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Idaho Real Estate School. MOD 1 Questions with Accurate Answers
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Idaho Real Estate School. MOD 1
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Idaho Real Estate School. MOD 1C) a hotel - answer What is an example of commercial real estate?
A) A power plant
B) a 12 plex apartment complex
C) a hotel
D) public schools
C) 5 serving 4 year terms - answer How many real estate commissioners are there and
how long do they serve?
A) 2 serving 4 year terms
B) 4 serving 5 year terms
C) 5 serving 4 year terms
D) 8 serving 4 year terms
A) property management - answer Which activity does not require real estate license?
A) property management
B) listing homes for sale
C) optioning property for another
D) procuring prospects to buy homes
C) up to $5000 and/or a year in jail - answerWhat is the penalty for brokering a real
estate deal without a license?
A) up to $1000 and/or a year in jail
B) up to $5000 and/or five years in jail
C) up to $5000 and/or a year in jail
D) up to $1000 and/or five years in jail
A) dishonorable dealings - answerWhich of the following activities with the real estate
recovery fund not pay out for?
A) dishonorable dealings
B) fraud
C) deceit
D) misrepresentation
,C) $10,000 per year per licensee - answerWhat are the liability limits of the real estate
recovery fund?
A) $5000 per year per licensee
B) $5000 per year per office
C) $10,000 per year per licensee
D) $10,000 per year per office
A) their license is suspended until the judgment is repaid - answerWhat is true of a
licensee if the real estate recovery fund pays out for them?
A) The licenses suspended until judgment is repaid
B) Their broker must monitor every transaction for one year
C) They may appeal request to reimburse the recovery fund
D) They may face license revocation
3 years - answerHow long is your pre-license course certification good for?
1 year - answerHow long is your passing state exam certificate good for?
6 months - answerHow long is the fingerprinting background check good for?
D) 12 electives hours plus 2 core courses every two years - answerWhat are the
continuing education minimum requirements?
A) 20 hours every 2 years
B) 20 hours every year
C) 12 elective hours plus 2 core courses every year
D) 12 electives hours plus 2 core courses every two years
A) brokerage company name - answerWhat is required in all advertisements for listed
properties?
A) brokerage company name
B) broker's name
C) the asking price of the property
D) MLS listing number
A) they can set a minimum commission the firm charges buyer/sellers - answerWhich
statement is true regarding a brokers commission policies?
A) they can set a minimum commission the firm charges buyer/sellers
B) they must allow agents to negotiate their fees with sellers/buyers
C) they can have an agreement with brokers to match commissions
D) they are not allowed to have commission prices per antitrust laws
, B) Variable rate commissions - answerWhich is not a violation of antitrust laws?
A) price-fixing
B) variable rate commissions
C) allocation of customers and markets
D) group boycotting
B) The buyer and seller to the transaction - answerWho are the only two unlicensed
parties you may share any part of your commissions with?
A) The seller and listing agent of the transaction
B) The buyer and seller to the transaction
C)Your transaction coordinator and office manager D) the appraiser and loan officer
D) Turn in all property to your former broker - answerIf you leave a firm to work for
another you must:
A) print new business cards
B) take your unsold listings with you
C) notify your broker in writing within 10 days
D) Turn in all property to your former broker
your broker - answerAll of your listings belong to whom?
High school diploma/GED
finger prints
background check
real estate education course
errors and omissions insurance
license application form - answerList the six requirements to obtain an Idaho sales
person license
D) she would represent the buyer with limited dual without assigned agents - answerIn
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?
A)She would be one of the assigned agents
B) she could not represent a buyer client in this scenario
C) she must leave the buyer a customer and then write the offer
D) she would represent the buyer with limited dual without a signed agents
B) each agent may advocate fully for their client in the sale - answerWhat is true of
limited dual agency with assigned agents?
A) only very large companies may adopt this policy
B) each agent me advocate fully for their client in the sale
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