Idaho RE Book CH. 10-16 With All Questions And
Correct Answers 100% Verified
An agent unconditionally gave his buyer a new riding lawn mower after a transaction
closed as a 'thank you'. This activity is
A. OK
B. Illegal
C. Inappropriate
D. Inducement - ANSWER A. OK
What is the maximum fine for an unlicensed person practicing real estate
A. $5,000
B. $10,000
C. $15,000
D. $20,000 - ANSWER A. $5,000
An active licensee buying or selling their own property must conduct all transactions
through
A. Cooperating brokerage
B. Idaho Real Estate Commission
C. Broker with whom licensed
D. A licensed title insurance company - ANSWER C. Broker with whom licensed
If a licensee terminate with a broker, what is required
A. Nothing, the licensee just leaves
B. Licensee must tell broker they are leaving
,C. Licensee must give written notice within 5 calendar days of leaving
D. Licensee must notify in writing no later than 3 business day of effective date -
ANSWER D. Licensee must notify in writing no later than 3 business day of effective date
If a broker terminates an agent for cause, the broker must notify the Idaho Real Estate
Commission within
A. 3 business days from termination
B. 5 calendar days from termination
C. 5 business days from termination
D. 10 business days from termination - ANSWER D. 10 business days from termination
When a real estate commission investigation is completed the results and
recommendations are forwarded to
A. REALTOR association legal counsel
B. Attorney General
C. Executive Director
D. Chief Investigator - ANSWER C. Executive Director
Company records must be retained by the broker for what period of time
A. 3 fiscal years after a transaction closes
B. 3 calendar years after the year a transaction closes
C. 3 calendar years after the year a transaction is initiated
D. 3 fiscal year from the date company was created - ANSWER B. 3 calendar years after
the year a transaction closes
How much is the maximum amount of personal money allowed to maintain a trust
account
A. $100
B. $300
, C. $500
D. $700 - ANSWER B. $300
Trust account maintenance funds can be used for what purpose
A. Cover bank charges
B. Cover NSF earnest money checks
C. Cover general operating account charges
D. Cover delivery of deposits to the bank - ANSWER A. Cover bank charges
A trust account must be established under what name
A. Designated Broker's Name
B. Licensed business name
C. Name with State Tax Department
D. Owner's name of the company - ANSWER B. Licensed business name
Who needs to be notified of opening a trust account
A. Secretary of State
B. Idaho Tax Commission
C. Idaho Real Estate Commission
D. Internal Revenue Service - ANSWER C. Idaho Real Estate Commission
A broker transferred $500 from the general operating account to the trust account
A. It's ok to replace a missing check
B. It's an example of commingling
C. Ok as long as IREC is notified
D. Used to maintain the trust account - ANSWER B. It's an example of commingling
Correct Answers 100% Verified
An agent unconditionally gave his buyer a new riding lawn mower after a transaction
closed as a 'thank you'. This activity is
A. OK
B. Illegal
C. Inappropriate
D. Inducement - ANSWER A. OK
What is the maximum fine for an unlicensed person practicing real estate
A. $5,000
B. $10,000
C. $15,000
D. $20,000 - ANSWER A. $5,000
An active licensee buying or selling their own property must conduct all transactions
through
A. Cooperating brokerage
B. Idaho Real Estate Commission
C. Broker with whom licensed
D. A licensed title insurance company - ANSWER C. Broker with whom licensed
If a licensee terminate with a broker, what is required
A. Nothing, the licensee just leaves
B. Licensee must tell broker they are leaving
,C. Licensee must give written notice within 5 calendar days of leaving
D. Licensee must notify in writing no later than 3 business day of effective date -
ANSWER D. Licensee must notify in writing no later than 3 business day of effective date
If a broker terminates an agent for cause, the broker must notify the Idaho Real Estate
Commission within
A. 3 business days from termination
B. 5 calendar days from termination
C. 5 business days from termination
D. 10 business days from termination - ANSWER D. 10 business days from termination
When a real estate commission investigation is completed the results and
recommendations are forwarded to
A. REALTOR association legal counsel
B. Attorney General
C. Executive Director
D. Chief Investigator - ANSWER C. Executive Director
Company records must be retained by the broker for what period of time
A. 3 fiscal years after a transaction closes
B. 3 calendar years after the year a transaction closes
C. 3 calendar years after the year a transaction is initiated
D. 3 fiscal year from the date company was created - ANSWER B. 3 calendar years after
the year a transaction closes
How much is the maximum amount of personal money allowed to maintain a trust
account
A. $100
B. $300
, C. $500
D. $700 - ANSWER B. $300
Trust account maintenance funds can be used for what purpose
A. Cover bank charges
B. Cover NSF earnest money checks
C. Cover general operating account charges
D. Cover delivery of deposits to the bank - ANSWER A. Cover bank charges
A trust account must be established under what name
A. Designated Broker's Name
B. Licensed business name
C. Name with State Tax Department
D. Owner's name of the company - ANSWER B. Licensed business name
Who needs to be notified of opening a trust account
A. Secretary of State
B. Idaho Tax Commission
C. Idaho Real Estate Commission
D. Internal Revenue Service - ANSWER C. Idaho Real Estate Commission
A broker transferred $500 from the general operating account to the trust account
A. It's ok to replace a missing check
B. It's an example of commingling
C. Ok as long as IREC is notified
D. Used to maintain the trust account - ANSWER B. It's an example of commingling
