Real Estate Idaho (Module 1)

Acting in the capacity of a broker or ____________ requires a license - Salesperson Failure to keep adequate _______________ is an IREC violation - Records The REALTORS is this type of Association - Trade This amount of CE elective credit hours are required every license cycle - Twelve The business of bringing parties together in a real estate deal - Broker Some ____________ in your personal circumstance must be reported to the IREC within 10 days - Changes This type of contract is illegal - Double This type of account in the broker's office is subject to audit by the IREC - Trust IREC can deny a license to anyone convicted of this - Felony This happens to your license if the Recovery Fund pays out for you - Suspension Your Insurance carrier must issue a ______________ of coverage for your files - Certificate The code of Ethics is administered by this group - NAR This type of license requires CE credit to renew - Active This County official determines market values - Assessor This pre-license course is good for how many years - Three An example of commercial real estate - Hotel How many real estate commissioners are there, and how long do they serve - 4 serving 4 year terms Which activity does not require a real estate license - Property management What is the penalty for brokering a real estate deal without a license - Up to $5,000 and/or a year in jail Which activity would the real estate recovery fund NOT pay out - Dishonorable dealings What are the liability limits of the real estate recovery fund - $10,000 per year, per license What is true of a licensee if the real estate recovery fund pays out for them - Their license is suspended until the judgment is repaid How long is your pre-license course certificate good for - 3 years How long is your passing state exam certificate good for - 1 year How long is the fingerprint background check good for - 6 months What are Continuing Education (CE) minimum requirements - 12 elective hours plus the 2 core courses every 2 years What is required in all advertisements for listed properties - Brokerage company name What is true about Broker's commission policies - They can set a minimum commission the firm charges buyers and sellers