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Idaho Real Estate School Module 1
Where does the money come from to operate the Idaho Real Estate Commission? - CORRECT ANSWER-All Licensees The Idaho Real Estate Commission consists of how many member commissioners? - CORRECT ANSWER- 5 The Idaho Real Estate Commission generally meets? - CORRECT ANSWER-6 to 8 times a year Course make-up work is allowed ONLY for? - CORRECT ANSWER-any pre-licensee courses Pre-license courses must be successfully completed prior to license application within?
- CORRECT ANSWER-3 years The primary purpose of the Idaho Real Estate Commision is to? - CORRECT ANSWER-Protect the public and industry The initial application for the real estate license is administered by? - CORRECT ANSWER-Idaho Real Estate Commission Change of personal information be submitted to the IREC no later than? - CORRECT ANSWER-10 days How many IREC core classes are required for a license renewal? - CORRECT ANSWER- 2 An independent E&O insurance policy must have an A.M. Best Rating of at least? - CORRECT ANSWER-B+ Licenses Renewal must be received no later than __________ of the expiration date at the Commissions office in Boise? - CORRECT ANSWER-5 p.m. Mountain Time What is the Minimum pass rate score for the broker taking the Idaho State Exam? - CORRECT ANSWER-75% Who is required to have a real estate license to practice real estate? - CORRECT ANSWER-Anyone, with the expectation of compensation, while acting for another, offers to list property for sale
An example of a exception to being required to have a real estate license is? - CORRECT ANSWER-Offering property management or leasing for another for compensation What's the minimum age to secure a real estate license in Idaho? - CORRECT ANSWER-18 years old Minimum elective hour of Continuing Education required to renew a real estate license are? - CORRECT ANSWER-12 Hours plus 2 Core Classes When does a real estate license expire? - CORRECT ANSWER-The last day of the licensees birth month A student, who birthday is June 5, passed their state exam on April 8, and applied for and received their license on April 18th, 2018, when does their license expire? - CORRECT ANSWER-June 30th, 2019 When do initial fingerprints expire prior to receiving a real estate license? - CORRECT ANSWER-Fingerprint results are valid for 6 months What typer of insurance is required for an inactive real estate licensee? - CORRECT ANSWER-NONE What type of insurance is required for an inactive real estate licensee? - CORRECT ANSWER-NONE What document needs to be accompany an application for real estate license? - CORRECT ANSWER-High school diploma or equivalency A cooperative license applies to? - CORRECT ANSWER-Commercial properties What is an example of commercial real estate? - CORRECT ANSWER-a Hotel How many real estate commissioners are there an how long do they serve? - CORRECT ANSWER- 5 serving 4 year terms Which activity does not require a real estate license? - CORRECT ANSWER-Property management What is the penalty for brokering a real estate deal without a license? - CORRECT ANSWER-up to $5000 and 1 year in jail What does the real estate recovery fund pay out for? - CORRECT ANSWER-Fraud, deceit, misrepresentation
When does a party become a client of the brokerage firm in Idaho? - CORRECT ANSWER-when they sign an agency representation agreement What is true of the statutory duties licensees owe to customers and clients - CORRECT ANSWER-They are mandatory and cannot be wavied Idaho law requires an agency representation agreement to be signed no later than when? - CORRECT ANSWER-Before signing an offer to purchase When must the Commission Agency Brochure be presented? - CORRECT ANSWER-At first substantial business contract What is not cover by the Idaho Psychologically Impacted Property law? - CORRECT ANSWER-A home was a drug laboratory Are you required to disclose any psychological impact of an Idaho Property? - CORRECT ANSWER-No A seller representation agreement has expired, and the seller signs a seller representation agreement with a different brokerage firm. The original listing agent now has a buyer interested in the sellers property. What cannot the agent do? - CORRECT ANSWER-Disclose to the buyer any confidential information fo the seller obtained while it was listed with him or her A buyer representation agreement form in Idaho must? - CORRECT ANSWER-Be in writing to be enforaceable What are the 3 types of agency relationships recognized in Idaho? - CORRECT ANSWER-Seller representational, buyer representation, limited disclosed dual agency The buyer or seller remains a customer, and as such, the brokerage and its licensees are non-agents. However, the brokerage still owes all of the following legal duties and obligations to the