Idaho Real Estate Book Study Questions And Correct
Answers 100% Verified
What are the activities required to have a real estate license? - ANSWER a) offer to list,
buy, sell, or negotiate for others
b) negotiate the purchase, sale, option, or exchange of real estate
c) takes part in the process of procuring prospects or closing of any transactions
d) negotiate any real estate interest, option, or business opportunity for others
Exceptions - ANSWER a) transfer of an interest in real property or business opportunity
for one's own account or use.
b) Acquisition or disposal of real property or business opportunity interests within the
scope of one's employment
c) acting under a power of attorney for a single transaction in a parcel of real property
or a business opportunity.
d) any person selling by reason of a default in the payment of a deed of trust
e) acting as an administrator, executor or personal rep of an estate
f) actin in property management
The Idaho Real Estate Commission generally meets: - ANSWER 6-8 times a year
Course make up work is allowed only for: - ANSWER Any pre-license courses
Pre-license courses must be completed within how many years prior to license
application? - ANSWER three
Change of personal info must be submitted to IREC no later than - ANSWER 10 days
,An independent E&O insurance policy ust have an A.M. best rating of at least - ANSWER
B+
Brokers must make a passing grad of what (not salesperson) - ANSWER 75%
Who must have a license to practice real estate? - ANSWER anyone who is expecting
compensation while acting for another; offers to list
When does a real estate license expire? - ANSWER The last day of the licensee's birth
month (the following year after the year obtained) ex: 7/30/2019
To be effective, tail coverage for E&O insurance must be purchased within how many
days from cancellation? - ANSWER 90
Salesperson or Associate Broker affiliation - ANSWER Can't work without the
supervision of a designated broker. Reps the broker
Designated Broker - ANSWER licensed broker who is designated by brokerage
company to supervise the activities of an licensees associated with the brokerage. Also
unlicensed personnel
Limited Broker - ANSWER An individual broker qualified to do business in Idaho but may
not associate brokers or salespersons licensed with that broker
Reciprocity - ANSWER because Idaho does not have reciprocity agreements with any
other state, individuals licensed in another state shall meet the min requirements set
forth by Idaho. However, the applicant shall not be required to furnish proof of the
educational requirements but will be required to provide a certified license history from
other states
The three types of legal descriptions that can be used to meet Idaho requirements -
, ANSWER Government Rectangular Survey, Metes and bounds, Recorded plat (aka Lot
and Block or subdivision)
Should be filed within 90 days after completing a survey that: - ANSWER a) Discloses a
material discrepancy with previous surveys of record
b) Establishes boundary lines and/or corners not previously existing or of record
c) Results in the establishment of monuments at corners of record which were not
previously monumented
d) Furnishes evidence or information which differs from, or is not included in, surveys of
record regarding the public land survey, lost public land corners or obliterated land
survey corners
Easements - ANSWER the right to use the land of another for a specific purpose
Transfer of easements - ANSWER attach to property conveyed
Rectangular Survey System - ANSWER Initial point from which all surveys originate.
Each township is 6 miles by 6 miles and contains 36 sections which are 1 mile by 1 mile
and contain 640 acres each.
Correction lines, know as a government check, will occur every 24 miles on the guide
meridian to accommodate for the curvature of the earth.
Along the borders of a state and around large bodies of water, there will be undersized
and oversized sections which are known as fractional sections
Metes and Bounds - ANSWER Properties that cannot be described by the government
rectangular system will be irregular in shape and described with longitude and latitude
bearings identified in feed including tenths or hundreds of a foot.
must be prepared by a licensed surveyor and a legal description prepared from the
survey.
Answers 100% Verified
What are the activities required to have a real estate license? - ANSWER a) offer to list,
buy, sell, or negotiate for others
b) negotiate the purchase, sale, option, or exchange of real estate
c) takes part in the process of procuring prospects or closing of any transactions
d) negotiate any real estate interest, option, or business opportunity for others
Exceptions - ANSWER a) transfer of an interest in real property or business opportunity
for one's own account or use.
b) Acquisition or disposal of real property or business opportunity interests within the
scope of one's employment
c) acting under a power of attorney for a single transaction in a parcel of real property
or a business opportunity.
d) any person selling by reason of a default in the payment of a deed of trust
e) acting as an administrator, executor or personal rep of an estate
f) actin in property management
The Idaho Real Estate Commission generally meets: - ANSWER 6-8 times a year
Course make up work is allowed only for: - ANSWER Any pre-license courses
Pre-license courses must be completed within how many years prior to license
application? - ANSWER three
Change of personal info must be submitted to IREC no later than - ANSWER 10 days
,An independent E&O insurance policy ust have an A.M. best rating of at least - ANSWER
B+
Brokers must make a passing grad of what (not salesperson) - ANSWER 75%
Who must have a license to practice real estate? - ANSWER anyone who is expecting
compensation while acting for another; offers to list
When does a real estate license expire? - ANSWER The last day of the licensee's birth
month (the following year after the year obtained) ex: 7/30/2019
To be effective, tail coverage for E&O insurance must be purchased within how many
days from cancellation? - ANSWER 90
Salesperson or Associate Broker affiliation - ANSWER Can't work without the
supervision of a designated broker. Reps the broker
Designated Broker - ANSWER licensed broker who is designated by brokerage
company to supervise the activities of an licensees associated with the brokerage. Also
unlicensed personnel
Limited Broker - ANSWER An individual broker qualified to do business in Idaho but may
not associate brokers or salespersons licensed with that broker
Reciprocity - ANSWER because Idaho does not have reciprocity agreements with any
other state, individuals licensed in another state shall meet the min requirements set
forth by Idaho. However, the applicant shall not be required to furnish proof of the
educational requirements but will be required to provide a certified license history from
other states
The three types of legal descriptions that can be used to meet Idaho requirements -
, ANSWER Government Rectangular Survey, Metes and bounds, Recorded plat (aka Lot
and Block or subdivision)
Should be filed within 90 days after completing a survey that: - ANSWER a) Discloses a
material discrepancy with previous surveys of record
b) Establishes boundary lines and/or corners not previously existing or of record
c) Results in the establishment of monuments at corners of record which were not
previously monumented
d) Furnishes evidence or information which differs from, or is not included in, surveys of
record regarding the public land survey, lost public land corners or obliterated land
survey corners
Easements - ANSWER the right to use the land of another for a specific purpose
Transfer of easements - ANSWER attach to property conveyed
Rectangular Survey System - ANSWER Initial point from which all surveys originate.
Each township is 6 miles by 6 miles and contains 36 sections which are 1 mile by 1 mile
and contain 640 acres each.
Correction lines, know as a government check, will occur every 24 miles on the guide
meridian to accommodate for the curvature of the earth.
Along the borders of a state and around large bodies of water, there will be undersized
and oversized sections which are known as fractional sections
Metes and Bounds - ANSWER Properties that cannot be described by the government
rectangular system will be irregular in shape and described with longitude and latitude
bearings identified in feed including tenths or hundreds of a foot.
must be prepared by a licensed surveyor and a legal description prepared from the
survey.
