Idaho real estate test Flashcards

Idaho real estate test Flashcards (BR) A buyer prospect is interested in seeing a house listed with real estate company, but does not wish to enter into a buyer representation agreement. A salesperson from the real estate company can show the buyer and in-house listing if the salesperson Provides the buyer with the agency disclosure brochure that explains agency laws in Idaho (BR) 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?She would represent the buyer with Limited Dual without Assigned Agents (LR) A licensed salesperson may hold a concurrent license with more than one Idaho broker under which of the following circumstances?Under no circumstances (BR) What is true regarding a psychological impact of an Idaho property?There is NO requirement to disclose (DPREC) The Idaho Real Estate Commission appoints an education council. How many members are on the council?Six (LR) In Idaho, which situation would require an individual to be a licensed real estate broker or salesperson?Helping a friend in the purchase or sale of any interest ins real property for the compensation (LR) An applicant for a real estate license in Idaho mustDisclose any felony conviction (LR) What is a requirement to obtain and Idaho brokers license?A ner fingerprint background check (LR) A salesperson has a renewal date of her license on November 30, 2016. On March 17, 2016 she gets a Broker's license and opens her own firm called Ajax realty.When must she renew her brokers license?

By 5:00 PM the last business day of November 2016

(LR) How about fingerprints and background checks?6 months (BR) May the broker work directly with the buyer or seller clients in a transaction if the other client is being handled by another agent of the firm in assigned agent scenario?No, the broker must remain the dual agent (DPREC)How many real estate commissioners are there and how long do they serve?

• serving 4 year terms

(BR) Each seller representation agreement, whether exclusive or non exclusive, must contain all of the following information EXCEPT the The commission split the broker has with the listing agent (LLRC)A designated broker wishes to open a licensed brand office in a neighbor community. Who may be the branch manager of the office?An associate broker licensed in that branch office (DPREC) How are members of the Idaho Real Estate Commission appointed?By the governor (DPREC) Which activity does IREC NOT have authority over?To force a broker to complete a contractual obligation

(BR) In a dual agency situation, a broker may collect a commission from both the seller and the buyer if Both parties give their informed consent to the dual compensation (LLRC) What is true regarding an agents commission?They are paid from their broker (LR) How long is your pre-license course certificate good for?

• years

(DPREC)Which activity does not require a real estate license?Property management (BR) The three types of agency relationships recognized in Idaho are Seller representation, buyer representation and limited disclosed dual agency (BR) What is the status of the final sales price of a property?It is not confidential (LR) A graduate of the Idaho Real Estate School gets her first salesperson license on February 23, 2016. Her birthday is April 19th. By the end of which month must she renew her license?April 2017 (LR) A real estate license is required for which of the following?Company that, for a fee (commission), matches individuals from different parts of the country who want to exchange properties and then assists them in doing so (LR) Under the Idaho Real Estates License Law and Rules.a partnership, association, or corporation will be granted a license only if Each legal business entity has a properly licensed individual designated as real estate broker (BR) A listing agreement with a seller in Idaho must have all the prescribed information except The commission split the listing will offer a cooperating broker (DPREC)What is the maximum penalty for brokering a real estate deal without a license?up to $5,000 and a year in jail (LR) An actively licensed Idaho Real Estate salesperson may lawfully collect compensation from A real estate broker with whom the sales associate is licensed (BR) An actively licensed real estate person selling his or her own personal residence in a regulated real estate transaction must Conduct the transaction through their actively licensed responsible broker (LLRC) The designated broker of ABC Realty, Inc quits the business. What must the firm do?Find a new broker within 10 business days (DPREC) The Idaho Real Estate Commission may revoke a real estate license for Misrepresentation (LR) In Idaho each person seeking and Individual Primary Idaho License shall meet the following minimum qualification EXCEPT Be at least 19 years of age or older (BR) When must the Commission Agency brochure be presented?At first substantial business contact (LR) An office manager for a local real estate firm is

responsible for the following activities: Coordination the

flow of paperwork through the office, preparing advertising copy and hiring and supervising clerical personnel. The office manager is Exempt from real estate licensing requirements

(LR) A licensee who allow his or her license to expire has how long to reinstate the license without monetary penalty?There is no "free" time (DPREC) The Idaho real estate commission consists of how many members?

