Real Estate Idaho State Exam Latest Questions And Answers With Real Tests

Protect the public and industry - ANS The primary purpose of the Idaho real estate commission is to: Idaho real estate commission - ANS Initial application for a real estate license is administrated by All licensees - ANS Where does the money come from to operate the Idaho real estate commission 4 - ANS The Idaho real estate commission consists of how many member commissioners Monthly - ANS The Idaho real estate generally meets: Any pre-license courses - ANS Course make-up work is allowed only for: 3 years - ANS Pre-license course is must be successfully completed prior to license application within 10 days - ANS Change of personal information be submitted to the IREC no later than: Two - ANS How many IREC Core classes are required for license renewal B+ - ANS An independent E&O insurance policy must have an A.M. Best rating of at least: 5.p.m mountain time - ANS License renewal must be received no later than _________ of the expiration date at the commission office in Boise. 75% - ANS What is the minimum pass rate score for a broker taking the Idaho state exam? Anyone, with expectation of compensation, were acting for another, offers to list property for sale - ANS Who is required to have a real estate license to practice real estate? Offering property management or leasing for another for compensation - ANS An example of an exception to being required to have a real estate license is to: 18 - ANS What's the minimum age to secure a real estate license in Idaho? 12 hours plus 2 core - ANS Minimum elective hours of continuing education required to renew a real estate license are: The last day of licensees birth month - ANS When does a real estate license expire June 30, 2015 - ANS A student, whose birthday is June 5, past their state exam on April 8, and applied for and received their license on April 18, 2014. When does their license expire? Fingerprint results are valid for six months - ANS When do initial fingerprints expire prior to receiving a real estate license None - ANS What type of insurance is required for an inactive real estate licensee? 90 days from cancellation - ANS To be effective, tail coverage for E&O insurance must be purchased within how many days from cancellation High school diploma or equivalency - ANS What documentation needs to accompany an application for a real estate license? Three - ANS How many different types of surveys are recognized in Idaho Tax Parcell number - ANS What type of description will not meet acceptable standards to transfer property Township 65 north - ANS What township borders Canada Kuna - ANS The 'initial point' (boise meridian) is closest to what community? 312 miles - ANS If the western border is range six W. and the eastern border is range 46 E. how wide is Idaho 5 - ANS Idaho describes a subdivision as a tract of land divided into at least how many lots for the purpose of sale or development? Recorded plat - ANS A legal description using 'lot and block' is using what method to describe the parcel? 90 days - ANS What period of time does a completed record of survey need to be filled? 1/2 inch diameter by 2 feet long - ANS The minimum size of survey pins shall not be less than: Air lots - ANS A datum point and subsequent benchmarks are used to measure: Annual growing crops - ANS An example of 'chattel' is? Bill of sale - ANS Personal property is transferred with what type of instrument? State of Idaho - ANS Who 'owns' the water in idaho? 1/2 acre - ANS Domestic water usage for land irrigation is limited to? 13,000 - ANS Daily use of the Mestic water is not to exceed how many gallons per day? 5 years - ANS A holder of a water right can lose the water right if not used for what continuous period of time Licensed well driller - ANS Who is required to notify the Idaho Department of water resources to abandon a water well? Idaho Department of water resources - ANS Who has the authority to appropriate ground water recharge? Certificate of title - ANS Unless declared as real property, manufactured home ownership will be transferred with: Senior water rights holder - ANS If there isn't enough water to satisfy all the water rights, who gets the water? Licensed well driller - ANS Who can legally drill a water well? A drilling permit - ANS What's required before a well can be drilled? Personal property - ANS If a person filed for and received a water right to use water from a navigable river, the water right is a unique form of? Unsecured creditors - ANS Homestead protection protects the home or property from: $100,000 - ANS The maximum net value of the dwelling for homestead protection is: At least six months out of the year - ANS to qualify for homestead protection and Idaho, the property must be occupied for a continuous period of: File for abandonment and file a declaration for homestead for the new location - ANS An owner moves from one permanent residence to another. What must the owner do to receive homestead protection? Invalid - ANS A verbal lease for more than one year is: Certified mail - ANS What kind of notice must the tenant provide the landlord to get a water heater replaced? Three days - ANS Given proper notice, how long does the landlord have to resolve a violation? at least 15 days notice - ANS If I'm landlord plans to increase the rent on a month to month rental, how much notice must be given? Not less than one month - ANS How much advance notice to terminate a month to month tenancy is required? 