Idaho Real Estate Exam Questions & Answers Latest Updated

how many real estate commissioners are there and how long do they serve? - Answer 5 serving 4 year terms which activity does not require a real estate license? - Answer Property management what is the maximum penalty for brokering a real estate deal without a license? - Answer up to $5,000 and or a year in jail which organization monitors the code of ethics? - Answer NAR which activity does IREC not have authority over - Answer to force a broker to complete a contractual obligation whatbactivitie would the real estate recovery fund not pay out for - Answer dishonorable dealings what are the liability limits of the real estate recovery fund - Answer 10,000 per year per license what is true of a licensee if the real estate recovery fund pays out for them - Answer their license is suspended until the judgment is repaid an unlicensed personal assistant can not do what - Answer verbally quote the price of a property to a buyer. what can an unlicensed personal assistant do? - Answer they can prepare a marketing analysis if they disclose they prepared it sit an open house if they do not negotiate or sell and gather signatures from the parties of a sale. which activity does IREC have authority over - Answer to audit a broker's trust account procedures to monitor agent and broker continuing education required hours to audit broker files and records what activities does the real estate recovery fund pay out for - Answer fraud, deceit, misrepresentation what is required in all advertisements for listed properties - Answer The brokerage company name would fraudulent misrepresentation result in Irec disciplinary action - Answer yes would failure to account result in Irec disciplinary action - Answer yes would seeking a kickback from a lender result in Irec disciplinary action - Answer yes would not holding weekend open houses result in Irec disciplinary action - Answer no would deception in requesting a real estate license result in Irec disciplinary action - Answer yes would not reporting license violations of others result in Irec disciplinary action - Answer no would only proposing to use a double contract result in Irec disciplinary action - Answer yes would missing office meetings result in Irec disciplinary action - Answer no