customer EXCEPT to... - CORRECT ANSWER-Maintain the confidentiality of specific information as defined by and to the extent required in this act. An actively licensed real estate person selling his or her own personal residence in a regulated real estate transaction must... - CORRECT ANSWER-Conduct the transactions through their actively licensed responsible broker While licensed at Firm A, a sales person learns that a seller client of the firm is getting desperate to sell because of an impending move. Later that month the sales person moves to Firm B where he secures a buyer who becomes interested in the listing of Firm A. What must the agent do with the information he learned about the seller while at Firm A? - CORRECT ANSWER-He is prohibited from divulging the information
If supply of condos for sale in an area decreases, price tends to? - CORRECT ANSWER-Go Up Equity is defined as? - CORRECT ANSWER-The market value less the debit owed Using other peoples money to buy real estate is an example of? - CORRECT ANSWER-Leverage If you won your personal residence what may be deducted from your income taxes owned to the IRS? - CORRECT ANSWER-Mortgage interest You don not have to pay capital gains taxes on the sale of your personal residence if you? - CORRECT ANSWER-Own for at least 2 out of the last 5 years In a 1031 tax-deferred exchange what must be done? - CORRECT ANSWER-Identify the property within 45 days & Must close on the property within 180days The term used to denote not only the land and improvements to real estate but also intangible rights included is? - CORRECT ANSWER-Real Property An easement through your neighbors land for you to sue to get to the lake is? - CORRECT ANSWER-An appurtenance Bookshelves screwed into the wall in the family room is example of? - CORRECT ANSWER-Fixture A corn crop growing out in a field is an example of a? - CORRECT ANSWER- Emblement An Ice cream making machine bolted to the wall in a leased property is an example of a? - CORRECT ANSWER-Trade fixture may the tenant restaurateur remove it's equipment when the lease is up? - CORRECT ANSWER-Yes, but any damage needs to be repaired The "Bundle of Legal Rights" is part of the definition of? - CORRECT ANSWER-Real Property If you cut down a tree in your yard and stack it up into cords of wood what has happened? - CORRECT ANSWER-Severance This law helps the parties determine their rights to water flowing over their land in Idaho? - CORRECT ANSWER-The Doctrine of Prior Appropriation
The party that uses an appurtenant easement is called - CORRECT ANSWER- Dominant Estate The parcel that provides the land for the easement is the? - CORRECT ANSWER- Servient Estate which type of easement attaches to the owner's land and transfers to the new owner? - CORRECT ANSWER-Appurtenant Easement These agreements are personal in nature, does not "attach" to a dominate estate, rather a person or entity - CORRECT ANSWER-Easement by gross Access created by the courts to grant a landlocked owner access is - CORRECT ANSWER-Easement by necessity Initially the neighbors believe and agree to a property line but later find out it's in the wrong spot what legal concept would leave the fence where it was originally placed - CORRECT ANSWER-Boundary by Agreement An unauthorized invasion or intrusion of an improvement or other real property onto another's property is a(n) - CORRECT ANSWER-Encroachment A possible encroachment is best determined by - CORRECT ANSWER-A survey Priority of liens is determined by? - CORRECT ANSWER-Recording date An agreement whereby a holder of a superior mortgage agrees to give up their priority position to an existing or future lien - CORRECT ANSWER-Subordination agreement Time for filing a mechanic lien is? - CORRECT ANSWER-Within 90 days from completion of their work or delivery of their material The law that allows a party to file to have the state pay their county property taxes is called? - CORRECT ANSWER-Circuit Breaker Property Tax assessments are sent out on the? - CORRECT ANSWER-1st Monday in June Property tax statements (tax bill) are sent out no later than? - CORRECT ANSWER-4th Monday in November Property tax delinquency carry a ______% penalty plus _______%? - CORRECT ANSWER-2% plus 12% When taxes go unpaid for ________, the property may be sold to pay the taxes? - CORRECT ANSWER-3 years
