Idaho - State Exam Practice Flashcards

Idaho - State Exam Practice Flashcards What license status do you need to be under in order to perform real estate services in Idaho?Active Idaho Falls licensee Ken's listing is already under contract, but then they receive a gem of an offer. The seller wants to cancel the first contract to accept this better offer. What's Ken's best course of action?Advise the seller in writing to seek legal counsel An Idaho listing broker tells a buyer (customer) that the seller (client) is under pressure to sell because of a pending divorce and possible foreclosure. Such disclosure is ______.Unacceptable because of the statutory duty owed to the seller When must licensees who've secured a signed listing agreement with a seller give the seller a signed copy of the agreement?At the time of signing Which one of the following is NOT the purpose of the Idaho Real Estate Education Council?Issue disciplinary actions for license violations.No advertising may provide any information to the public or to prospective customers or clients that's ______ in nature.Misleading Idaho resident Bob sells Kent his home in Boise. If Kent later finds out that Bob breached the contract and wishes to sue Bob, when must he do so?Within five years of Kent's discovery of the breach Of the following, which Idaho real estate licensee can add complex terms and conditions to an offer to purchase?Abigail, a practicing attorney In Idaho, which real estate licensees can legally create their own contracts without using a pre-printed contract form?Licensees who are also practicing attorneys in Idaho In Idaho, a married couple must meet what recording requirement to sell their community real property?Both spouses must be in agreement during the recording act.A borrower is applying for an FHA loan. What's the least amount the borrower should plan on paying as a down payment?

3.5% Since Idaho is a title theory state and lenders tend to use deeds of trust, what type of foreclosure is typically used?Non-judicial foreclosure Idaho cooperative licenses are valid for _______ months from the date they are issued, or until the out-of-state broker's license expires, is inactivated, surrendered, suspended, or revoked-whichever occurs first.12 In Idaho, licensees dealing with their own property MUST

______.

Provide copies of the transaction documents to their designated broker In Idaho, what continuing education requirements need to be met if you're on inactive status and decide to reactive your license?Two commission core classes and 12 hours

What's required if a third party is to hold trust funds instead of the broker?The arrangement must be documented in writing.Which of the following duties do Idaho licensees owe to their customers?Perform ministerial acts to assist them A buyer hands an Idaho licensee an earnest money deposit check made out to the brokerage firm's trust account. The licensee puts the check in her purse for safekeeping while the contract is negotiated for three days and then gives it to her broker. Which of the following is true about her actions?This violates real estate license law.Idaho licensee Rebecca has listed her seller client's property and has been contacted a few times by interested parties. In keeping with the industry's standards of professionalism, which one of the following is true?Rebecca should respond to inquiries promptly.If property owners own land bordering a navigable lake in Idaho, what is owned?They own the land to the mean high-water mark.Moira wants to transfer her license to another brokerage where Chris would be her manager. Currently, her designated broker is Lindsey. Which one of the following is part of the license transfer process?Moira must give Lindsey three days written notice that she's leaving.Which of the following mistakes relates to required elements in an Idaho offer to purchase?Incorrect acknowledgement of representation type An Idaho real estate license is required when ______.Performing real estate acts for compensation The Idaho Real Estate Commission consists of _______.Five members In Idaho, who's required to sign an addendum for it to become part of the contract?Both parties to the transaction Which of the following best describes a terminated real estate license in Idaho?It means the licensee isn't allowed to practice real estate.In a customer relationship in Idaho, which of the following is an important fact for the customer to understand?Some level of service is provided, but the customer is not represented by a real estate agent.Idaho resident Mary agreed to sign her brokerage agreement with her agent electronically, but she doesn't want to conduct her purchase agreement electronically.Which of the following is true of this situation?Mary is free to conduct one part of the transaction electronically, and she has the right to choose not to conduct other parts of the transaction electronically.Which one of the following statements about real estate licensee compensation in Idaho is true?Licensees are prohibited from receiving compensation for real estate services through anyone except their designated broker.When are Idaho licensees required to hand over earnest money to their broker?Immediately Which of the following statements about electronic transmission of real estate documents is true in Idaho?Electronic transmission laws only apply to transactions between parties where each party to the transaction has agreed to conduct it via electronic means.For a buyer to be represented as a client, Idaho license law requires there to be a ______.Signed written agency representation agreement In Idaho, which individual is authorized to represent the interests of another person?Agent

A borrower pays $38,000 as a down payment on a home valued at $305,000. What percent down has the borrower paid?

12.4% Which of the following security instruments is used most in Idaho real estate lending?Deed of trust Which of the following is an optional item that could be included in an Idaho offer to purchase but isn't required?The closing date and transfer of possession to the buyer Why did the Idaho Legislature pass the Consumer Foreclosure Protection Act?To prevent homeowners in foreclosure from being taken advantage of Carol has licensee Brooke show her five Idaho properties, but she doesn't sign a Buyer Representation Agreement with Brooke. One of these properties is owned by Kathy, who listed the property with Ben. There is a latent defect in the property that both Brooke and Ben are aware of. Who owes the duty of disclosing adverse material facts?Both licensees Which Idaho state agency or department handles properties that are subject to the power of escheat?Idaho State Treasurer's Office In a limited dual agency with assigned agents, the designated broker ______.Must not be one of the assigned agents