IDAHO REAL ESTATE COMPREHENSIVE 2027
ANSWERS AND QUESTIONS SET A+
✔✔What does a counter offer do to the original offer
A. Makes original offer voidable
B. Voids the original offer
C. Extends the term of the original offer
D. Makes original offer valid - ✔✔B. Voids the original offer
✔✔All rejected offers must be
A. Maintained in broker's file for 5 years
B. Removed from the broker's files
C. Marked and signed as 'rejected'
D. Marked and dated as 'rejected' - ✔✔D. Marked and dated as 'rejected'
✔✔The use of a 'double contract' is
A. Encouraged
B. Discouraged
C. Prohibited
D. Used as a back-up contract - ✔✔C. Prohibited
✔✔When does earnest money need to be delivered to the broker or broker's office
A. Immediately
B. Within 24 hours
C. Within 48 hours
D. Prior to closing - ✔✔A. Immediately
✔✔Who is responsible for record keeping of earnest money transferred to a 3rd party
A. 3rd party
B. Bank or trust company
C. Escrow or title company
D. Broker or broker's office - ✔✔D. Broker or broker's office
, ✔✔Unless there's an emergency bill, when do legislative law changes take place?
A. January 1
B. April 15
C. July 1
D. December 20 - ✔✔C. July 1
✔✔When earnest money is received, it should be delivered to
A. Selling Agent
B. Seller
C. Title Company
D. Broker's Office - ✔✔D. Broker's Office
✔✔If earnest money is returned before it is deposited, where must a written and dated
notation be placed
A. Purchase and Sale Agreement
B. Ledger card
C. Both Purchase and Sale Agreement and ledger card
D. Trust account record - ✔✔C. Both Purchase and Sale Agreement and ledger card
✔✔What's the penalty to the seller who requires the buyer to use a particular title
insurance company against the buyer's choice for a federally related mortgage
A. Total amount of the title insurance
B. Buyer has no recourse
C. 3 times all charges for title insurance
D. No penalty to the seller - ✔✔C. 3 times all charges for title insurance
✔✔When is the Sellers Property Disclosure form required to be delivered to the buyer
A. Prior to writing a contract
B. Within 1 day of execution of a contract
C. Within 10 days of execution of a contract
D. Within 5 days of loan commitment - ✔✔C. Within 10 days of execution of a contract
✔✔When must a disclosure statement be given to the homeowner by a general
contractor making improvements exceeding $2,000
A. Prior to entering into a contract
B. Prior to being paid for the job
C. Within 10 days of completing a job
D. The contractor is not required to give a disclosure statement - ✔✔A. Prior to entering
into a contract
✔✔A business day is defined as
A. Monday - Friday, midnight to midnight
B. Monday - Saturday, 8:00 am to midnight
C. Monday - Friday, 8:00 am to 5:00 pm
ANSWERS AND QUESTIONS SET A+
✔✔What does a counter offer do to the original offer
A. Makes original offer voidable
B. Voids the original offer
C. Extends the term of the original offer
D. Makes original offer valid - ✔✔B. Voids the original offer
✔✔All rejected offers must be
A. Maintained in broker's file for 5 years
B. Removed from the broker's files
C. Marked and signed as 'rejected'
D. Marked and dated as 'rejected' - ✔✔D. Marked and dated as 'rejected'
✔✔The use of a 'double contract' is
A. Encouraged
B. Discouraged
C. Prohibited
D. Used as a back-up contract - ✔✔C. Prohibited
✔✔When does earnest money need to be delivered to the broker or broker's office
A. Immediately
B. Within 24 hours
C. Within 48 hours
D. Prior to closing - ✔✔A. Immediately
✔✔Who is responsible for record keeping of earnest money transferred to a 3rd party
A. 3rd party
B. Bank or trust company
C. Escrow or title company
D. Broker or broker's office - ✔✔D. Broker or broker's office
, ✔✔Unless there's an emergency bill, when do legislative law changes take place?
A. January 1
B. April 15
C. July 1
D. December 20 - ✔✔C. July 1
✔✔When earnest money is received, it should be delivered to
A. Selling Agent
B. Seller
C. Title Company
D. Broker's Office - ✔✔D. Broker's Office
✔✔If earnest money is returned before it is deposited, where must a written and dated
notation be placed
A. Purchase and Sale Agreement
B. Ledger card
C. Both Purchase and Sale Agreement and ledger card
D. Trust account record - ✔✔C. Both Purchase and Sale Agreement and ledger card
✔✔What's the penalty to the seller who requires the buyer to use a particular title
insurance company against the buyer's choice for a federally related mortgage
A. Total amount of the title insurance
B. Buyer has no recourse
C. 3 times all charges for title insurance
D. No penalty to the seller - ✔✔C. 3 times all charges for title insurance
✔✔When is the Sellers Property Disclosure form required to be delivered to the buyer
A. Prior to writing a contract
B. Within 1 day of execution of a contract
C. Within 10 days of execution of a contract
D. Within 5 days of loan commitment - ✔✔C. Within 10 days of execution of a contract
✔✔When must a disclosure statement be given to the homeowner by a general
contractor making improvements exceeding $2,000
A. Prior to entering into a contract
B. Prior to being paid for the job
C. Within 10 days of completing a job
D. The contractor is not required to give a disclosure statement - ✔✔A. Prior to entering
into a contract
✔✔A business day is defined as
A. Monday - Friday, midnight to midnight
B. Monday - Saturday, 8:00 am to midnight
C. Monday - Friday, 8:00 am to 5:00 pm
