Idaho Real Estate School (Module 1) Exam Test Questions With Revised Correct Answers Revised & Reviewed
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Course
Idaho real estate
Institution
Idaho Real Estate
Idaho Real Estate School (Module 1)
Exam Test Questions With Revised
Correct Answers
Revised & Reviewed
What is the penalty for working without a license? -
ANSWER
$5,000 and/or 1 year in jail
What is the Real Estate Recovery Fund? - ANSWER
On the grounds of fraud, misrepr...
Idaho Real Estate School (Module 1)
Exam Test Questions With Revised
Correct Answers
Revised & Reviewed
What is the penalty for working without a license? -
ANSWER $5,000 and/or 1 year in jail
What is the Real Estate Recovery Fund? - ANSWER
On the grounds of fraud, misrepresentation, or deceit, a
brokerage is covered
How is the Real Estate Recovery Fund funded? -
ANSWER Every license cycle (typically 2 birthdays)
$20 is charged per licensee
What is single agency? - ANSWER One agent from a
brokerage represents the buyer or the seller
, What is Limited Dual agency without assigned agents? -
ANSWER The licensees are agents of both clients and
cannot advocate on behalf of one client over the other.
What is limited dual agency with assigned agents? -
ANSWER The designated broker may assign
individual licensees within the brokerage to act solely on
behalf of each client.
What is non-agency? - ANSWER Buyer or seller
remains a customer, agent has no signed representation
agreement.
Each office must create a _________________ office
agency policy - ANSWER Written
When must a real estate agent present the buyer or
seller with the Real Estate Commission Agency Disclosure
Brochure (Blue Brochure)? - ANSWER The first
substantial business contact
, When is the last possible moment for an non-agent to
become a customer/client's agent? - ANSWER At the
completion of a purchase agreement
What are 5 Statutory Agency duties that an agent owes
each customer? - ANSWER 1) Ministerial acts that
are typically performed by an agent, 2) honesty good
faith, and resonable skill and care, 3) account for
customer's money or property, 4) disclose all "adverse
material facts", 5) must timely receive and present all
written offers and counter-offers
3 Duties not owed to a customer - ANSWER 1)
Independently inspect the property, 2) Verify customer's
financial condition to buy, 3) Confidentiality
What are some client relationship duties that an agent
cannot waive? - ANSWER 1) Perform all terms of the
written representation agreement, 2) Use reasonable
skill and care, 3) Promote the best interest of client,
4)Disclosure of any adverse facts that the agent knows or
reasonably should have known, 5) seek an acceptable
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