IDAHO REAL ESTATE EXAMINERS PAPER ANSWERS
AND QUESTIONS SET A+
✔✔An active broker or associate broker - ✔✔Who can provide a price opinion for a fee
✔✔Intended purpose - ✔✔A written price opinion for a fee must identify:
✔✔Cost less depreciation plus land - ✔✔The 'cost approach' is based on:
✔✔New construction - ✔✔The cost approach will provide the most accurate value when
applied to
✔✔Apartment complexes - ✔✔The income approach is best used with:
✔✔2,000 - ✔✔How many training hours are required to become a residential licensed
appraiser
✔✔159 - ✔✔How many classroom hours are required to become a licensed residential
appraiser
✔✔Bureau of occupational licensing - ✔✔Where can information be obtained to
become a real estate appraiser?
✔✔Recently sold - ✔✔What type of comparable properties are generally used as the
basis of a CMA?
✔✔7' - ✔✔Based on ANSI Z765-2003, what is the minimum ceiling height excluding
beams?
✔✔5' - ✔✔Based on ANSI Z765-2003, square footage is not calculated within any area
that is less than:
✔✔Stairways - ✔✔What part of a home is included in calculating square footage?
,✔✔Accepted - ✔✔The use of the ANSI standard for various governmental agencies for
measuring square footage is:
✔✔Associate broker and/or designated broker - ✔✔A broker price opinion can be
rendered by:
✔✔Uniform residential appraisal report - ✔✔What is the appraisal form called that is
accepted by Fannie Mae and Freddy Mac?
✔✔Certificate of sale - ✔✔What does the highest bidder receive at a foreclosure sale of
a mortgage?
✔✔1 year - ✔✔A 22 acre parcel secured with a mortgage ended up in foreclosure. What
period of time is allowed for redemption?
✔✔None, foreclosure secured with a deed of trust is final upon sale - ✔✔A 14 acre
parcel secured with a deed of trust ended up in foreclosure. What period of time is
allowed for redemption?
✔✔115 days - ✔✔Once a 'notice of sale' has been recorded what period of time is given
for the owner to bring the delinquency current?
✔✔Trustees deed - ✔✔What kind of deed does the successful bidder receive upon
foreclosure of a deed of trust?
✔✔Within 3 days of loan application - ✔✔When is the borrower supposed to receive a
HUD Settlement Cost Booklet
✔✔A 'double contract' - ✔✔A real estate agent gave a purchaser $5000 to assist with a
down payment in the form of a private loan to be forgiven after the closing of a pending
transaction. This could be considered as:
✔✔3 business days - ✔✔Upon receiving a complete loan application how long does the
lender have to issue a good faith estimate
✔✔30 days - ✔✔How many days does the lender have to correct the violation found in
the settlement statement
✔✔10% - ✔✔Settlement charges between the good faith estimate and the settlement
statement cannot change more then
✔✔Insured - ✔✔The FHA loan program is
, ✔✔IHFA financing - ✔✔What residential financing program requires the borrower to be
the owner/occupant?
✔✔30 years - ✔✔A 'qualified mortgage' loan can have a maturity time period for not
longer than:
✔✔1-4 years ARM's - ✔✔What type of short term loans are likely to go away?
✔✔20 days - ✔✔An applicant must be reimbursed for settlement charge violation within
what period of time?
✔✔O.k. - ✔✔An agent unconditionally gave his buyer a new riding lawn mower after a
transaction closed as a 'thank you'. This activity is:
✔✔$5,000 - ✔✔What is the maximum fine for an unlicensed person practicing real
estate?
✔✔Broker with whom licensed - ✔✔An active licensed buying or selling their own
property must conduct all transactions through:
✔✔Licensed must notify in writing no later than 3 business days of effective date - ✔✔If
a licensed terminated with a broker, what is required?
✔✔10 business days from termination - ✔✔If a broker terminates an agent for cause,
the broker must notify the Idaho real estate commission within:
✔✔Associate broker - ✔✔If a broker is absent for more than 21 days but less than 60
days, who can be appointed to manage/oversee the office?
✔✔3 calendar years after the year a transaction closes - ✔✔Company records must be
retained by the broker for what period of time?
✔✔$300 - ✔✔What is the maximum amount of personal money allowed to maintain a
trust account?
✔✔Cover bank charges - ✔✔Trust account maintenance funds can be used for what
purpose?
✔✔Licensed business name - ✔✔A trust account must be established under what
name?
✔✔Idaho real estate commission - ✔✔Who must be notified of opening a trust account?
