Idaho Real Estate School (Module 1) Exam Questions With Correct Answers

The primary purpose of the Idaho Real Estate Commision is to? - Answer Protect the public and industry The initial application for the real estate license is administered by? - Answer Idaho Real Estate Commission Where does the money come from to operate the Idaho Real Estate Commission? - Answer All Licensees The Idaho Real Estate Commission consists of how many member commissioners? - Answer 5 The Idaho Real Estate Commission generally meets? - Answer 6 to 8 times a year Course make-up work is allowed ONLY for? - Answer any pre-licensee courses Pre-license courses must be successfully completed prior to license application within? - Answer 3 years Change of personal information be submitted to the IREC no later than? - Answer 10 days How many IREC core classes are required for a license renewal? - Answer 2 An independent E&O insurance policy must have an A.M. Best Rating of at least? - Answer B+ Licenses Renewal must be received no later than __________ of the expiration date at the Commissions office in Boise? - Answer 5 p.m. Mountain Time What is the Minimum pass rate score for the broker taking the Idaho State Exam? - Answer 75% Who is required to have a real estate license to practice real estate? - Answer Anyone, with the expectation of compensation, while acting for another, offers to list property for sale An example of a exception to being required to have a real estate license is? - Answer Offering property management or leasing for another for compensation What's the minimum age to secure a real estate license in Idaho? - Answer 18 years old Minimum elective hour of Continuing Education required to renew a real estate license are? - Answer 12 Hours plus 2 Core Classes When does a real estate license expire? - Answer The last day of the licensees birth month A student, who birthday is June 5, passed their state exam on April 8, and applied for and received their license on April 18th, 2018, when does their license expire? - Answer June 30th, 2019 When do initial fingerprints expire prior to receiving a real estate license? - Answer Fingerprint results are valid for 6 months What typer of insurance is required for an inactive real estate licensee? - Answer NONE What type of insurance is required for an inactive real estate licensee? - Answer NONE What document needs to be accompany an application for real estate license? - Answer High school diploma or equivalency A cooperative license applies to? - Answer Commercial properties What is an example of commercial real estate? - Answer a Hotel How many real estate commissioners are there an 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 $5000 and 1 year in jail What does the real estate recovery fund pay out for? - Answer Fraud, deceit, misrepresentation What are the liability limits for the real estate recovery fund? - Answer $10,000 per year If the real estate recovers fund pays out for an agent what happens to the agent? - Answer 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 certificate good for? - Answer 1 year How long is your finger prints good for? - Answer 6 months What are the continuing education minimum requirements? - Answer 12 elective hours plus 2 core classes every 2 years what is required in all advertisement's for listed properties? - Answer Brokerage company name What is true about the brokers commission policies? - Answer They can set a minimum commission the firm charges sellers/buyers How can you break the anti trust laws? - Answer Price fixing Allocation fo customers and markets Group boycotting 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 to your former broker All of your listings belong to whom? - Answer Your Broker In an office that allows for Limited Dual Agency with Assigned Agents how would the broker herself work with the buyer client to buy an in-house listing of one of her agents? - Answer She would represent the buy with limited dual without assigned agents What is true about limited dual agency? - 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 What is true of the statutory duties licensees owe to customers and clients - Answer They are mandatory and cannot be wavied Idaho law requires an agency representation agreement 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 contract What is not cover by the Idaho Psychologically Impacted Property law? - Answer A home was a drug laboratory Are you required to disclose any psychological impact of an Idaho Property? - Answer No A seller representation agreement 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 sellers property. What cannot the agent do? - Answer Disclose to the buyer any confidential information fo the seller obtained while it was listed with him or her A buyer representation agreement form in Idaho must? - Answer Be in writing to be enforaceable What are the 3 types of agency relationships recognized in Idaho? - Answer Seller representational, buyer representation, 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 transactions through their actively licensed responsible broker While licensed at Firm A, a sales person learns that a seller client of the firm is getting desperate to sell because of an impending move. Later that month the sales person moves to Firm B where he secures a buyer who becomes interested in the listing of Firm A. What must the agent do with the information he learned about the seller while at Firm A? - Answer He is prohibited from divulging the information