30 days - ANS After a tenant surrenders premises, security deposit refunds must be made within: In writing - ANS Lot rent for a manufactured home is required to be: Sole ownership - ANS A partnership, ABC partners, constitutes what type of ownership? Secretary of state - ANS The formation of a limited liability company is filed with Administrative dissolution - ANS Failure of an LLC to file an annual report can result in: Sole and separate - ANS All property of either her husband or wife acquired prior to marriage shall remain: Community property - ANS Unless stated otherwise, any income or profits from all property after marriage, separate or community, will be treated as: Before the end of month company was organized - ANS When is the annual report by a limited liability company to be filed? Avoid probate - ANS Community property with right of survivorship will: 10 years - ANS If an LLC is dissolved, an application for reinststement may be possible if filed eithin what period of being dissolved? Certificate of title - ANS Unless declared as real property, manufactured home ownership will be transferred with: Escheat - ANS The property of a person who died, had no heirs, and reverts to the state is known as: December 21 - ANS A solar lot line is often referenced on what date? Conservation easement - ANS Scenic views and open space can be protected with 1 - ANS Any changes to the comprehensive plan require how many public hearings? 1 - ANS Any changes to the comprehensive plan require how many public hearings? 15 days - ANS To modify the comprehensive plan, how much notice must be given prior the hearing Density - ANS Zoning ordinances are used to identify? Zoning variance - ANS If an owner needed a setback change to accommodate a structure design, the owner would request: Professional Land surveyor - ANS Who certifies the correctness of a plat for a planned subdivision? $100 for each lot - ANS What's the penalty for offering subdivision lots for sale from a preliminary plat but has not yet been approved and recorded? 3 - ANS How many categories are available to cities to annex land in two cities? International building code - ANS What building code has been adopted for all construction? Certified - ANS Contractors doing major service repair to homes built prior to 1978 must be: Five or more - ANS Idaho statute defines a subdivision to contain how many lots? Anyone - ANS Use of navigable waters passing through private property can only be used by: Department of Fish and game - ANS Private ponds contain fish must apply for a private pond permit from: Department of environmental quality - ANS Who is responsible to implement the waste management program in Idaho 1978 - ANS What year did the EPA outlaw the use of lead based paint in housing? Compensation - ANS A requirement for persons performing renovations to target housing is: None - ANS What are the limits for electromagnetic fields in Idaho? Be vacated - ANS A methamphetamine contaminated home must be: 110 gallons - ANS Underground storage tanks are not regulated if the tanks have a storage capacity less than 33% - ANS Approximately what percentage of Idaho homes have high levels of radon? Authenticated copy of death certificate - ANS When one dies, evidence of death is evidenced by providing: 1/2 Community property of the Decedent passes to the spouse - ANS If a married person dies without a will, how old the decedents property be distributed? Upon death of the married person - ANS When do the terms of a properly executed will have a married person take effect? Sufficient periods water covers and depresses the soil to deprive soil of its vegetation - ANS The definition of the ordinary high watermark is defined as: 20 years - ANS What period of time must a person holding and possessing a property, hold the property to claim adverse possession 20 years - ANS An easement by prescription must be held and controlled for what period of time? Five years - ANS A water right can be lost if it is not used for how many consecutive years Involuntary - ANS Eminent domain is an example of what type of transfer Signed and in writing - ANS The transfer of real property must be Statute of fraud - ANS Certain documents must be in writing to be enforceable to satisfy Implied ownership about warranty - ANS Grant, bargain, and sale, transfers what type of ownership protection Contains no covenants or warranties - ANS Convey, release, remiss, and forever quit claim, transfers what type of ownership protection Day, hour, and minute recorded - ANS How is a record of the instrument identified by priority recording? There is no transfer tax - ANS Along with state sales tax, what is the transfer tax in Idaho? When the grantee accepts delivery - ANS When is the transfer of a deed effective? English only - ANS Any document required to be filed or recorded in idaho shall be in what language? Department of insurance - ANS The title insurance industry is regulated by what government department? Marketable - ANS A title that is free from objectionable defects and encumbrances is deemed: Business opportunities - ANS The uniform commercial code deals primarily with what type of transactions? Owners extended policy - ANS What type of title insurance policy gives the most protection to a borrower? A perpetual history of a parcel of land - ANS The purpose of recording, beside giving constructive notice, is to provide: Annually - ANS When is the dollar amount of the circuit breaker program reviewed? 