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A listing agreement with the seller in Idaho must have all prescribed information except - ANSWER the commission split the listing will offer a cooperating broker
Broker A refers a buyer to broker B across the state What duties does broker A owe to the buyer during the sale? - ANSWER NONE
All of your listings belong to whom? - ANSWER Your broker
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? ANSWER she would present the buyer with limited dual without assigned agents
In a sale the seller is a client of firm A and buyer is a client of firm B. What is true regarding agency law? - ANSWER It is a single agency
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 an assigned agent scenario? ANSWER No, the broker must remain the dual agent
Which is true of Limited Dual Agency with assigned agents? ANSWER each agent may advocate fully for their client in the sale
If a builder also has an active idaho real estate license what must they do when they sell their homes? - ANSWER disclose their licensee status on any purchase and sales agreement
The term used to describe the special relationship of trust and confidence between agent and principal is - ANSWER fiduciary
When does a party become a client off the brokerage firm in Idaho? - ANSWER When they sign an agency representation agreement
which is true of the statuary duties licensees owe to customers and clients? - ANSWER They are mandatory and cannot be waived
Information obtained about a client of our firm must be held in confidence - ANSWER from that time forward, even after the end of the relationship
a listing agent is an agent for the - ANSWER the seller
Idaho law requires an agency representation agreement to be signed no later than when? - ANSWER Before signing an offer to purchase
when must the commission agency brochure be presented? - ANSWER at first substantial business contact
How many people must be licensed in a firm to have an office policy that allow for Limited dual agency with assigned agents? - ANSWER 3
What is the status of the final sales price of a property? - ANSWER It is not confidential
When we work with a client or a customer who has signed a compensation agreement, we have a ______ to be available to present all offer and counters-offers - ANSWER A duty
Which circumstance is not covered by the Idaho Psychologically Impacted Property Law? - ANSWER The home was a clandestine drug laboratory
These are covered:
agreement must be accompanied by a qualified expert's report of the condition of the property.
This is what is in the License Law and Rules regarding seller representation;
- all brokerage commission and fees must be stated in the seller representation agreement.
- The seller representation agreement shall be signed and dated by the owner of the real estate or the owner's legal, appointed and duly qualified representative.
- The seller shall receive a true copy of the representation agreement after signing same.
The three types of agency relationships recognized in Idaho are - ANSWER Seller representation, buyer representation, and limited disclosed dual agency
In a dual agency situation, a broker may collect a commission from both the seller and their buyer if - ANSWER both parties give their informed consent to the dual compensation.
Every buyer's representation agreement, whether exclusive or nonexclusive, shall include all of the following provision EXCEPT THE - ANSWER PRICE AND TERMS
What must be included:
- Manner in which any fee or commission is to be paid to the broker
- appropriate signatures and dates.
- conspicuous and definite beginning and expiration dates.
Every seller representation agreement, whether exclusive or nonexclusive, must include all of the following information EXCEPT - ANSWER The commission split the broker has with the listing agent
Must include:
- Conspicuous and de finite beginning and expiration dates.
- Price and Terms
- Fees or commissions
Broker representation agreements with a buyer or seller may be electronically generated or transmitted, faxed, or delivered provided - ANSWER the agreement specifically allows for such transmissions
The buyer or seller remains a customer, and as such, the brokerage and its licensees are non-agent. However, the brokerage still owes all of the following legal duties and obligations to the customer EXCEPT - ANSWER to maintain the confidentiality of specific client information as defined by and to the extend required in this act.
A salesperson represents. seller as a client in a transaction. When prospective buyers ask to look at the property, the salesperson must - ANSWER provide them with the agency disclosure.
A broker took a listing for a small office building. Because the property is in excellent condition and produces a good, steady income, the brokers' salesperson has decided to purchase it as an investment. If the brokers salesperson wishes to buy this property the salesperson must - ANSWER Inform the owner in writing that the salesperson hold an active Idaho real estate license.
An actively licensed real estate person selling his or her own personal residence in a regulated real estate transaction m ust - ANSWER conduct the transaction through their actively licensed broker
A broker has 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 - ANSWER the buyer as an agent
The Realty company has a seller representation agreement with a seller and a buyer representation agreement with a buyer. The seller and buyer have signed the consent to
While licensed at Firm A, a sales person learns that a seller client of the firm is getting desperate to sell because of an impending move. Later that month the salesperson moves to Firm B where he secures a buyer who becomes interested in the listing of Firm A. What may the agent do with the information he learned about the seller while at Firm A? ANSWER He is prohibited from divulging the information
On an offer the selling agent writes Listing broker represents the seller and the selling broker resents the buyer in this transaction. - ANSWER This is not enough. The offer must include the language, to the letter, set out for the confirmation section.
