Download Idaho Real Estate Exam Preparation: Multiple Choice Questions and Answers and more Exams Advanced Education in PDF only on Docsity!
Idaho RE Book CH. 10-16 With All Questions And
Correct Answers 100% Verified
An agent unconditionally gave his buyer a new riding lawn mower after a transaction closed as a 'thank you'. This activity is A. OK B. Illegal C. Inappropriate D. Inducement - ANSWER A. OK
What is the maximum fine for an unlicensed person practicing real estate A. $5, B. $10, C. $15, D. $20,000 - ANSWER A. $5,
An active licensee buying or selling their own property must conduct all transactions through A. Cooperating brokerage B. Idaho Real Estate Commission C. Broker with whom licensed D. A licensed title insurance company - ANSWER C. Broker with whom licensed
If a licensee terminate with a broker, what is required A. Nothing, the licensee just leaves B. Licensee must tell broker they are leaving
C. Licensee must give written notice within 5 calendar days of leaving D. Licensee must notify in writing no later than 3 business day of effective date - ANSWER D. Licensee must notify in writing no later than 3 business day of effective date
If a broker terminates an agent for cause, the broker must notify the Idaho Real Estate Commission within A. 3 business days from termination B. 5 calendar days from termination C. 5 business days from termination D. 10 business days from termination - ANSWER D. 10 business days from termination
When a real estate commission investigation is completed the results and recommendations are forwarded to A. REALTOR association legal counsel B. Attorney General C. Executive Director D. Chief Investigator - ANSWER C. Executive Director
Company records must be retained by the broker for what period of time A. 3 fiscal years after a transaction closes B. 3 calendar years after the year a transaction closes C. 3 calendar years after the year a transaction is initiated D. 3 fiscal year from the date company was created - ANSWER B. 3 calendar years after the year a transaction closes
How much is the maximum amount of personal money allowed to maintain a trust account A. $ B. $
A brokerage real estate trust account must be reconciled how often A. Monthly B. Quarterly C. Semi-Annually D. Annually - ANSWER A. Monthly
When is consideration received by a sales associate to be delivered to the broker or broker's office A. Within 24 hours B. Within 1 day C. As soon as convenient D. Immediately - ANSWER D. Immediately
Checks from trust account must be imprinted with the words A. (Name of Company) trust account B. Business trust account C. Real estate trust account D. Trust account - ANSWER C. Real estate trust account
Unless otherwise stated, earnest money must be deposited A. Within 5 business days of acceptance B. Next banking day C. Next calendar day D. Next business day - ANSWER B. Next banking day
Who may pay out disputed earnest money deposits without written consent of the parties to the transaction A. May not pay out without written consent of buyer and seller
B. Escrow company C. The broker holding the earnest money D. Idaho Real Estate Commission - ANSWER C. The broker holding the earnest money
Who is the responsible broker in a cooperative sale A. The listing broker B. The selling broker C. The broker holding entrusted funds D. Both the listing and the selling brokers - ANSWER C. The broker holding entrusted funds
Who is responsible for the accuracy of a closing (settlement) statement A. Responsible listing agent B. Responsible selling agent C. Responsible escrow officer D. Responsible broker - ANSWER D. Responsible broker
How are rejected offers handled A. Nothing is required B. Need to be marked as rejected C. Give to seller for their records D. Marked and dated as rejected - ANSWER D. Marked and dated as rejected
Sales associates can only accept fee, compensation or commission from whom A. The broker with whom licensed B. Directly from the buyer or seller C. From the escrow company
C. Prevailing Party D. The Court - ANSWER C. Prevailing Party
At what point is a prospective buyer or seller to receive the agency disclosure brochure A. Upon first meeting B. Prior to writing of contract C. Before closing of a transaction D. First substantial business contact - ANSWER D. First substantial business contact
