Who are the only two unlicensed parties you may share any part of your commissions with?

The buyer and seller to the transaction

If you leave a firm to work for another you must:

Turn in all property to your former broker

Which statement is true regarding a brokers commission policies?

They can set a minimum commission the firm charges sellers/buyers

What is the penalty for brokering a real estate deal without a license?

Up to $5000 and/or a year in jail

What is true of a licensee if the real estate recovery fund pays out for them?

Their license is suspended until the judgment is repaid

What are the six requirements to obtain an Idaho sales person license?

Classes, Fingerprints, Min. HS degree, Application, E&O Ins. 70%+ on Exam

What are the continuing education minimum requirements?

12 elective hours +2 core courses every 2 years

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Idaho Real Estate, Mod 1, Day 1

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Questions 18

Answers

1
How long is your passing state exam certificate good for?
Five years
Three years
One year
Six months
2
How long is the fingerprint background check good for?
Five years
One year
Three years
Six months
3
What are the liability limits of the real estate recovery fund?
$10,000 per year per license
$10,000 per year per office
$5000 per year per office
$5000 per year per license
4
Who are the only two unlicensed parties you may share any part of your commissions with?
The appraiser and loan officer
The buyer and seller to the transaction
The seller and listing agent of the transaction
Your transaction coordinator and office manager
5
What is required in all advertisements for listed properties
The asking price of the property
Brokerage company name
Brokers name
MLS listing number
6
If you leave a firm to work for another you must:
Take your unsold listings with you
Turn in all property to your former broker
Print new business cards
Notify your broker in writing within 10 days
7
Which statement is true regarding a brokers commission policies?
They can have an agreement with other brokers to match commissions
They are not allowed to have commission policies per anti-trust laws.
They must allow agents to negotiate their fees with sellers and buyers
They can set a minimum commission the firm charges sellers/buyers
8
How long is your pre-license course certificate good for?
One year
Six months
Five years
Three years
9
Which is not a violation of anti-trust laws?
Variable rate commissions
Allocation of customers and markets
Group boycotting
Price Fixing
10
Which activity does not require a real estate license?
Procuring prospects to buy homes
Optioning property for another
Listing homes for sale
Property management
11
What is an example of commercial real estate?
A power plant
A hotel
Public school
12-plex apartment complex
12
All of your listings belong to whom?
The seller
Whatever your contract with your broker stipulates
Your broker
You
13
What is the penalty for brokering a real estate deal without a license?
Up to $5000 and/or a year in jail
Up to $1000 and/or a year in jail
Up to $1000 and/or 5 years in jail
Up to $5000 and/or 5 years in jail
14
What is true of a licensee if the real estate recovery fund pays out for them?
The broker must monitor every transaction for one year
Their license is suspended until the judgment is repaid
They may appeal the request to reimburse the recovery fund
They may face license revocation
15
How many real estate commissioners are there and how long do they serve?
Eight serving four year terms
Two serving four year terms
Five serving four year terms
Four serving five year terms
16
What are the six requirements to obtain an Idaho sales person license?
Fingerprints, Masters degree, No Felonies, E&O Ins. 60%+ on Exam, Classes
Class, Fingerprints, Min.HS degree, Application, No felonies. 70%+ on Exam
Classes, Fingerprints, Min. HS degree, Application, E&O Ins. 70%+ on Exam
Classes, Fingerprints, Min. HS degree, E&O Ins. 60%+ on Exam, No Felonies,
17
Which of the following activities will the real estate recovery fund NOT pay out for?
Fraud
Deceit
Dishonorable dealings
Misrepresentation
18
What are the continuing education minimum requirements?
20 hours every year
12 elective hours +2 core courses every 2 years
20 hours every two years
12 elective hours +2 core courses every year

Idaho Real Estate, Mod 1, Day 1 Flashcards | StudBud