If someone wishes to pay their entire property tax bill without penalty, they must do that by? - CORRECT ANSWER-December 20th of the current year An estate refers to? - CORRECT ANSWER-Certain rights and the extent of ownership in land The highest form of property ownership in Idaho is? - CORRECT ANSWER-Fee Simple Absolute How may a life estate be established? - CORRECT ANSWER-By the provisions of the deceased estate When does an ordinary life estate terminate? - CORRECT ANSWER-Upon the death of the life tenant Legal life estate are? - CORRECT ANSWER-for husbands and wives only When a personal residence is foreclosed on, this law would protect some of the equity against unsecured creditors - CORRECT ANSWER-Homestead laws A client of yours wants you to draft up paperwork to allow their son a life estate in their home. What should you do? - CORRECT ANSWER-Refer them to a lawyer What type of lease requires the tenant pay all of the property charges including taxes and insurance? - CORRECT ANSWER-Triple net lease What typer of tenant would most likely have signed a percentage lease? - CORRECT ANSWER-A retail store Which event would likely terminate a lease prematurely? - CORRECT ANSWER-Death of lessee This law requires a lease for over a year to be in writing to be enforceable? - CORRECT ANSWER-Statue of Frauds The Idaho Floating Homes Residency Act requires? - CORRECT ANSWER-The automatic renewal of leases without notice What is the same as sole ownership? - CORRECT ANSWER-Severalty Ownership If two brothers buy land together in idaho, by default how do they take title? - CORRECT ANSWER-Tenants in common What happens to the interest of 'Tenants in common' owner upon their death? - CORRECT ANSWER-Their will would stipulate
Exclusive R quiet title action if you take a short cut through your neighbor's land to get to the lake for a long enough time you may be able to gain legal access forever through this concept - CORRECT ANSWER-Prescriptive Easement Which occurs by operation of law? - CORRECT ANSWER-involuntary alienation the police power that allows a government to force a party to sell them some or all of their land is called - CORRECT ANSWER-Eminent Domain By what process does the government exercise eminent domain? - CORRECT ANSWER-Condemnation What type of deed gives the most protection to the Grantee - CORRECT ANSWER- Warranty Deed Which deed imposes the lease liability to the grantor - CORRECT ANSWER-Quit claim deed Which of the following steps to the transfer occurs last? - CORRECT ANSWER-Giving actual notice to the grantee of recording Which set of words gives the least protection to the grantee - CORRECT ANSWER- "Convey, Release, Remise and Forever Quit Claim" What is true of a bargain and sale deed? - CORRECT ANSWER-it gives no warranties against prior encumbrances If a party signs a contract while intoxicated it is - CORRECT ANSWER-Voidable If two parties sign a contract to rob a bank it is - CORRECT ANSWER-Void What law says a real estate contract must be in writing - CORRECT ANSWER-Statute of Frauds If a party signs a contract because they fear for their life, what has occurred? - CORRECT ANSWER-Duress Transferring an intangible right to a contract in escrow is called - CORRECT ANSWER- Assignment A lender can transfer their interest to a loan to another lender with this provision - CORRECT ANSWER-Novation
Putting parties back to their original position before the contract was formed is called - CORRECT ANSWER-Rescission A party an use the courts to force a party to an earnest money agreement to perform per the contract with this? - CORRECT ANSWER-Specific Perfomance Settling for the earnest money deposit as a remedy for a contract default is called - CORRECT ANSWER-Liquidated Damages Which type of listing agreement allows a seller to list with 4 brokers at the same time and only pay the one who sells it? - CORRECT ANSWER-Open Listing Which type of listing agreement allows a broker to insist on payment of the commission regardless of who sells the property - CORRECT ANSWER-Exclusive right to sell What is true regarding an option in Real Estate? - CORRECT ANSWER-It must have consideration In a typical land sales contract when does the buyer get legal title to the property - CORRECT ANSWER-When they make the last payment Which arrangement instructs an impartial party to complete the instruction of 2 parties to a sale - CORRECT ANSWER-Escrow Agreements As agents what may we do with a pre-printed offer to purchase? - CORRECT ANSWER-Fill in the blanks ourselves What is the statue of imitations for the following - CORRECT ANSWER-Judgment Lien - 5 years Adverse Possession - 20 years Easement by Prescription - 20 years Mechanics Liens - 6 months If the buyer wishes to extend the closing date of a contract in escrow what would you use? - CORRECT ANSWER-Amendment Who is the party making a counter-offer? - CORRECT ANSWER-The offeror The clause that allows a broker to seek the courts help to determine which party gets the earnest money deposit is? - CORRECT ANSWER-Interpleader Clause The priority of loads against a property is set by? - CORRECT ANSWER-Recording Date What does not appear on a property chain of title report? - CORRECT ANSWER-The Property's zoning
