Chapter 10 Flashcards
Who is entitled to recover reasonable attorneys fees in an administrative or judicial proceeding?
Prevailing party
An agent unconditionally gave his buyer a new riding lawnmower after a transaction close as a thank you. is this activity okay?
It is okay
What is the maximum fine for an unlicensed person practicing real estate?
$5000
An active licensee, buying or selling their own property must conduct all transactions through
The broker with whom licensed under
If a licensee terminates with a broker, what is required?
Licensing must notify in writing no later than three business days of effective date
If a broker terminates an agent for cause the broker must notify the real estate commission within
10 business days from day of termination
Once a real estate commission investigation is completed the results and recommendations are forwarded to
Executive Director
Company records must be retained by the broker for what period of time
Three years after the year, a transaction closes
What is the maximum amount of personal money allowed to maintain a trust account?
$300
Just account maintenance funds can be used for what purpose
To cover bank charges
A trust account must be established under what name
Licensed business name
Who must be notified of opening a trust account
The Idaho real estate commission
A broker transferred $500 from the general operating account to the trust account. What is this showing?
This is an example of co-mingling funds
A brokerage real estate trust account must be reconciled how often
Monthly
When is it consideration received by sales associate to be delivered to the broker or brokers office?
Immediately
Trust accounts checks must be imprinted with the words:
Real estate trust account
Unless otherwise stated when must earnest money be deposited?
Next banking day
Who is authorized to disperse disputed earnest money without written approval from the parties to the transaction?
The broker holding the earnest money
Who is considered the responsible broker in a cooperative sale?
The broker holding the entrusted funds
Who is responsible for the accuracy of a closing settlement statement?
Responsible broker
How are rejected offers handled?
Marked and dated as rejected
Sales associates can only accept fees, compensation or commission from who
The broker with whom licensed under
Two competitive real estate companies were struggling and over lunch. They each agreed to increase their fees so they could survive a down market. This would be an example of what
Price fixing
Who has/have the final say to invoke disciplinary action from a complaint?
Commission members
If a judgment surrounding a real estate related transaction has been brought against a real estate agent how long does the agent have to notify the Idaho real estate commission
20 days