AND QUESTIONS SET A+
✔✔An active broker or associate broker - ✔✔Who can provide a price opinion for a fee
✔✔Intended purpose - ✔✔A written price opinion for a fee must identify:
✔✔Cost less depreciation plus land - ✔✔The 'cost approach' is based on:
✔✔New construction - ✔✔The cost approach will provide the most accurate value when
applied to
✔✔Apartment complexes - ✔✔The income approach is best used with:
✔✔2,000 - ✔✔How many training hours are required to become a residential licensed
appraiser
✔✔159 - ✔✔How many classroom hours are required to become a licensed residential
appraiser
✔✔Bureau of occupational licensing - ✔✔Where can information be obtained to
become a real estate appraiser?
✔✔Recently sold - ✔✔What type of comparable properties are generally used as the
basis of a CMA?
✔✔7' - ✔✔Based on ANSI Z765-2003, what is the minimum ceiling height excluding
beams?
✔✔5' - ✔✔Based on ANSI Z765-2003, square footage is not calculated within any area
that is less than:
✔✔Stairways - ✔✔What part of a home is included in calculating square footage?
,✔✔Accepted - ✔✔The use of the ANSI standard for various governmental agencies for
measuring square footage is:
✔✔Associate broker and/or designated broker - ✔✔A broker price opinion can be
rendered by:
✔✔Uniform residential appraisal report - ✔✔What is the appraisal form called that is
accepted by Fannie Mae and Freddy Mac?
✔✔Certificate of sale - ✔✔What does the highest bidder receive at a foreclosure sale of
a mortgage?
✔✔1 year - ✔✔A 22 acre parcel secured with a mortgage ended up in foreclosure. What
period of time is allowed for redemption?
✔✔None, foreclosure secured with a deed of trust is final upon sale - ✔✔A 14 acre
parcel secured with a deed of trust ended up in foreclosure. What period of time is
allowed for redemption?
✔✔115 days - ✔✔Once a 'notice of sale' has been recorded what period of time is given
for the owner to bring the delinquency current?
✔✔Trustees deed - ✔✔What kind of deed does the successful bidder receive upon
foreclosure of a deed of trust?
✔✔Within 3 days of loan application - ✔✔When is the borrower supposed to receive a
HUD Settlement Cost Booklet
✔✔A 'double contract' - ✔✔A real estate agent gave a purchaser $5000 to assist with a
down payment in the form of a private loan to be forgiven after the closing of a pending
transaction. This could be considered as:
✔✔3 business days - ✔✔Upon receiving a complete loan application how long does the
lender have to issue a good faith estimate
✔✔30 days - ✔✔How many days does the lender have to correct the violation found in
the settlement statement
✔✔10% - ✔✔Settlement charges between the good faith estimate and the settlement
statement cannot change more then
✔✔Insured - ✔✔The FHA loan program is
, ✔✔IHFA financing - ✔✔What residential financing program requires the borrower to be
the owner/occupant?
✔✔30 years - ✔✔A 'qualified mortgage' loan can have a maturity time period for not
longer than:
✔✔1-4 years ARM's - ✔✔What type of short term loans are likely to go away?
✔✔20 days - ✔✔An applicant must be reimbursed for settlement charge violation within
what period of time?
✔✔O.k. - ✔✔An agent unconditionally gave his buyer a new riding lawn mower after a
transaction closed as a 'thank you'. This activity is:
✔✔$5,000 - ✔✔What is the maximum fine for an unlicensed person practicing real
estate?
✔✔Broker with whom licensed - ✔✔An active licensed buying or selling their own
property must conduct all transactions through:
✔✔Licensed must notify in writing no later than 3 business days of effective date - ✔✔If
a licensed terminated with a broker, what is required?
✔✔10 business days from termination - ✔✔If a broker terminates an agent for cause,
the broker must notify the Idaho real estate commission within:
✔✔Associate broker - ✔✔If a broker is absent for more than 21 days but less than 60
days, who can be appointed to manage/oversee the office?
✔✔3 calendar years after the year a transaction closes - ✔✔Company records must be
retained by the broker for what period of time?
✔✔$300 - ✔✔What is the maximum amount of personal money allowed to maintain a
trust account?
✔✔Cover bank charges - ✔✔Trust account maintenance funds can be used for what
purpose?
✔✔Licensed business name - ✔✔A trust account must be established under what
name?
✔✔Idaho real estate commission - ✔✔Who must be notified of opening a trust account?