65 or older - ANS At what age may one qualify for the circuit breaker program? Newly constructed homes not previously occupied - ANS Occupancy tax applies to what type of property? Two: one for land; one for dwelling value - ANS Newly constructed homes will receive how many tax statements in the year occupied? 4th Monday in November - ANS Tax statements are sent to owners no later than: December 20 - ANS When is the first installment of property taxes due? 3 years - ANS What period of time does one have to bring delinquent taxes current and not be subject to a tax sale? Upon court ordered sentencing - ANS A bail bond lien won't be released until? 6 months - ANS A mechanics lean shall remain on the property no longer than Laborers - ANS Who has the highest priority in which mechanic's liens will be processed? At least once every 5 years - ANS How often are assessor required to make physical property valuations? January 1 - ANS All assessed property values are based on the value determined on Primary dwelling - ANS Homeowner exemption is available for? 1 year - ANS What is the maximum time, excluding extensions, a HOA can lien a property? 5 business days - ANS A mechanic lien must be personally delivered or mailed to the owner within what period of time from making the claim? Secure prospective listing or sale - ANS The purpose of a market analysis and giving an opinion of price is to: An active broker or associate broker - ANS Who can provide a price opinion for a fee Intended purpose - ANS A written price opinion for a fee must identify: Cost less depreciation plus land - ANS The 'cost approach' is based on: New construction - ANS The cost approach will provide the most accurate value when applied to Apartment complexes - ANS The income approach is best used with: 2,000 - ANS How many training hours are required to become a residential licensed appraiser 159 - ANS How many classroom hours are required to become a licensed residential appraiser Bureau of occupational licensing - ANS Where can information be obtained to become a real estate appraiser? Recently sold - ANS What type of comparable properties are generally used as the basis of a CMA? 7' - ANS Based on ANSI Z765-2003, what is the minimum ceiling height excluding beams? 5' - ANS Based on ANSI Z765-2003, square footage is not calculated within any area that is less than: Stairways - ANS What part of a home is included in calculating square footage? Accepted - ANS The use of the ANSI standard for various governmental agencies for measuring square footage is: Associate broker and/or designated broker - ANS A broker price opinion can be rendered by: Uniform residential appraisal report - ANS What is the appraisal form called that is accepted by Fannie Mae and Freddy Mac? Certificate of sale - ANS What does the highest bidder receive at a foreclosure sale of a mortgage? 1 year - ANS A 22 acre parcel secured with a mortgage ended up in foreclosure. What period of time is allowed for redemption? None, foreclosure secured with a deed of trust is final upon sale - ANS A 14 acre parcel secured with a deed of trust ended up in foreclosure. What period of time is allowed for redemption? 115 days - ANS Once a 'notice of sale' has been recorded what period of time is given for the owner to bring the delinquency current? Trustees deed - ANS What kind of deed does the successful bidder receive upon foreclosure of a deed of trust? Within 3 days of loan application - ANS When is the borrower supposed to receive a HUD Settlement Cost Booklet A 'double contract' - ANS A real estate agent gave a purchaser $5000 to assist with a down payment in the form of a private loan to be forgiven after the closing of a pending transaction. This could be considered as: 3 business days - ANS Upon receiving a complete loan application how long does the lender have to issue a good faith estimate 30 days - ANS How many days does the lender have to correct the violation found in the settlement statement 10% - ANS Settlement charges between the good faith estimate and the settlement statement cannot change more then Insured - ANS The FHA loan program is IHFA financing - ANS What residential financing program requires the borrower to be the owner/occupant? 30 years - ANS A 'qualified mortgage' loan can have a maturity time period for not longer than: 1-4 years ARM's - ANS What type of short term loans are likely to go away? 20 days - ANS An applicant must be reimbursed for settlement charge violation within what period of time? O.k. - ANS An agent unconditionally gave his buyer a new riding lawn mower after a transaction closed as a 'thank you'. This activity is: $5,000 - ANS What is the maximum fine for an unlicensed person practicing real estate? Broker with whom licensed - ANS An active licensed buying or selling their own property must conduct all transactions through: Licensed must notify in writing no later than 3 business days of effective date - ANS If a licensed terminated with a broker, what is required? 