Real Estate Idaho (Module 1) Questions and Answers Already Passed

Real Estate Idaho (Module 1) Questions and Answers Already Passed Acting in the capacity of a broker or ____________ requires a license Salesperson Failure to keep adequate _______________ is an IREC violation Records The REALTORS is this type of Association Trade This amount of CE elective credit hours are required every license cycle Twelve The business of bringing parties together in a real estate deal Broker Some ____________ in your personal circumstance must be reported to the IREC within 10 days Changes This type of contract is illegal Double This type of account in the broker's office is subject to audit by the IREC Trust IREC can deny a license to anyone convicted of this Felony This happens to your license if the Recovery Fund pays out for you Suspension Your Insurance carrier must issue a ______________ of coverage for your files Certificate The code of Ethics is administered by this group NAR This type of license requires CE credit to renew Active This County official determines market values Assessor This pre-license course is good for how many years Three An example of commercial real estate Hotel How many real estate commissioners are there, and how long do they serve 4 serving 4 year terms Which activity does not require a real estate license Property management What is the penalty for brokering a real estate deal without a license Up to $5,000 and/or a year in jail Which activity would the real estate recovery fund NOT pay out Dishonorable dealings What are the liability limits of the real estate recovery fund $10,000 per year, per license What is true of a licensee if the real estate recovery fund pays out for them Their license is suspended until the judgment is repaid How long is your pre-license course certificate good for 3 years How long is your passing state exam certificate good for 1 year How long is the fingerprint background check good for 6 months What are Continuing Education (CE) minimum requirements 12 elective hours plus the 2 core courses every 2 years What is required in all advertisements for listed properties Brokerage company name What is true about Broker's commission policies They can set a minimum commission the firm charges buyers and sellers Violation of Anti-Trust laws (3) Price fixing, allocation of cus