Why is the buyer or seller to sign the agency disclosure brochure A. To create a client relationship B. To develop a customer relationship C. To confirm receipt of brochure D. To acquire a real estate activity - ANSWER C. To confirm receipt of brochure
If a purchaser is a 'customer' and not a 'client' what responsibilities does the agent owe to the 'customer' A. None unless there is a written agreement B. Must not accept fee or commission from another party to a transaction C. Disclosure of adverse material facts D. Verify accuracy of statements made by a seller - ANSWER C. Disclose adverse material facts
An exclusive Buyer Representation Agreement will A. Be binding only when an offer and acceptance has been completed B. Disallow the buyer from previewing property without their agent C. Create a legally binding contract D. Bind the buyer for an unlimited time - ANSWER C. Create a legally binding contract
A real estate agent would be classified with what type of agency A. Universal B. General C. Special D. Specific - ANSWER C. Special
The Idaho Brokerage Representation Act was created to identify obligations between the consumer and the A. Buyer B. Seller C. Real estate licensee D. Real estate brokerage - ANSWER D. Real estate brokerage
How many types of agency can be practiced in Idaho A. One B. Two C. Three D. Four - ANSWER D. Four
Signing the Agency Disclosure Brochure establishes what kind of agency relationship A. None B. Client C. Customer D. Both customer and client - ANSWER A. None
What is the primary difference between a customer and a client
C. Each brokerage D. Both the buyer and seller - ANSWER C. Each brokerage
Each party not represented by a brokerage is classified as A. Single buyer or seller B. Limited disclosed client C. Client D. Customer - ANSWER D. Customer
Non agent refers to working with or assisting a buyer or seller as a A. Limited disclosed customer B. Client C. Customer D. Limited disclosed broker - ANSWER C. Customer
Who cannot act as an assigned limited dual agent A. A listing or selling agent B. A designated broker C. An associate broker D. A sales associate - ANSWER B. A designated broker
An agent is working with a buyer client who makes an offer on another company's listing. The agent is practicing as A. Limited dual agent B. Single agency C. Limited disclosed agent D. Nonagent - ANSWER B. Single agency
The practice of real estate and representation in Idaho is based on A. Statutory Law B. Common Law C. Fiduciary Law D. Federal Law - ANSWER A. Statutory Law
An agent had a seller sign a representation agreement for 90 days with an automatic 30 day extension if the property didn't sell within the 90 days. The agreement is A. Legal B. Illegal C. Acceptable D. Prohibited - ANSWER D. Prohibited
A transaction closed and the agent represented the buyer as a client. When does confidentiality terminate A. When the agency confirmation signed B. At closing or representation cancelled C. Extends beyond termination until information becomes generally known in community D. Confidentiality never terminates unless agent changes brokerages - ANSWER C. Extends beyond termination until information becomes generally known in community
Adverse material fact(s) must be disclosed to A. Customer B. Client C. Both customer and client D. Neither customer or client - ANSWER C. Both customer and client
B. Present a listing packet C. Secure the listing D. Discuss MLS requirements - ANSWER A. Gather information
What type of comparable properties are generally used as the basis of a CMA A. On Market B. Recently sold C. Expired listings D. For sale by owner properties - ANSWER B. Recently sold
What information must be included with all advertising of listed properties A. Agent's name B. Broker's name C. Seller's name D. Brokerage business name - ANSWER D. Brokerage business name
The Sellers Property Disclosure must be completed by the A. Agent B. Buyer C. Seller D. Lender - ANSWER C. Seller
Sellers of newly constructed residential real property shall disclose information regarding A. Annexation B. Contractor licensing C. Mechanic's liens
D. Occupancy tax - ANSWER C. Mechanic's liens covenants, conditions, and restrictions (CC&Rs) impose what kind of restrictions A. Public B. Private C. Personal D. Popular - ANSWER B. Private
