Idaho real estate exam - Study guides, Class notes & Summaries

Appraisal - correct answer The process of estimating and supporting an opinion of value as of a certain date. Market Value - correct answer A real estate appraiser estimates the market value or fair market value 4 Characteristics of Demand - correct answer 1. Demand 2. Utility 3. Scarcity 4. Transferability Anticipation - correct answer The value of a property may increase or decrease based on potential purchaser's belief that some future event will benefit or detract from t...

Idaho Real Estate Exam (chapters 1 - 4) already passed NAR is a --- organization? Trade Who is responsible for all Idaho real estate licensing Irec Who funds IREC? All licensees How many IREC commissioners? 4 How many members make up Educational Council? 6 IREC meets how often? Monthly Who is responsible for disciplinary action? Commissioners Population of Idaho? 1.5 million, 600k households How long is IREC commissioner term? 4 years IREC commissioners must have a minimum --- year term...

Idaho Real Estate Exam Study Guide Questions And Answers Idaho Real Estate Exam Study Guide Questions And Answers

Idaho Real Estate Exam Prep

Idaho Real Estate Exam Answered 100%

Equity is defined as a. The purchase price of property less the market value today b. The market value less the purchase price c. The market value less the debt owed d. The purchase price less the debt owed - Answer c. The market value less the debt owed What are the owner's rights if their farm zoning is changed by the county to single family residential? a. They must build single family homes b. Their current use must cease c. You can't fight city hall d. Their old use c...

The primary purpose of the Idaho Real Estate commission is to - Answer Protect the public and industry Initial application for a real estate license is administered by - Answer Idaho real estate commissions Where does money come from to operate the Idaho real estate commission? - Answer All active licensees The Idaho real estate commission consists of how many members commissioners? - Answer 4 The Idaho real estate commission generally meets - Answer Monthly Course makeup work is ...

Which of the following statements about electronic transmission of real estate documents is true in Idaho? 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? Brian can prepay the loan but he will pay a penalty equal to the inte...

Abstract of Title - Answer The condensed history of a title to a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property - certification by the abstractor that the history is complete and accurate. 213 Acceleration Clause - Answer Clause in a mortgage or deed of trust that can be enforced to make the entire debt due immediately if the borrower defaults on payment or covenant. Accession - Answer A...

Federal and State Exam Terms for Idaho Real Estate Study Guide Fall 2023 with complete solution Abstract of Title ANS-The condensed history of a title to a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property - certification by the abstractor that the history is complete and accurate. 213 Acceleration Clause ANS-Clause in a mortgage or deed of trust that can be enforced to make the entire debt d...