10 business days from termination - ANS If a broker terminates an agent for cause, the broker must notify the Idaho real estate commission within: Associate broker - ANS If a broker is absent for more than 21 days but less than 60 days, who can be appointed to manage/oversee the office? 3 calendar years after the year a transaction closes - ANS Company records must be retained by the broker for what period of time? $300 - ANS What is the maximum amount of personal money allowed to maintain a trust account? Cover bank charges - ANS Trust account maintenance funds can be used for what purpose? Licensed business name - ANS A trust account must be established under what name? Idaho real estate commission - ANS Who must be notified of opening a trust account? Is an example of commingling - ANS A broker transferred $500 from the general operating account to the trust account. Monthly - ANS A brokerage real estate trust account be reconciled how often? Immediately - ANS When is considerstion received by a sales associate to be delivered to the broker or the broker's office? Real estate trust account - ANS Trust account checks must be imprinted with the words Next banking day - ANS Unless otherwise stated, when must earnest money be deposited? The broker holding the earnest money - ANS Who is authorized to disbursed disputed earnest money without written approval from the parties to the transactjon The broker holding entrusted funds - ANS Who is considered the responsible broker in a cooperative sale? Responsible broker - ANS Who is responsible for the accuracy of a closing (settlement) statement? Marked and dated as 'rejected' - ANS How are rejected offers handled The broker with whom licensed - ANS Sales associates can only accept fees, compensation, or commission from whom? Price fixing - ANS Two competitive real estate companies were struggling and over lunch they agreed to increase their fees so they could survive a down market. This would being in example of Commission members - ANS Who has/have the final say to invoke disciplinary action from a complaint? 20 days - ANS If a judgment surrounding a real estate related transaction has been brought against a real estate agent, how long does the agent had to notify the Idaho real estate commission? First substantial business contact - ANS When is a prospective buyer or seller to receive the agency disclosure brochure To acknowledge receiving the brochure - ANS What is the purpose of the buyer or seller signing the agency disclosure brochure Disclosure adverse material facts - ANS If a buyer is a 'customer' and not a 'client' what duties must the agent extend to the 'customer' Crate a legally binding contract - ANS An exclusive buyer representation agreement will: Special - ANS A real estate agent would be classified with what level of agency Real estate brokerage - ANS The Idaho brokerage representation act was created to identify obligations between the consumer and the: Four - ANS How many types of agency can be practiced in Idaho? None - ANS Signing the agency disclosure brochure established what kind of agency relationship? Purchase and sale agreement - ANS Where is the confirmation of an agency relationship contained? Maintain confidentiality - ANS What is the primary difference between a customer and a client? The real estate brokerage - ANS When a buyer signs a representation agreement, who is the client relationship with? Only with a written consent of all clients in a transaction - ANS When can limited dual agency with assigned agents be used? Each brokerage - ANS A signed and dated record of a buyer or sellers receipt of the agency disclosure brochure is kept by whom Customer - ANS Each party not represented by a brokerage is classified as Customer - ANS Non-agent refers to working with or assisting a buyer or seller as a A designated broker - ANS Who cannot act as an assigned limited dual agent Single agency - ANS An agent is working with a buyer client who makes an offer on another company's listing. The agent is practicing as Statutory law - ANS The practice of real estate and representation in Idaho is based on Prohibited - ANS An agent had a seller sign a representation agreement for 90 days with an automatic 30 day extension if the party didn't sell within the 90 days. The agreement is Extends beyond termination until information becomes generally known in the community - ANS A transaction closed and the agent representing the buyer as a client. When does the confidentiality terminate Both customer and client - ANS Adverse material fact must be disclosed to Sex - ANS The fair housing act protected classes include National Association of realtors - ANS A code of ethics course is mandated by One year - ANS The commission on human rights will hear alleged discrimination complaints within what period of time Some major cities in Idaho - ANS Where is sexual orientation and gender identity approved as a protected class Gather information - ANS What's the purpose of the first listing appointment Recently sold - ANS What type of comparable properties are generally used as the basis of a CMA Brokerage business name - ANS What information must be included with all advertising of listed properties Seller - ANS The sellers property disclosure or must be completed by the Annexation - ANS Sellers of newly constructed residential real property shall disclose information regarding Private - ANS Covenants, conditions, and restrictions CCR's impose what kind of restrictions At first substantial business contact - ANS When was the agency disclosure brochure be given to a prospective seller Six - ANS A listing packet or property profile from a title company cannot contain more than how many items 1 to 4 dwelling units - ANS A seller property disclosure form definition of "residential real property" is Be in writing - ANS Brokerage representation agreements must Not discourage any party from seeking advice from an attorney - ANS In the subject area of legal opinions, rule 303 states a broker or sales associate shall 1 year - ANS Leases must be in writing if they are longer than Six months - ANS What's the maximum time a real estate sales person can be in prison for unauthorized practice of law Purchase and sale agreement - ANS Representation confirmation and acknowledgment must be included with Voids the original offer - ANS What does a counter offer do to the original offer Marked and dated as rejected - ANS All rejected offers must be Prohibited - ANS The use of a double contract is Immediately - ANS When does the earnest money needs to be delivered to the broker or brokers office Broker or brokers office - ANS Who is responsible for record-keeping of earnest money transferred to a third-party July 1 - ANS Unless there's an emergency bill when do legislative law changes take place Brokers office - ANS When earnest money is received, it should be delivered to Both purchase and sale agreement and ledger card - ANS If earnest money is returned before deposit where must a written and dated notation must be placed Three times all charges for title insurance - ANS What's the penalty to the seller who requires the buyer to use a particular title insurance company against the buyers choice for a federally related mortgage Within 10 days of execution of a contract - ANS When is the sellers property disclosure form required to be delivered to the buyer Prior to entering into a contract - ANS When must the disclosure statement be given to the homeowner by a general contractor making improvements exceeding $2000 Monday through Friday, 8 AM to 5 PM - ANS A business day is defined as Seller - ANS Once an offer has been completed and signed by the purchaser, the offer must be delivered to 24 hours prior to closing - ANS RESPA allows the buyer to review the closing statement with and what period of time prior to closing To make sure the property is substantially the same condition as when the offer was accepted - ANS Why should a walk-through prior to closing be scheduled 2 to 3 days before closing Commercial loans - ANS What type of financing is not regulated by the real estate settlement practices act As soon after acceptance as possible - ANS When should application for homeowners insurance be initiated Seven years - ANS The claim loss underwriting exchange tracks clams up to you how many years Federally regulated loans - ANS HUD one closing statements are required for Three calendar years after the year of closing - ANS How long must transaction file is be held by a real estate broker The responsible broker - ANS Who is responsible for the accuracy and delivery of a closing statement 90 days - ANS How much notice to tenant is required to increase utilities in a mobile home park? Not less than 180 days - ANS How much advance notice must a landlord of a mobile home park give to the tenant to not renew a lot lease prior to expiration? Easement by necessity - ANS A right granted by law where there is no access to a persons land Easement appurtenant - ANS A right runs with the land from the serving estate to the dominant estate Easement by prescription - ANS Using land of another without permission for prescribed period of time Easement in gross - ANS Right of a person or corporation to use land owned by another for a specific purpose Temporary - ANS A license to access property for a specific period of time A hotel - ANS Which is an example of commercial real estate? 