Real Estate Idaho State Exam Questions & Answers Latest Updated

Licensing Requirements: Is a High School Diploma a licensing requirement? - Answer Yes - High School Diploma is required. How long do you have to wait to attain a new license if you have been suspended, are a felony, relevant misdemeanor convictions for fraud, misrepresentation, or dishonest or dishonorable dealings? - Answer Five years How long is your 90 Hour pre-license education valid for? - Answer Three Years How long is your license examination valid for? - Answer One year What application form is required for you to be contracted with a brokerage? - Answer REF - 040 When will you need to have E & O insurance as a real estate agent? - Answer Upon Activation of license. License Status: Active - Answer Good Standing with Commission + Associated with real estate brokerage. License Status: Inactive - Answer Not associated with a brokerage. License Status: Expired - Answer Passed expiration date W/O being renewed. License Status: Terminated - Answer A license that has not been renewed after one year of the expiration date. License Renewal: How many days do you have to complete your license renewals? - Answer Ninety Days License Renewal: It is required for you to complete license renewals on or before what time? - Answer 5 P.M. Mountain Time What shall all advertising contain? - Answer Brokers Licensed Business Name Can advertisements provide misleading info in any kind of nature? - Answer No - Result in a fine Is a salesperson an employee or an independent contractor? - Answer Independent Contractors What is the main difference between an employee and independent contractor? - Answer No set hours, commission based, paying taxes. Who is the contract between at in a real estate transaction? - Answer Seller/Buyer & Designated Broker Describe a Real Estate Salesperson? - Answer Anyone person who is licensed in accordance with engaging in the business or act in the capacity of real estate broker associate broker or real estate sales person. Compensation: In order to receive income and payments who must the transaction go through? - Answer Designated Broker You decide to change brokerages, can you collect payments from the former broker? - Answer Yes, you may collect payments from your former broker. Is customer and client duties mandatory? - Answer Yes, customer duties are mandatory, and may not be waived or abrogated. Transferring Brokerages: Do pending transactions stay with you when you transfer brokerages? - Answer No, pending transactions stay w/ designated broker. Who owns all your listings? - Answer Designated Broker When leaving the brokerage how many days do you have to give a written notice? - Answer Three Days When you leave or transfer brokerages what must you turn in to the brokerage? - Answer All property to the designated broker prior to separation. Antiturst laws - Answer laws that encourage competition in the marketplace, no price fixing, no group boycotting, no allocation of customer markets. Record Keeping: How long must records be kept by a broker? - Answer Three (3) calendar years after the year in which the event occurred. (EX: 2022, 23', 24', 25') Document Handling: Who is known as the responsible broker? - Answer Seller Broker Document Handling: What is the responsibility of the seller broker? - Answer Assure all documents connected to the transaction are handled in accordance with license laws and rules. Document Handling: What must the seller broker oversee? - Answer Trust accounts, closing statements, summarizing collection, and disbursement of all money. Trust Accounts: What must the Trust Account be identified under? - Answer " Real Estate Trust Account" Trust Account: Who must have full control of the Trust Account? - Answer Broker