IDAHO Real Estate Exam #1 Questions And Answers With Verified Study Quiz

there are 5 real estate commissioners serving - year terms - ANS 4 does property management require a real estate license? - ANS no the max. penalty for acting as a realtor without a license is? - ANS a $5k fine/1 year in jail who monitors the code of ethics? - ANS the NAR The IREC can't force - to complete a contractual obligation - ANS a broker Every broker is required to have - - ANS an office agency policy When do agents receive their commission? - ANS after it goes through your broker the only unlicensed parties you can share your commission with are - - ANS the buyer and seller Commissions for the brokerage are set by - - ANS the broker After transferring brokerages you should inform your former broker within - - ANS 3 business days if you wish to help a friend sell their property but don't have a real estate license you may - - ANS help them fix up their home what 2 items are kept at the brokerage? - ANS the original transaction files and the earnest money deposits if a DB wants to open another branch of the brokerage, who can run the new branch? - ANS the associate broker If the DB quits the business, how long does the brokerage have to find a new one? - ANS 10 business days what is the only case where a DB can pay a inactive licensee? - ANS if the transaction happened while they were still licensed If the DB quits the business but has a sole proprietor firm, who is in charge of the money in the trust account? - ANS The designated broker If an agent pays another agent a referral fee how should it be paid? - ANS through the brokerage what should an agent do if they receive an earnest money deposit? - ANS give it to their broker immediately what would not be able to be a licensed branch office? - ANS a mall sales kiosk what does not have to be listed on the listing agreement? - ANS the commission split if broker A refers a buyer to broker B what does broker A owe to the buyer? - ANS nothing in a limited dual agency with assigned agents each agent may/should do - - ANS fully advocate for their client if a builder has an active real estate license they must do - - ANS disclose their license status in every transaction the term used to describe the trust between agents and clients is - - ANS fiduciary a party becomes a client of a firm when they - - ANS sign the representation agreement when must the representation agreement be signed? - ANS before signing an offer to purchase how many agents must be working in a firm in order to offer limited dual agency with assigned agents? - ANS 3 according to the idaho real estate law the seller representation agreement does not have to include - - ANS the property condition report which of the following activities would the real estate recovery fund not pay out for? - ANS dishonorable dealings what are the liability limits of the real estate recovery fund? - ANS $10,000 per year per licensee what is true of a licensee that if the real estate recovery fund pays out for them? - ANS their license is suspended until the judgement is repaid an un-licensed personal assistant can not do which activity? - ANS verbally quote the price of a property to a buyer the IREC may revoke a real estate license for - - ANS misrepresentation if a licensee obtains an E & O policy from a private insurer and does not use the state sponsored plan, what must they have in their files for IREC review? - ANS a certificate of coverage signed by a representative of the insurer the IREC does not the enforcement power to - - ANS hold hearing regarding potential code of ethics violations in idaho, the license law and rules is administered by the - - ANS IREC how are members of IREC appointed? - ANS by the govenor how many members are in the IREC? - ANS 5 how many people are in the IREC education council? - ANS 6 the IREC has the power to - ANS discipline a licensee for a license law infraction in idaho what would not be grounds for revoking a broker's license? - ANS agreeing with a seller to accept a listing for more than the normal commission rate the IREC has the power to revoke a salesperson's license if the salesperson - - ANS deposits a buyers down payment in their own bank account what act is the IREC required to automatically suspend someone's license? - ANS when directed by court to pay out money from the real estate recovery fund during the investigation and hearing process may a licensee retain legal counsel? - ANS yes if a licensee is asked to provide copies of transactional paperwork to IREC - - ANS they must fully comply licensees must display their brokerage company name - - ANS clearly and conspicuously how long is your pre-license course certificate good for? - ANS 3 years how long is your exam certificate good for? - ANS 6 months how long do your fingerprints last? - ANS 6 months what are the continuing education minimum requirements? - ANS 12 elective hours plus two core courses every 2 years what is not a a requirement to obtain an active real estate license? - ANS copy of your birth certificate what is a requirement to obtain a brokers license? - ANS fingerprint background check what is the status of the final sales price of a property? - ANS it is not confidential as agents, we have - to be available to present all offers and counter offers - ANS a duty what circumstance is not covered by the idaho psychologically impacted property law? - ANS the home was a meth lab what is true regarding a psychological impact of an idaho property - ANS there is no requirement to disclose if a buyer contacts a brokerage with an interest in buying a home what should the salesperson do? - ANS explain the duties owed to the customer in the blue brochure a buyer is interested in a house listed with the company, but does not wish to enter a rep. agreement. what should the agent do? - ANS provide them the blue brochure a buyer representation agreement in idaho - ANS must be in writing to be enforceable what is not included in idaho license law about seller rep. agreements? - ANS it must be accompanied by an expert's report of property condition the three types of agency relationships in idaho are - ANS seller rep., buyer rep., and dual agency in a dual agency situation, a broker may collect a commission from both the seller and the buyer if? - ANS both parties give their informed consent to the dual compensation each BUYER rep agreement doesn't have to include - ANS price and terms each SELLER rep agreement doesn't have to include? - ANS the commission split broker rep. agreements can be electronic as long as? - ANS the agreement allows it an agent represents a seller client, when a buyer asks to look at the property, the salesperson must? - ANS provide them with the blue brochure if a broker takes a listing, and one of their salespeople wants to buy the listing, what should they do? - ANS inform the owner about the salespersons license status an agent selling their own house must? - ANS conduct the transaction with their broker how is the payment of a commission and agency representation legally connected? - ANS there is no legal connection between the two which if the agency duties is not owed to customers? - ANS advise them to seek professional counsel without permission of the seller, what may the agent not disclose to the buyer? - ANS the motivating factors of selling On an offer the selling agent writes "the listing broker represents the seller" - ANS this is insufficient, it needs to be how it is in the rep. agreement