• (but actually 5 now)

(BR) The term used to describe the special relationship of trust and confidence between agent and principal is Fiduciary (LR) A broker wishes to open license branch office in other community in their market area. What is true regarding this new branch office?The manager must be an associate broker of the firm (DPREC) In Idaho, the Idaho Real Estate License Law and Rules is administered by the Idaho Real Estate Commission (BR) All of the following provisions are included in Idaho Real Estate License Law and Rules regarding seller representation agreement EXCEPT that The seller representation agreement must be accompanied by a qualified expert's report of the property's condition (BR) A broker has entered into a seller representation agreement with a seller. Another broker who has been working with the buyer has a buyer representation agreement and learns of the property through the MLS.The second, cooperation broker would represent The buyer as an agent (BR) The buyer or seller remains a customer, and as such the brokerage and its licensees are non-agents. However, the brokerage still owes all of the following legal duties and obligations to the customer EXCEPT to Maintain the confidentiality of specific client information as defined by and to the extent required in this act (BR) Broker A refers a buyer to broker B across the state.What duties does Broker A owe to the buyer during the sale?none (BR) A salesperson represents a seller as a client in a transaction. When prospective buyers ask to look at the property, the salesperson must Provide them with the agency disclosure (LLRC) The designated broker of a sole proprietor firm quits the business and the office closes. Who is in charge of the money still in the trust account?The former designated broker (BR) Broker representation agreements with a buyer or seller may be electronically generated or transmitted, faced or delivered as long as The agreement specifically allows for such transmissions (DPREC) In Idaho, Which of the following would NOT be grounds for revoking a brokers license?Agreeing with a seller to accept a listing for more than normal commission (LLRC) A buyer hands an earnest money deposit to their agent when they sign the offer. When must the agent turn that deposit into their broker?Immediately upon receiving the funds (BR) A buyer representation agreement form in IdahoMust be in writing to be enforceable (BR) A lisiting agent is an agent for the The seller (LLRC) Who are the only 2 unlicensed parties you may share any part of your commission with?The buyer and the seller to transaction

(LLRC) If you wish to help your neighbors sell their property but do not have a real estate license you may?Help them fix up their home for sale (DPREC) The Idaho Real Estate Commission may investigate the action of any person engaged in the business of real estate or acting in the capacity of a real estate broker or salesperson within the state of Idaho for all of the following reason EXCEPT An oral complaint called in to the commission by a disgruntled customer who doesn't leave his or her name (DPREC) What is required in all advertisements for listed properties?Brokerage company name (LR) Which of the following is not a requirements to obtain an active real estate salesperson licensee in Idaho?Copy of your birth certificate (BR) Which circumstances is not covered but the Idaho psychologically Impacted Property Law?The home was a clandestine drug laboratory (DPREC) The Idaho Real Estate Commission has the power to Make and enforce any and all reasonable rules (LLRC) An active licensee sends a referral to an agent across the state. May the referring agent receive the referral fee directly from the title company closing the sale?No, all referral fees must be paid through licensee's brokerage firm (BR) Which is true of the statutory duties licensees owe to customers and clients?They are mandatory and cannot be waived (BR) A seller representation agreement has expired, and the seller signs a seller representation agreement with a different brokerage firm. The original listing agent now has buyer interested in the sellers property. The original listing agent Cannot disclose the buyer confidential information of the seller obtained while it was listed with him or her (BR) When does a party become a client of the brokerage firm in Idaho?When they sign an agency representation agreement (BR) Idaho law requires an agency representation agreement to be signed no later than when?Before signing an offer to purchase (LLRC) What is the one required of all real estate advertising by a licensee?The brokerage company name (DPREC) The Idaho real estate commission does not have the enforcement power to Hold hearing regarding "potential" Code of Ethics violations (BR) Information obtained about a client of your firm must be held in confidence From that time forward, even after the end of the relationship (LLRC) A broker opens a sale kiosk at the local mall. Is it a licensed branch office?no (LLRC) If you leave a firm to work for another you mustTurn in all property belonging to the broker into your former broker (LLRC) After transferring from one firm to another the licensee must Notify their broker within 3 days (DPREC) 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?A certificate of coverage signed by a representative of the insurer