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Idaho Real estate Exam Questions with Accurate Answers
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Idaho Real estate Exam
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Idaho Real estate ExamWhich of the following statements about electronic transmission of real estate
documents is true in Idaho? - answer Electronic transmission laws only apply to
transactions between parties where each party to the transaction has agreed to conduct
it via electronic means.
Brian took out a 15-year loan in June to purchase Idaho land. In August, he came into
an inheritance, and wanted to pay off the loan. What is true of this situation? -
answerBrian can prepay the loan but he will pay a penalty equal to the interest on his
average balance since he started paying on the loan.
Which of the following best describes a general agent in Idaho? - answerAn agent with
the broad responsibility to handle all details for a specific piece of property
Which of the following statements is true regarding the purpose of Idaho irrigation
districts? - answerIrrigation districts are formed to serve the water needs of both new
and existing irrigation projects.
What does a having a Mortgage Credit Certificate (MCC) offer to the Idaho borrower? -
answerA federal tax credit for a certain percentage of mortgage interest.
The Idaho Residential Mortgage Practices Act requires all mortgage-related businesses
to ______. - answerHold a license issued by the NMLS
An Idaho real estate licensee was put in a position of trust for her client when she listed
his house. This is because of their ______ relationship. - answerAgency
In Idaho, what is a customer services agreement? - answerAn agreement between a
real estate brokerage and a customer for the brokerage to provide real estate services
to the customer for compensation.
Which of the following is NOT a requirement of the Idaho buyer representation
agreement? - answerAttorney's name
Who's ultimately responsible for the actions of an unlicensed assistant? - answerThe
designated broker
Tina is Marcus' unlicensed assistant. Which activities may she NOT perform? -
answerSell or list properties
, Idaho property taxes are based on the assessed value, which is based on what? -
answerThe fair market value
Idaho Code adopted which of the following standards for all Idaho cities and counties to
comply with? - answerInternational Building Code
An Idaho licensee failed to renew her license before the expiration date. What status will
her license automatically change to? - answerExpired
A Montana broker is interested in getting an Idaho reciprocal license. Which of the
following is a true statement? - answerThe broker doesn't qualify because Idaho doesn't
offer reciprocal licenses.
Before an Idaho real estate assistant may provide advice or negotiate, what must the
assistant have? - answerAn Idaho real estate license
Which of these activities would require an Idaho real estate license? - answerPerform a
market analysis for a property
Which of the following is TRUE about brokers and earnest money they receive? -
answerThey must deposit it into their trust account on or before the banking day
immediately following the day they receive the funds.
In Idaho, all representation agreements must be signed ______. - answerNo later than
when a purchase and sale agreement is prepared
How many additional hours of pre-licensing education does the IREC require broker
applicants to complete? - answer90
An Idaho licensee dealing with his own property MUST ______. - answerConduct the
transaction through his designated broker
An Idaho real estate brokerage LLC has been caught and investigated and found guilty
of engaging in activities without a license. What are the maximum penalties that the
company might expect to be subject to? - answerA fine of $10,000 and imprisonment
Which of the following is an example of a universal agent in Idaho? - answerA court-
appointed guardian
Which of the following is NOT a duty you owe to your customers in Idaho? -
answerKeep their personal information confidential.
For an Idaho seller representation agreement to be valid, which of the following property
descriptions meets the minimum requirement? - answer123 Roanoke Street, Any Town,
ID 8XXXX
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