Chapter 1 Flashcards
The Idaho real estate commission consist of how many member commissioners
Five
Where does the money come from to operate the Idaho real estate commission
All licenses
Initial application for a real estate license is a administrated by
Idaho real estate commission
The primary purpose of the Idaho real estate commission is to
Protect the public and industry
What’s the minimum age to secure a real estate license in Idaho?
18
An example of an exception to being required to have a real estate license is what
Offering property management or leasing for another for compensation
Who is required to have a real estate license to practice real estate?
Anyone with expectation of compensation while acting for another, offers to list property for sale
What is the minimum pass rate score for a broker taking the Idaho State exam?
75%
License renewal must be received no later than__________of the expiration date at the commission office in Boise
5 PM mountain time
An independent E & O insurance policy must have A.M. Best rating of at least.
B +
Change of personal information must be submitted to the Idaho real estate commission no later than
10 days
The Idaho real estate commission generally meets
6 to 8 times per year
Course make up work is allowed only for
Any pre-licensed courses
Pre-licensed courses must be successfully completed prior to licensed applications within
Three years
Minimum elective hours of continuing education required to renew a real estate license
12 hours +2 courses
A cooperative license applies to
Commercial properties
When does a real estate license expire?
The last day of the licensees birth month
A student whose birthday is June 5 Pastor state exam on April 8 and applied for and received their license on April 18, 2016. When does their license expire?
June 30, 2017
When do initial fingerprints expire prior to receiving a real estate license?
Fingerprint results are valid for six months
What type of insurance is required for an inactive real estate license?
None
How many Idaho real estate commission for classes are required for a license renewal
Two
To be effective, tail coverage for E and O insurance must be purchased within how many days from cancellation
90 days from cancellation
What document needs to accompany an application for a real estate license
High school diploma or equivalency
