IDAHO REAL ESTATE MAIN ALL ANSWERS AND
QUESTIONS SET A+
✔✔The market value less the debt owed - ✔✔Equity is defined as
✔✔Leverage - ✔✔Using other peoples money to buy real estate is an example of
✔✔Mortgage interest - ✔✔If you own your personal residence what may be deducted
from your income taxes owed to the IRS
✔✔Own for at least two out of the last five years - ✔✔You do not have to pay for some
capital gains taxes on the sale of your personal residence if you
✔✔You must buy the replacement property within 180 days of the sale of the
relinquished property - ✔✔And a 1031 tax-deferred exchange what must be done
✔✔Real property - ✔✔The term used to denote not only the land and improvements to
real estate but also the intangible rights included is
✔✔An appurtenance - ✔✔An easement through your neighbors land for you to use to
get to the lake is
✔✔Personal property - ✔✔Bookshelves screwed into the wall in the family room is an
example of a
✔✔Emblement - ✔✔A corn crop growing in a field is an example of an
✔✔Trade fixture - ✔✔And ice cream making machine bolted to the wall in a restaurant
is an example of a
✔✔Yes, but the damage needs to be repaired - ✔✔Maybe tenant restaurateur remove it
when the lease is up?
, ✔✔Real property - ✔✔The "bundle of legal rights" is part of the definition of:
✔✔Severance - ✔✔If you cut down a tree in your yard and stack it up into cords of
wood what has happened?
✔✔The doctrine of prior appropriation - ✔✔This law helps the parties determine their
rights to water flowing over their land in Idaho
✔✔The mean high water mark - ✔✔Where is your property line for your cabin on the
snake River?
✔✔A new unit on leased space, a new or used unit on its own ground, or A new unit on
a sales lot with agreement from the lot owner - ✔✔Which type of manufactured homes
can you list for sell with a real estate license?
✔✔She would represent the buyer with limited dual without assigned agents - ✔✔In an
office that allows for limited dual agency with assigned agents how would the broker
herself work with a buyer client to buy an in-house listing of one of her agents
✔✔Market to a well organized database - ✔✔One of the most important things to do to
ensure long-term success in real estate is to
✔✔Worked very hard to build their database with dogged determination - ✔✔A new
agent who knows just a few people in their market area should
✔✔Certain rights and the extent of ownership in land - ✔✔an estate refers to
✔✔Fee simple absolute - ✔✔the highest form of property ownership in idaho is
✔✔by the provisions of the deceased estate - ✔✔how may a life estate be established?
✔✔upon the death of the life tenant - ✔✔when does an ordinary life estate terminate?
✔✔for husbands and wives only - ✔✔legal life estates are
✔✔homestead laws - ✔✔when a personal residence is foreclosed on, this law would
protect some of the equity against unsecured creditors
✔✔refer them to a lawyer - ✔✔a client of yours wants you to draft up paperwork to allow
their son a life estate in their home. what should you do?
✔✔tenancy by the entireties - ✔✔which of the following is not a leasehold estate
QUESTIONS SET A+
✔✔The market value less the debt owed - ✔✔Equity is defined as
✔✔Leverage - ✔✔Using other peoples money to buy real estate is an example of
✔✔Mortgage interest - ✔✔If you own your personal residence what may be deducted
from your income taxes owed to the IRS
✔✔Own for at least two out of the last five years - ✔✔You do not have to pay for some
capital gains taxes on the sale of your personal residence if you
✔✔You must buy the replacement property within 180 days of the sale of the
relinquished property - ✔✔And a 1031 tax-deferred exchange what must be done
✔✔Real property - ✔✔The term used to denote not only the land and improvements to
real estate but also the intangible rights included is
✔✔An appurtenance - ✔✔An easement through your neighbors land for you to use to
get to the lake is
✔✔Personal property - ✔✔Bookshelves screwed into the wall in the family room is an
example of a
✔✔Emblement - ✔✔A corn crop growing in a field is an example of an
✔✔Trade fixture - ✔✔And ice cream making machine bolted to the wall in a restaurant
is an example of a
✔✔Yes, but the damage needs to be repaired - ✔✔Maybe tenant restaurateur remove it
when the lease is up?
, ✔✔Real property - ✔✔The "bundle of legal rights" is part of the definition of:
✔✔Severance - ✔✔If you cut down a tree in your yard and stack it up into cords of
wood what has happened?
✔✔The doctrine of prior appropriation - ✔✔This law helps the parties determine their
rights to water flowing over their land in Idaho
✔✔The mean high water mark - ✔✔Where is your property line for your cabin on the
snake River?
✔✔A new unit on leased space, a new or used unit on its own ground, or A new unit on
a sales lot with agreement from the lot owner - ✔✔Which type of manufactured homes
can you list for sell with a real estate license?
✔✔She would represent the buyer with limited dual without assigned agents - ✔✔In an
office that allows for limited dual agency with assigned agents how would the broker
herself work with a buyer client to buy an in-house listing of one of her agents
✔✔Market to a well organized database - ✔✔One of the most important things to do to
ensure long-term success in real estate is to
✔✔Worked very hard to build their database with dogged determination - ✔✔A new
agent who knows just a few people in their market area should
✔✔Certain rights and the extent of ownership in land - ✔✔an estate refers to
✔✔Fee simple absolute - ✔✔the highest form of property ownership in idaho is
✔✔by the provisions of the deceased estate - ✔✔how may a life estate be established?
✔✔upon the death of the life tenant - ✔✔when does an ordinary life estate terminate?
✔✔for husbands and wives only - ✔✔legal life estates are
✔✔homestead laws - ✔✔when a personal residence is foreclosed on, this law would
protect some of the equity against unsecured creditors
✔✔refer them to a lawyer - ✔✔a client of yours wants you to draft up paperwork to allow
their son a life estate in their home. what should you do?
✔✔tenancy by the entireties - ✔✔which of the following is not a leasehold estate