4 serving 4 year terms - ANS How many real estate commissioners are there and how long do they serve? Property management - ANS Which activity does not require a real estate license? Up to $5,000 and/or a year in jail - ANS What is the penalty for brokering a real estate deal without a license? Dishonorable dealings - ANS Which of the following activities would the real estate recovery fund NOT pay out for? $10,000 per year per licensee - ANS What are the liability limits of the real estate recovery fund? Their license is suspended until the judgement is repaid - ANS What is true of a licensee if the real estate recovery fund pays out for them? One year - ANS How long is your passing state exam certificate good for? They can set a minimum commission the firm charges sellers/buyers - ANS Which statement is true regarding a broker's commission practices? Variable rate commissions - ANS Which is not a violation of Anti-Trust laws? The buyer and seller to the transaction - ANS Who are the only two unlicensed parties you may share any part of your commissions with? Turn in all property to your former broker - ANS If you leave a firm to go work for another you must: She would represent the buyer with limited dual without assigned agents - ANS In an office that allows for limited dual Agency with assigned agents how would the broker herself work with a buyer client to buy an in house listing of one of her agents? Each agent may advocate fully for their client in the sale - ANS Which is true of limited dual Agency with assigned agents? Disclose their licensee status on any purchase and sale agreement - ANS If the builder also has an active Idaho real estate license what must they do when they sell their homes? When they sign an agency representation agreement - ANS When does a party become a client of the brokerage firm in Idaho? They are mandatory and cannot be waived - ANS Which is true of the statutory duties licensees owe to customers and clients? Before signing an offer to purchase - ANS Idaho law requires an agency representation agreement to be signed no later than when? The home was a clandestine drug laboratory - ANS What circumstance is not covered by the Idaho psychologically impacted property law? There is not requirement to close - ANS Which is true regarding a psychological impact of an Idaho property? Cannot disclose to the buyer confidential information of the seller obtained while it was listed with him or her - ANS Hey 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. The original listing agent Must be in writing to be enforceable - ANS A buyer representation agreement form in Idaho: Seller representation, buyer representation, and limited disclosed dual agency - ANS The three types of agency relationships recognized in Idaho are: Maintain the confidentiality of specific information as defined by and to the extent required in this act - ANS The buyer or seller remains a customer, and as such, the brokerage and it's licensees are non-agents. However, the Brokerage still owes all of the following legal duties and obligations to the customer EXCEPT to: He is prohibited from divulging the information - ANS 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 made the agent do with the information he learned about the seller while at firm A? I need more information - ANS If the supply of condos for sale in an area decreases, price tends to The market value less the debt owed - ANS Equity is defined as Leverage - ANS Using other peoples money to buy real estate is an example of Mortgage interest - ANS If you own your personal residence what may be deducted from your income taxes owed to the IRS Own for at least two out of the last five years - ANS You do not have to pay for some capital gains taxes on the sale of your personal residence if you You must buy the replacement property within 180 days of the sale of the relinquished property - ANS And a 1031 tax-deferred exchange what must be done Real property - ANS The term used to denote not only the land and improvements to real estate but also the intangible rights included is An appurtenance - ANS An easement through your neighbors land for you to use to get to the lake is Personal property - ANS Bookshelves screwed into the wall in the family room is an example of a Emblement - ANS A corn crop growing in a field is an example of an Trade fixture - ANS And ice cream making machine bolted to the wall in a restaurant is an example of a Yes, but the damage needs to be repaired - ANS Maybe tenant restaurateur remove it when the lease is up? Real property - ANS The "bundle of legal rights" is part of the definition of: Severance - ANS If you cut down a tree in your yard and stack it up into cords of wood what has happened? The doctrine of prior appropriation - ANS This law helps the parties determine their rights to water flowing over their land in Idaho The mean high water mark - ANS Where is your property line for your cabin on the snake River? A new unit on leased space, a new or used unit on its own ground, or A new unit on a sales lot with agreement from the lot owner - ANS Which type of manufactured homes can you list for sell with a real estate license? She would represent the buyer with limited dual without assigned agents - ANS In an office that allows for limited dual agency with assigned agents how would the broker herself work with a buyer client to buy an in-house listing of one of her agents Market to a well organized database - ANS One of the most important things to do to ensure long-term success in real estate is to Worked very hard to build their database with dogged determination - ANS A new agent who knows just a few people in their market area should Certain rights and the extent of ownership in land - ANS an estate refers to Fee simple absolute - ANS the highest form of property ownership in idaho is