Idaho Real Estate Exam (chapters 1 - 4) already passed

Idaho Real Estate Exam (chapters 1 - 4) already passed NAR is a --- organization? Trade Who is responsible for all Idaho real estate licensing Irec Who funds IREC? All licensees How many IREC commissioners? 4 How many members make up Educational Council? 6 IREC meets how often? Monthly Who is responsible for disciplinary action? Commissioners Population of Idaho? 1.5 million, 600k households How long is IREC commissioner term? 4 years IREC commissioners must have a minimum --- year term? 5 IREC consists of what three departments? Administration Education and licensing Inforcement What are the 3 options for enforcement? Close the case Request additional info Pursue disciplinary action What are the 3 possible Penalties for disciplinary action Temporarily suspend license Revoke license Fine up to $5000 Exceptions to licensing Purchase for his own account Employee of owner Power of attorney Representative of estate Attorney not engaged in real estate practicing Any property manager agent Broker Responsibilities Supervise and control activities of all licensed and unlicensed associates Review and approve all real estate agreements Be reasonably available Determine corrective actions if misdeed is discovered Broker may be absent for --- day without having to notify commission 21 Company records to be retained All accepted, countered or rejected offers Listing or buyer rep agreements Transaction files Trust account ledger cards Trust account reconciliation records A transaction file must include? Rejected offers Accepted offers Written representation agreements Trust account ledgers Signed closing statements Transaction files must be held for? 3 years after the year event occurred for all closed, rejected or expired transactions How long are fingerprints valid? 6 months Any person who directly or indirectly , while acting for another person, for compensation, is required to have what? Active real estate license Minimum hours for license renewal? 16 electives plus the Core Tail coverage must be purchased within how many days of cancellation? 90 days A licensee shall give written notice of termination to broker within how many days? 3 days business days after the effective date of termination Broker shall notify IREC within --- days of sales agent termination? 10 business days Within 21 and 60 days of absentee broker, who may be appointed to supervise and oversee brokerage? Associate Broker How often must trust account be reconciled? Monthly When a principal delegates to another person the right to act on behalf of the principal, what relationship is created? Agency 3 categories of Agency Universal General Special May an agency relationship be assumed orally or by implication? No What are the 4 types of Idaho Brokerage relationships? Nonagency Agency Representation Limited Dual Agency Limited Dual Agency with Assigned Agents When does licensee deliver Brokerage disclosure? At the first substantial business contact Duties to customer Assist buyer and seller in purchase or sale Perform acts with honesty Properly account for moneys Disclose any adverse facts Duties to client Perform terms to written agreement Exercise care and skill Be available to present offers Promote best interest of client Properly account for moneys Confidentiality In Idaho, the practice of real estate agency falls under what type of law? Statutory Law In Idaho, Vicarious Liability, the liability for a buyer and seller shall be liable for wrongful acts, error, omission, or misrepresentation made by broker or licensee, is ----? Abolished Can a sales agent cancel representation with a client? No, client is owned by brokerage not agent What provisions must be included in a seller representation agreement? Beginning and expiration dates Sufficient description of the property Price and terms All fees and commissions Signature and date of owner and agent Provisions for buyer representation agreement Beginning and end date All fees and commissions Protocol for fee or commission payment Signatures and date Automatic renewal clauses are? Prohibited A real estate agent would be classified with what level of agency? Special Idaho Representation Act was creative to identify obligations between the consumer and the Real estate brokerage How many types of agency are there in Idaho? 4 Confirmation of agency relationship is found in? Purchase and sales agreement Idaho land area? 83,642 sq miles Idaho sales tax? 6% Idaho income tax range Between 1.6 and 7.4% What % of Idaho land is protected? 63%