A. The broker with whom licensed
B. Directly from the buyer or seller
C. From the escrow company
