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Idaho Broker State Portion Questions and Answers 100% Solved
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Idaho Broker State Portion
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Idaho Broker State PortionWhat is the maximum civil penalty the commission may impose against a licensee
found to have violated the Idaho Code? - answer5000, The commission may
temporarily suspend or permanently revoke licenses issued under the provisions of this
chapter, issue a formal reprimand and impose a civil penalty in an amount not to exceed
$5,000 against any licensee who is found to have violated any section of the Idaho
Code, the commission's administrative rules or any order of the commission.
The following individuals may serve on the Idaho Real Estate Commission: -
answerReal Estate Brokers, The Commission is composed of five Governor-appointed
Commissioners, including four brokers from four geographic areas of the state, and one
"at large" public member. The Executive Director of the Real Estate Commission serves
on the Commission's Real Estate Education Council.
How early can a licensee renew their license? - answerUp to ninety days before the
expiration date, Idaho law allows a licensee to renew up to ninety days before the
expiration date by submitting the renewal fees and all of the required documentation of
continuing education.
When must a licensee with an inactive license notify the commission of a change in
personal information? - answerWithin ten business days of the change, An individual
licensee, whether active or inactive, shall provide written notice to the commission, in
the form and manner approved by the commission, of any change of his personal name,
address of personal residence or personal telephone number. Notice shall be provided
within ten (10) business days of the change.
How much notice is required when a salesperson wants to terminate his or her
association with a broker? - answer3 days. A salesperson who terminates his or her
association with a broker must provide the broker written notice of the termination no
later than three business days after the effective date.
What is the maximum claim that can be paid from the Idaho Real Estate Recovery
Fund? - answer$10,000 per year. The Recovery Fund's liability for all claims arising
from the acts or omissions of any one licensee in a calendar year is limited to $10,000.
Tom's salesperson's license is suspended after several instances of failing to remit
client funds to his broker. Is he eligible to receive any compensation during his
suspension? - answerYes, he can receive compensation earned while he was licensed.
A licensee can receive compensation during the suspended period only for acts
performed during the period in which he or she was properly licensed.
,You accept earnest money when submitting an offer on a property. How does the Real
Estate License Law speak to the timeliness of delivering the funds to your broker? -
answerThe funds must be delivered immediately. All consideration received by a
salesperson in connection with a real estate transaction must be immediately delivered
to the broker or the broker's office.
Salesperson Lynn sells real estate part-time but she is not licensed. Which of these can
she expect if IREC finds her in violation of the Real Estate License Law? - answerAll
choices are correct. Anyone acting as a real estate licensee without a license is guilty of
a misdemeanor and upon conviction, will be punished by a fine not exceeding $5,000,
imprisonment in the county jail for a term not exceeding one year, or by both fine and
imprisonment.
How long is a real estate licensee required to maintain the confidentiality of client
information? - answerUntil information is made public by someone other than the
licensee. The duty of confidentiality continues beyond the termination of representation
but only as long as the information continues to be confidential and the information does
not become generally known in the marketing community from a source other than the
brokerage or its licensees.
Salesperson Bob was fined by the Commission for committing acts that constituted
flagrant misconduct. He lacked the funds to pay the fine. What is likely the
Commission's next step? - answerSeek a judgment from the court. If any amounts
assessed against a defendant by final order of the Commission become uncollectible or
payment is in default, and only if all the defendant's rights to appeal have passed, the
Commission may proceed in court and seek to enforce collection through judgment and
execution.
A client suggests bypassing your broker and paying commission directly to you. How do
you respond? - answerRefuse the proposition. All fees must be paid through the broker.
A salesperson may not accept any compensation for the performance of any acts
requiring a real estate license from any person other than his or her broker.
A salesperson is under investigation by IREC for attempting to induce the purchase of a
home. The salesperson is asked to produce transaction records from the past year. He
cannot produce all records because of poor recordkeeping practices. What should he
do? - answerProduce the records that are available. Failure or refusal, upon lawful
demand, to disclose any information within the person's knowledge or to produce any
documents, books, or records in the person's possession for inspection by the
Commission is grounds for disciplinary action.
Which of these activities is grounds for disciplinary action by the Commission? -
answerAll choices are correct. Making fraudulent misrepresentations, failing to account
for money or property belonging to others, and/or failing to keep adequate records of
, property transactions are considered licensee misconduct and are grounds for
disciplinary action.
Ralph's neighbor refers a friend who buys a very expensive property with Ralph as the
listing agent. Can Ralph split his commission with the client? - answerYes, sharing
commission with a seller is allowed. An Idaho licensee may pay any part or share of a
commission, fee, or compensation received directly to the buyer or seller in the real
estate transaction. However, no compensation may be split with any one in a manner
that would create a double contract or mislead with regard to the source of funds used
to complete a transaction.
Which of these is NOT a duty that real estate licensees owe to their clients? -
answerLoyalty. To promote the best interests of the client, licensees owe the duties of
obedience, disclosure, confidentiality, reasonable care and diligence, and accounting.
What is required for a licensee to represent both the buyer and the seller in a real estate
transaction? - answerThe written consent of both parties. Both the buyer and the seller
can be represented in the same transaction but only as a limited dual agent and only
with the express written consent of all other clients involved in the transaction.
Ralph's neighbor refers a friend who buys a very expensive property with Ralph as the
listing agent. Can Ralph split his commission with his neighbor? - answerNo, fee
splitting with an unlicensed person is prohibited. A real estate licensee may not pay any
part or share of a commission, fee, or compensation received in the licensee's capacity
as such in a regulated real estate transaction with anyone who is not actively licensed in
Idaho or a surrounding jurisdiction.
Salesperson Al has been convicted of a felony in another state. Is he subject to
disciplinary action by IREC? - answerYes, this is the law.
When a licensee represents a purchaser and delivers an offer on behalf of the
purchaser to the seller's agent, often the purchaser's agent asks for, and receives upon
closing, a portion of the listing agent's commission as compensation for bringing a buyer
to the deal. In that circumstance, what must the purchaser's agent do to be in
compliance with the law? - answerInform the purchaser about the commission-sharing
arrangement and get prior approval. A licensee in an agency relationship with a
purchaser is prohibited from accepting compensation from a broker who represents a
seller without the knowledge and consent of the purchaser.
Eva listed a property, had an open house, and three buyers who looked at the property
decide to make offers. The buyers are customers since Eva listed the property she
owns with her wife. What documents must the three buyers receive? - answerA
consumer guide, an agency disclosure, and purchase agreements. None of the buyers
are clients to Eva so she needs only the purchase agreements, agency disclosure, and
a consumer guide to agency.
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