Idaho Real Estate Test Questions With Correct Answers

(DPREC) How many real estate commissioners are there and how long do they serve? - Answer 4 serving 4 year terms (DPREC) Which activity does not require a real estate license? - Answer Property management (DPREC) What is the maximum penalty for brokering a real estate deal without a license? - Answer up to $5,000 and a year in jail (DPREC) Which organization monitors the code of ethics? - Answer NAR (National association of Realtors) (DPREC) Which activity does IREC NOT have authority over? - Answer To force a broker to complete a contractual obligation (DPREC) Which of the following activities would be the real estate recovery fund NOT pay out for? - Answer Dishonorable conduct (DPREC) What are the liability limits of the real estate recover fund? - Answer $10,000 per year per licensee (DPREC) What is true of a licensee if the real estate recovery fund pays out for them? - Answer Their license is suspended until the judgement is repaid (DPREC) An un-licensed personal assistant can not do which activity? - Answer Verbally quote the price of a property to a buyer (DPREC) What is required in all advertisements for listed properties? - Answer Brokerage company name (DPREC) The Idaho Real Estate Commission may revoke a real estate license for - Answer Misrepresentation (DPREC) If a licensee obtains an E&O policy from a private insurer and does not use the state sponsored plan, what must they have in their files for IREC review? - Answer A certificate of coverage signed by a representative of the insurer (DPREC) The Idaho real estate commission does not have the enforcement power to - Answer Hold hearing regarding "potential" Code of Ethics violations (DPREC) In Idaho, the Idaho Real Estate License Law and Rules is administered by the - Answer Idaho Real Estate Commission (DPREC) How are members of the Idaho Real Estate Commission appointed? - Answer By the governor (DPREC) The Idaho real estate commission consists of how many members? - Answer 4 (but actually 5 now) (DPREC) The Idaho Real Estate Commission appoints an education council. How many members are on the council? - Answer Six (DPREC) The Idaho Real Estate Commission has the power to - Answer Make and enforce any and all reasonable rules (DPREC) The Idaho Real Estate Commission may investigate the action of any person engaged in the business of real estate or acting in the capacity of a real estate broker or salesperson within the state of Idaho for all of the following reason EXCEPT - Answer An oral complaint called in to the commission by a disgruntled customer who doesn't leave his or her name (DPREC) In Idaho, Which of the following would NOT be grounds for revoking a brokers license? - Answer Agreeing with a seller to accept a listing for more than normal commission (DPREC) The Idaho Real estate commission has the power to revoke a salespersons license if the salesperson - Answer Deposits a buyers down payment in the salespersons own bank account (LR) How long is your pre-license course certificate good for? - Answer 3 years (LR) How long is your passing state exam certificate good for? - Answer 1 year (LR) How about fingerprints and background checks? - Answer 6 months (LR) What are the continuing education minimum requirements? - Answer 12 elective hours plus 2 different commission court courses every 2 years (LR) Which of the following is not a requirements to obtain an active real estate salesperson licensee in Idaho? - Answer Copy of your birth certificate (LR) What is a requirement to obtain and Idaho brokers license? - Answer A ner fingerprint background check (LR) A graduate of the Idaho Real Estate School gets her first salesperson license on February 23, 2016. Her birthday is April 19th. By the end of which month must she renew her license? - Answer April 2017 (LR) Which is not a type of real estate license in Idaho? - Answer Branch manager (LR) Which activity does not require a real estate license in Idaho? - Answer Property management (LR) Which circumstance may prohibit an applicant form getting a real estate license? - Answer A felony convicted which occurred 8 years ago (LR) A salesperson has a renewal date of her license on November 30, 2016. On March 17, 2016 she gets a Broker's license and opens her own firm called Ajax realty. When must she renew her brokers license? - Answer By 5:00 PM the last business day of November 2016 (LR) A real estate license is required for which of the following? - Answer Company that, for a fee (commission), matches individuals from different parts of the country who want to exchange properties and then assists them in doing so (LR) In Idaho, which situation would require an individual to be a licensed real estate broker or salesperson? - Answer Helping a friend in the purchase or sale of any interest ins real property for the compensation (LR) A licensee who allow his or her license to expire has how long to reinstate the license without monetary penalty? - Answer There is no "free" time (LR) An applicant for a real estate license in Idaho must - Answer Disclose any felony conviction (LR) If engaged in real estate activities, who of the following are exempt from the real estate licensing requirement? - Answer Attorneys at law (LR) Under the Idaho Real Estates License Law and Rules. a partnership, association, or corporation will be granted a license only if - Answer Each legal business entity has a properly licensed individual designated as real estate broker (LR) An office manager for a local real estate firm is responsible for the following activities: Coordination the flow of paperwork through the office, preparing advertising copy and hiring and supervising clerical personnel. The office manager is - Answer Exempt from real estate licensing requirements (LR) In Idaho each person seeking and Individual Primary Idaho License shall meet the following minimum qualification EXCEPT - Answer Be at least 19 years of age or older (LR) In Idaho, which of the following is a requirement for obtaining a brokers license? - Answer Having successfully completed a minimum of 90 hours of approved real estate courses (LR) A licensed salesperson may hold a concurrent license with more than one Idaho broker under which of the following circumstances? - Answer Under no circumstances (LR) A broker wishes to open license branch office in other community in their market area. What is true regarding this new branch office? - Answer The manager must be an associate broker of the firm (LR) An actively licensed Idaho Real Estate salesperson may lawfully collect compensation from - Answer A real estate broker with whom the sales associate is licensed (LR) A salesperson is renting his license "Active" for the first time. In addition to taking 2 different commission Core courses, he must also take: - Answer Post-license Fundamentals plus any 4-hour Post-license elective course (LLRC) Which type of written policy is every broker required to have? - Answer Office agency policy (LLRC) What is true regarding an agents commission? - Answer They are paid from their broker (LLRC) Who are the only 2 unlicensed parties you may share any part of your commission with? - Answer The buyer and the seller to transaction (LLRC) If you leave a firm to work for another you must - Answer Turn in all property belonging to the broker into your former broker (LLRC) Commissions charged to parties by real estate brokers in Idaho are set by: - Answer Negotiation between the broker and party (LLRC) Which of the following does not require a real estate license in Idaho? - Answer Property management of an office building (LLRC) What is the one required of all real estate advertising by a licensee? - Answer The brokerage company name (LLRC) After transferring from one firm to another the licensee must - Answer Notify their broker within 3 days (LLRC) 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