Idaho Real Estate Book Study Questions And Correct Answers 100% Verified

Idaho Real Estate Book Study Questions And Correct Answers 100% Verified What are the activities required to have a real estate license? - ANSWER a) offer to list, buy, sell, or negotiate for others b) negotiate the purchase, sale, option, or exchange of real estate c) takes part in the process of procuring prospects or closing of any transactions d) negotiate any real estate interest, option, or business opportunity for others Exceptions - ANSWER a) transfer of an interest in real property or business opportunity for one's own account or use. b) Acquisition or disposal of real property or business opportunity interests within the scope of one's employment c) acting under a power of attorney for a single transaction in a parcel of real property or a business opportunity. d) any person selling by reason of a default in the payment of a deed of trust e) acting as an administrator, executor or personal rep of an estate f) actin in property management The Idaho Real Estate Commission generally meets: - ANSWER 6-8 times a year Course make up work is allowed only for: - ANSWER Any pre-license courses Pre-license courses must be completed within how many years prior to license application? - ANSWER three Change of personal info must be submitted to IREC no later than - ANSWER 10 daysAn independent E&O insurance policy ust have an A.M. best rating of at least - ANSWER B+ Brokers must make a passing grad of what (not salesperson) - ANSWER 75% Who must have a license to practice real estate? - ANSWER anyone who is expecting compensation while acting for another; offers to list When does a real estate license expire? - ANSWER The last day of the licensee's birth month (the following year after the year obtained) ex: 7/30/2019 To be effective, tail coverage for E&O insurance must be purchased within how many days from cancellation? - ANSWER 90 Salesperson or Associate Broker affiliation - ANSWER Can't work without the supervision of a designated broker. Reps the broker Designated Broker - ANSWER licensed broker who is designated by brokerage company to supervise the activities of an licensees associated with the brokerage. Also unlicensed personnel Limited Broker - ANSWER An individual broker qualified to do business in Idaho but may not associate brokers or salespersons licensed with that broker Reciprocity - ANSWER because Idaho does not have reciprocity agreements with any other state, individuals licensed in another state shall meet the min requirements set forth by Idaho. However, the applicant shall not be required to furnish proof of the educational requirements but will be required to provide a certified license history from other states The three types of legal descriptions that can be used to meet Idaho requirements -ANSWER Government Rectangular Survey, Metes and bounds, Recorded plat (aka Lot and Block or subdivision) Should be filed within 90 days after completing a survey that: - ANSWER a) Discloses a material discrepancy with previous surveys of record b) Establishes boundary lines and/or corners not previously existing or of record c) Results in the establishment of monuments at corners of record which were not previously monumented d) Furnishes evidence or information which differs from, or is not included in, surveys of record regarding the public land survey, lost public land corners or obliterated land survey corners Easements - ANSWER the right to use the land of another for a specific purpose Transfer of easements - ANSWER attach to property conveyed Rectangular Survey System - ANSWER Initial point from which all surveys originate. Each township is 6 miles by 6 miles and contains 36 sections which are 1 mile by 1 mile and contain 640 acres each. Correction lines, know as a government check, will occur every 24 miles on the guide meridian to accommodate for the curvature of the earth. Along the borders of a state and around large bodies of water, there will be undersized and oversized sections which are known as fractional sections Metes and Bounds - ANSWER Properties that cannot be described by the government rectangular system will be irregular in shape and described with longitude and latitude bearings identified in feed including tenths or hundreds of a foot. must be prepared by a licensed surveyor and a legal description prepared from the initial Point Of Beginning will be a corner of a section or township that connects the metes and bounds to the government rectangular survey. in order to have a 'closed' legal description, the actual point of beginning will begin and end at the same point. Recorded Plat - ANSWER used for developments that consist of multiple lots. Idaho Code describes a subdivision as a tract of land divided into 5 or more lots, parcels, or sites for the purpose of sale or building development, whether immediate or future. Within the plat will be reference