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Idaho Real Estate Module One Questions and Answers Graded A+
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Idaho Real Estate Module One
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Idaho Real Estate Module OneIn Idaho, a real estate license is required for a person who? - answer Lists the property
of another for compensation.
The term 'realtor' - answer Can be used by any licensee who is a member of the
National Association of REALTORS.
The IREC may revoke a real estate license for? - answer Fraudulent misrepresentation
The Idaho Real Estate license law requires that a real estate advertisement include
what? - answerBrokerage business name
A sales person working as an independent contractor... - answer Will pay self-
employment taxes.
Commissions charged by real estate brokers for their services are set by the - answer
Negotiated fee agreement
It is potentially a violation of federal antitrust laws to - answer Agree with a competitor to
not list properties for less than 6%
Marty sales associate has set an income goal of $50,000 for her first 12 month period.
The average gross commission at her office is $4,500. Marty's independent contractor
agreement states that she will receive a 65% split on all commissions she brings in. To
meet her goal, how many transactions will Marty need to close? - answer18
The only factor determining whom the broker represents is the? - answerSigning of a
written representation agreement
If a brokerage is representing both parties in a transaction, who cannot be an assigned
agent for either the buyer or the seller? - answerDesignated broker
In a limited dual agency with an assigned agent, the assigned agent must? -
answerMaintain individual client confidentiality, preform the terms with skill and care,
promote the best interest of the client.
Which of the following types of agency is not provided for in the Idaho Brokerage
Representation Agreement? - answerFree agency
, The duties set forth in the Brokerage Representation Act... - answerAre mandatory and
may not be waived by either party
The sales price of a property, minus the cost of the sale, minus the adjusted basis,
equals... - answerCapital gain or losee
The use of other peoples money to finance a real estate investment is -
answerLeverage
One of the most important factors in determining if personal property is a trade fixture
would be... - answerSpecific use of the property by tenant
The 'bundle of legal rights' is part of the definition of... - answerReal property
The water rights of an owner which borders a river are called - answerRiparian rights
A property is considered to be 'psychologically impacted' when the... - answerPrevious
owner committed suicide on the property
An acre contains how many square feet? - answer43,560
In the government rectangular survey, the North/South reference line is called the... -
answerPrinciple Meridian
The base system to which all legal descriptions are tied is... - answerGovernment
rectangular survey
The N1/2 of the SW1/4 of a section contains... - answer80 acres
The process of determining the location, size, and boundaries of a parcel of property is
called... - answerSurveying
When the holder of a life estate in real property dies without heirs, the property -
answerReverts automatically to the remainderman.
An estate refers to - answerCertain rights in land
The lessee's interest is called the... - answerLeasehold interest
A person who is single and a person who is married may share ownership and hold
titles to real estate as... - answerJoint tenants
A tenant in common owns... - answerAn undivided interest
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