Idaho Real Estate Exam Questions & Answers Solved 100%

Which type of written policy is every broker required to have? - Answer Office agency policy What is true regarding an agent's commissions? - Answer They are paid from their broker Who are the only 2 unlicensed parties you may share any part of your commissions with: - Answer The buyer and seller to the transaction If you leave a firm to work for another you must: - Answer Turn in all property belonging to the broker into your formal broker Commissions charged to parties by real estate brokers in Idaho are set by: - Answer Negotiation between the broker and party Which of the following does not require a real estate license in Idaho? - Answer Property management of an office building What is the one required element of all real estate advertising done by a licensee? - Answer The brokers company name After transferring from one firm to another the licensee must - Answer Notify their former broker in writing within 3 business days If you wish to help your neighbors sell their property but do not have a real estate license you may? - Answer Help them fix up their home for sale How are original transaction files and earnest money deposits handled in a licensed branch office - Answer Original files negotiated through the branch are kept at the branch A designated broker wishes to open a licensed branch office in a neighboring community. Who may be the branch manager of that new office? - Answer An associate broker licensed in that branch office The designated broker of ABC Realty, INC. quits the business. What must the firm do? - Answer Find a new broker within 10 business days The designated broker of a sole proprietor firm quits the business and the office closes. Who is in charge of the money still in the trust account? - Answer The former designated broker May a broker pay an inactive licensee a referral fee or commission? - Answer If the transaction or referral was made while they were licensed An active licensee sends a referral to an agent across the state. May the referring agent receive the referral fee directly from the title company closing the sale? - Answer No, all referral fees must be paid through licensee's brokerage firm A buyer hands an earnest money deposit to their agent when they sign the offer. When must the agent turn that deposit into their broker? - Answer Immediately upon receiving the funds When must the money be deposited into the broker's trust account? - Answer On or before the end of the next banking day, or otherwise specified by the parties Which is not a proper disbursement of the deposit out of the trust account? - Answer To pay the agent a draw on their commission A broker opens a sales kiosk at the local mall. Is it a licensed branch office? - Answer A kiosk may not be a licensed branch office A listing agreement with a seller in Idaho must have all the prescribed information except: - Answer The commission split the listing will offer a cooperating broker