Idaho Real Estate Module 1 Exam Questions With Correct Answers

In an office that allows for Limited Dual Agency with Assigned Agents how would the broker herself work with a buyer client to buy and in house listing of one of her agents? - Answer She would represent the buyer with Limited Dual without Assigned Agents. Which is true of Limited Dual Agency with Assigned Agents? - Answer Each agent may advocate fully for their client in the sale. If a builder also has an active Idaho real estate license what must they do when they sell their homes? - Answer Disclose their licensee status on any purchase and sales agreement. When does a party become a client of the brokerage firm in Idaho? - Answer When they sign an agency representation agreement. Which is true of the statutory duties licensees owe to customers and clients? - Answer They are mandatory and cannot be waived. Idaho law requires and agency representation agreement if there is one to be signed no later than when? - Answer Before signing an offer to purchase. When must the Commission Agency Brochure be presented? - Answer At first substantial business contact. Which circumstance is not covered by the Idaho Psychologically Impacted Property law? - Answer The home was a clandestine drug laboratory. What is true regarding a psychological impact of an Idaho property? - Answer There is not requirement to disclose. Buyer Representation Agreement form has expired, and the seller signs a seller representation agreement with a different brokerage firm. The original listing agent now has a buyer interested in the seller's property. The original listing agent - Answer cannot disclose to the buyer confidential information of the seller obtained while it was listed with him or her. A buyer representation agreement form in Idaho - Answer must be in writing to be enforceable. The three types of agency relationships recognized in Idaho are - Answer Seller representation, buyer representation, and limited disclosed dual agency The buyer or seller remains a customer, and as such, the brokerage and its licensees are non-agents. However the brokerage still owes all of the following legal duties and obligations to the customer EXCEPT to - Answer maintain the confidentiality of specific information as defined by and to the extent required in this act An actively licensed real estate person selling his or her own personal residence in a regulated real estate transaction must - Answer conduct the transaction through their actively licensed responsible broker. While licensed at Firm A, a salesperson learns that a seller client of the firm is getting deserpate to sell because of an impending move. Later that month the salesperson moves to Firm B where he secures a buyer who becomes interested in the listing pf Firm A. What may the agent do with the information he learned about the seller while at Firm A? - Answer He is prohibited from divulging the information. Which is an example of commercial real estate? - Answer A hotel 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 penalty for brokering a real estate deal without a license? - Answer Up to $5,000 and/or a year in jail Which of the following activities 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 licensee What is true of a licensee if the real estate recovery fund pay out for them? - Answer Their license is suspended until the judgement is repaid. How long is your pre license course certificate good for? - Answer 3 years How long is your passing state exam good for? - Answer 1 year