When must the Agency Disclosure Brochure be given to a Prospective Seller A. Prior to writing a contract B. Before Property Condition completion C. At first substantial business contact D. Prior to closing - ANSWER C. At first substantial business contact
A listing packet or property profile from a title company cannot contain more than how many items A. 4 B. 5 C. 6 D. 7 - ANSWER A Seller Property Disclosure Form definition of 'residential real property' is A. 1-4 dwellings units B. All residential dwellings C. Residential dwellings built before 1978 D. Any residential property up to 10 plex - ANSWER A. 1-4 dwellings units
Brokerage representation agreements must A. Be submitted to the MLS
D. Purchase and Sale Agreement - ANSWER D. Purchase and Sale Agreement
What does a counter offer do to the original offer A. Makes original offer voidable B. Voids the original offer C. Extends the term of the original offer D. Makes original offer valid - ANSWER B. Voids the original offer
All rejected offers must be A. Maintained in broker's file for 5 years B. Removed from the broker's files C. Marked and signed as 'rejected' D. Marked and dated as 'rejected' - ANSWER D. Marked and dated as 'rejected'
The use of a 'double contract' is A. Encouraged B. Discouraged C. Prohibited D. Used as a back-up contract - ANSWER C. Prohibited
When does earnest money need to be delivered to the broker or broker's office A. Immediately B. Within 24 hours C. Within 48 hours D. Prior to closing - ANSWER A. Immediately
Who is responsible for record keeping of earnest money transferred to a 3rd party
A. 3rd party B. Bank or trust company C. Escrow or title company D. Broker or broker's office - ANSWER D. Broker or broker's office
Unless there's an emergency bill, when do legislative law changes take place? A. January 1 B. April 15 C. July 1 D. December 20 - ANSWER C. July 1
When earnest money is received, it should be delivered to A. Selling Agent B. Seller C. Title Company D. Broker's Office - ANSWER D. Broker's Office
If earnest money is returned before it is deposited, where must a written and dated notation be placed A. Purchase and Sale Agreement B. Ledger card C. Both Purchase and Sale Agreement and ledger card D. Trust account record - ANSWER C. Both Purchase and Sale Agreement and ledger card
What is the penalty to the seller who requires the buyer to use a particular title insurance company against the buyer's choice for a federally related mortgage A. Full amount of the title insurance
B. Selling brokerage C. Seller D. Title Insurance - ANSWER C. Seller
RESPA permits the buyer to examine the closing statement for how many days prior to closing A. No requirement B. Not less than 1 day C. At least 2 days D. At least 3 days - ANSWER C. At least 2 days
Why should a walk through prior to closing be scheduled 2-3 days before closing A. To ensure the property is substantially the same condition as when the offer was accepted. B. So the buyer can request changes they didn't see when they made their offer C. Get an information from the seller necessary to take possession D. Make arrangements to get keys to move in - ANSWER A. To make sure the property is substantially the same condition as when the offer was accepted.
What type of financing is not regulated by the Real Estate Settlement Practices Act A. Loans with VA program B. Any federal related loan program C. Loans with FHA program D. Commercial loans - ANSWER D. Commercial loans
When should application for homeowner insurance be initiated A. Prior to making an offer B. As soon after acceptance as possible
C. Upon closing D. After closing and recording - ANSWER B. As soon after acceptance as possible
The Claim Loss Underwriting exchange tracks claims up to how many years A. 1 year B. 4 years C. 6 years D. 7 years - ANSWER D. 7 years
HUD 1 closing statements are required for A. All loans requiring financing B. Title Insurance C. IRS record keeping for audits D. Federally related loans - ANSWER D. Federally related loans
Who is responsible for the accuracy and delivery of a closing statement A. The buyer and seller B. The buyer's real estate agent C. The escrow agent D. The responsible broker - ANSWER D. The responsible broker
How long must transaction files be held by a real estate broker A. 1 year after closing B. 3 years after the year of closing C. 3 calendar years after the year of closing D. 5 calendar years following closing - ANSWER C. 3 calendar years after the year of closing
