Chapter 1

Question 1

Name 3 characteristics of the Real Estate Recovery Fund

Answer 1

Satisfies claims against licensees
Pays $10,000 per licensee/year
License is suspended until paid in full

Question 2

What 3 additional disciplinary actions can the commission consider to revoke/suspend a license?

Answer 2

Convicted of felony
Declared Incompetent
Civil action against licensee in real estate transaction
20 DAYS TO NOTIFY COMMISSION

Question 3

What are the 12 main grounds for disciplinary action?

Answer 3

1. Fraud
2. Misrepresentation
3. Failure to Remit
4. Failure to keep records
5. Failure to disclose info
6. Acting under a assumed name
7. Unlawful Application
8. Double Contract
9. Kickbacks
10. Any Violations of the Idaho Code
11. Dishonest conduct
12. Gross negligence or Reckless Conduct

Question 4

Describe the Complaint Process

Answer 4

Submit complaint in writing
1. Close case - no action
2. Request additional info
3. Pursue disciplinary action
Must have 21 notice of hearing
Actions
1. Temporary suspension
2. Permanent revoke
3. Fine not to exceed $5,000 + attorney fees

Question 5

What is the NAR?

Answer 5

Trade organization founded in 1908 1 million strong to police real estate code of ethics

Question 6

What is IREC?

Answer 6

Regulatory Entity
Mandatory Fees paid by active and inactive licensees
Protects Public
Four member commission (5 years experience, appointed by Governor, serve 4 year term, no limits)
Monthly Meetings

Question 7

What are the 3 IREC departments?

Answer 7

Administration, Educating & Licensing, Enforcement