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Idaho Real Estate Module 1 Questions Graded A+
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Idaho Real Estate Module 1
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Idaho Real Estate Module 1In an office that allows for Limited Dual Agency with Assigned Agents how would the
broker herself work with a buyer client to buy and in house listing of one of her agents? -
answer She would represent the buyer with Limited Dual without Assigned Agents.
Which is true of Limited Dual Agency with Assigned Agents? - answerEach 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? - answerDisclose their licensee status on any purchase and sales
agreement.
When does a party become a client of the brokerage firm in Idaho? - answerWhen they
sign an agency representation agreement.
Which is true of the statutory duties licensees owe to customers and clients? -
answerThey are mandatory and cannot be waived.
Idaho law requires and agency representation agreement if there is one to be signed no
later than when? - answerBefore signing an offer to purchase.
When must the Commission Agency Brochure be presented? - answerAt first
substantial business contact.
Which circumstance is not covered by the Idaho Psychologically Impacted Property
law? - answerThe home was a clandestine drug laboratory.
What is true regarding a psychological impact of an Idaho property? - answerThere is
not requirement to disclose.
Buyer Representation Agreement form has expired, and the seller signs a seller
representation agreement with a different brokerage firm. The original listing agent now
has a buyer interested in the seller's property. The original listing agent - answercannot
disclose to the buyer confidential information of the seller obtained while it was listed
with him or her.
A buyer representation agreement form in Idaho - answermust be in writing to be
enforceable.
, The three types of agency relationships recognized in Idaho are - answerSeller
representation, buyer representation, and limited disclosed dual agency
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 - answermaintain the confidentiality of specific
information as defined by and to the extent required in this act
An actively licensed real estate person selling his or her own personal residence in a
regulated real estate transaction must - answerconduct the transaction through their
actively licensed responsible broker.
While licensed at Firm A, a salesperson learns that a seller client of the firm is getting
deserpate 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 pf
Firm A. What may the agent do with the information he learned about the seller while at
Firm A? - answerHe is prohibited from divulging the information.
Which is an example of commercial real estate? - answerA hotel
How many real estate commissioners are there and how long do they serve? - answer5
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 of the following activities would the real estate recovery fund NOT pay out for? -
answerDishonorable dealings
What are the liability limits of the real estate recovery fund? - answer$10,000 per year
per licensee
What is true of a licensee if the real estate recovery fund pay out for them? -
answerTheir license is suspended until the judgement is repaid.
How long is your pre license course certificate good for? - answer3 years
How long is your passing state exam good for? - answer1 year
How about the fingerprint background check? - answer6 months
What are the Continuing Education minimum requirements? - answer12 elective hours
plus two core courses every 2 years.
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