Exam (elaborations)
RE - Idaho Agency law Questions Graded A+
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RE - Idaho Agency law
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RE - Idaho Agency lawA listing agreement with the seller in Idaho must have all prescribed information except -
answerthe commission split the listing will offer a cooperating broker
Broker A refers a buyer to broker B across the state What duties does broker A owe to
the buyer during the sale? - answerNONE
All of your listings belong to whom? - answerYour broker
In 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? -
answershe would present the buyer with limited dual without assigned agents
In a sale the seller is a client of firm A and buyer is a client of firm B. What is true
regarding agency law? - answerIt is a single agency
May the broker work directly with the buyer or seller clients in a transaction if the other
client is being handled by another agent of the firm in an assigned agent scenario? -
answerNo, the broker must remain the dual agent
Which is true of Limited Dual Agency with assigned agents? - answereach agent may
advocate fully for their client in the sale
If a builder also has an active idaho real estate license what must they do when they
sell their homes? - answerdisclose their licensee status on any purchase and sales
agreement
The term used to describe the special relationship of trust and confidence between
agent and principal is - answerfiduciary
When does a party become a client off the brokerage firm in Idaho? - answerWhen they
sign an agency representation agreement
which is true of the statuary duties licensees owe to customers and clients? -
answerThey are mandatory and cannot be waived
Information obtained about a client of our firm must be held in confidence - answerfrom
that time forward, even after the end of the relationship
a listing agent is an agent for the - answerthe seller
, Idaho law requires an agency representation agreement to be signed no later than
when? - answerBefore signing an offer to purchase
when must the commission agency brochure be presented? - answerat first substantial
business contact
How many people must be licensed in a firm to have an office policy that allow for
Limited dual agency with assigned agents? - answer3
What is the status of the final sales price of a property? - answerIt is not confidential
When we work with a client or a customer who has signed a compensation agreement,
we have a ______ to be available to present all offer and counters-offers - answerA
duty
Which circumstance is not covered by the Idaho Psychologically Impacted Property
Law? - answerThe home was a clandestine drug laboratory
These are covered:
1. A sex offender lives not door
2. A prior occupant was murdered in the home
3. The prior resident had aids.
An idaho real estate company has entered into agency agreements with two parties: a
buyer and a seller. The buyer is interested in making an offer on the sellers property.
Can this occur? - answerYes if the buyer and seller both give their written consent to
limited disclosed dual agency.
What is true regarding a psychological impact of an Idaho property? - answerThere is
not requirements to disclose
A seller representation agreement has expired, and the seller signs a seller
represeation agreement with a different brokerage firm. The original listing agent now
has a buyer interested in at the seller's property. The original listing agent. -
answercannot disclose to the buyer confidential information of the seller obtained while
it was listed with him or her.
A buyer contacts a real estate office and indicates an interest in purchasing a home in
the area. Without entering into a buyer representation agreement, a salesperson from
the real estate office must first - answerexplain to the buyer the disclosures and duties
owned to the customer or client and limited disclosed dual agency as explained in the
agency disclosure brochure.
A buyer prospect is interested in seeing a house listed with the real estate company, but
does not wish to enter into a buyer agency agreement. A salesperson from the real
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