Chapter 2

Question 1

What 5 things are required to secure a license?

Answer 1

Be an individual 18 years or older
High school grad
No misdemeanors 5 years prior
No felony convictions after a period of 5 years from conviction
90 hours in 4 courses

Question 2

What do compensation policies cover?

Answer 2

Listing properties
Selling companies listing
Selling another companies' listings
Selling own listings
Selling own property
Referral fees
Bonus Compenstion

Question 3

What is in a broker transaction file?

Answer 3

RAWTS
Rejected offers
Accepted offers
Written representation agreements
Trust account ledger cards
Signed closing contracts

Question 4

When does money received by a brokerage need to be deposited?

Answer 4

ON or BEFORE the next banking day after receipt

Question 5

What is the primary reference source for the practice of Idaho Real Estate?

Answer 5

ID Code Chapter 20, Title 54

Know the current laws

Question 6

What are the five federal guidelines of federal anti-trust that Idaho recognizes?

Answer 6

1. Price fixing
2. Group boycotting
3. Allocation of customers
4. Tie-in agreements
5. Penalties

Question 7

What are the continuing education requirement for a license?

Answer 7

Core course + 16 hours of approved IREC courses

Question 8

What five things to do need to apply for a license?

Answer 8

Module 1 & 2 in past 3 years
Passed Federal and State Exam
Fingerprints in last 6 months
Errors and Omissions Insurance
License Application

Question 9

What additional requirements do brokers need to obtain a license?

Answer 9

90 additional hours
2 of the last 5 years as a licensed real estate salesperson
Sales accomplishments (30/week) 15-20 closed transactions $2 million in volume
New Fingerprints

Question 10

What entities can a brokerage be set up as?

Answer 10

Officer of a corporation
General/limited partner
Member of an LLC
(30% are sole proprietorship)