Exam (elaborations)
Real Estate Idaho (Module 1) Questions with correct Answers
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Real Estate Idaho (Module 1)
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Real Estate Idaho (Module 1)Acting in the capacity of a broker or ____________ requires a license - answer
Salesperson
Failure to keep adequate _______________ is an IREC violation - answer Records
The REALTORS is this type of Association - answer Trade
This amount of CE elective credit hours are required every license cycle - answer
Twelve
The business of bringing parties together in a real estate deal - answer Broker
Some ____________ in your personal circumstance must be reported to the IREC
within 10 days - answer Changes
This type of contract is illegal - answer Double
This type of account in the broker's office is subject to audit by the IREC - answer Trust
IREC can deny a license to anyone convicted of this - answer Felony
This happens to your license if the Recovery Fund pays out for you - answer
Suspension
Your Insurance carrier must issue a ______________ of coverage for your files -
answerCertificate
The code of Ethics is administered by this group - answerNAR
This type of license requires CE credit to renew - answerActive
This County official determines market values - answerAssessor
This pre-license course is good for how many years - answerThree
An example of commercial real estate - answerHotel
How many real estate commissioners are there, and how long do they serve - answer4
serving 4 year terms
, Which activity does not require a real estate license - answerProperty management
What is the penalty for brokering a real estate deal without a license - answerUp to
$5,000 and/or a year in jail
Which activity would the real estate recovery fund NOT pay out - answerDishonorable
dealings
What are the liability limits of the real estate recovery fund - answer$10,000 per year,
per license
What is true of a licensee if the real estate recovery fund pays out for them -
answerTheir license is suspended until the judgment is repaid
How long is your pre-license course certificate good for - answer3 years
How long is your passing state exam certificate good for - answer1 year
How long is the fingerprint background check good for - answer6 months
What are Continuing Education (CE) minimum requirements - answer12 elective hours
plus the 2 core courses every 2 years
What is required in all advertisements for listed properties - answerBrokerage company
name
What is true about Broker's commission policies - answerThey can set a minimum
commission the firm charges buyers and sellers
Violation of Anti-Trust laws (3) - answerPrice fixing, allocation of customers and
markets, and group boycotting
Who are the only 2 unlicensed parties you may share any part of your commissions with
- answerThe buyer and the seller to the transaction
If you leave a firm to wok for another you must - answerTurn in all property to your
former broker within 3 days
All of your listings belong to who - answerYour broker
6 requirements to obtain an Idaho Salesperson license - answer1. Fingerprinting
2. Education (High School Equivalent)
3. Real estate education
4. License Exam (70%...good for 1 year)
5. Errors and Omissions Insurance
6. License application form
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