Idaho Real Estate Module 1 Test (Passed!)

What is an example of commercial real estate correct answers A hotel How many real estate commissioners are there and how long do they serve? correct answers 5 serving 4 years Which activity does not require a real estate license? correct answers Property management What is the penalty for brokering a real estate deal w/o a license? correct answers Up to $5,000 and/or 1 year in jail Which of the following activities would the real estate recovery fund NOT pay out for? correct answers Dishonorable dealings What are the liability limits of the real estate recovery fund? correct answers $10,000 per year per licensee What is true of a licensee if the real estate recovery fund pays out for them? correct answers Their license is suspended until the judgment is repaid How long is your pre-license course certificate good for? correct answers 3 years How long is your passing state exam certificate good for? correct answers 1 year How long is your fingerprints and background check good for? correct answers 6 months What are the continuing education minimum requirements correct answers 12 elective hours plus two core courses every 2 years What is required in all advertisements for listed properties? correct answers Brokerage company name What is true regarding a broker's commission policies? correct answers They can set a minimum commission the firm charges sellers/buyers What is not a violation of anti-trust laws correct answers Variable rate commissions Who are the only 2 unlicensed parties you may share any part of your commissions with? correct answers The buyer and seller to the transaction If you leave a firm to work for another you must: correct answers Turn in all property to your former broker Who do all of your listings belong to? correct answers Your broker