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Idaho Real Estate - State > RE Licensing & Education > Flashcards

RE Licensing & Education Flashcards

1
Q

How often must an Idaho RE License be renewed?

A

Every 2 years

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2
Q

Standing Trees would be considered what? Real or Personal Property?

A

Real Property

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3
Q

Which of the following isn’t part of a deed? Novation, Premises, Habendum, Acknowledgment

A

Novation. Novation is the replacement of one contract with a new one (another)

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4
Q

Mortgage Discount Points apply if what condition is met?

A

The interest rate on the mortgage loan has been lowered by 1% for each point charged

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5
Q

What is not necessary for a valid contract? Acceptance, Offer, Due Date, or Legal Object?

A

Due Date

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6
Q

Does Idaho have reciprocity with other states?

A

Yes

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7
Q

Does Idaho allow holographic wills?

A

Yes

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8
Q

How much does a Salesperson License fee cost?

A

$160

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9
Q

First renewal of your license in Idaho requires how many education hours?

A

12 Hours, plus 2 different Idaho core courses (8 Hours mandatory Fundamentals course + 4 Hours of your choice)

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10
Q

Which of the following is a landlords option for a tenant not paying the rent?

Unlawful Detainer Action in Court
Turn off Power
Turn off Gas
Lock tenant out

A

Unlawful detainer action in court

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11
Q

Prepaid rent on a real estate closing statement is always..? Debit to the buyer or seller? OR Credit to the buyer or seller?

A

Debit to the seller. The unearned rent goes to the buyer

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12
Q 
What can subleasing be described as?
An Assignment
Greater than an assignment 
A hypothecation
Less than an assignment
A

Less than an assignment

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13
Q 
Which of the following tenancies if a free-hold estate? 
Life Estate 
Estate for Years
Estate at will
Periodic Tenancy
A

Life Estate

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14
Q 
What is the last action against a debtor?
Lis Pendens
Attachment
Execution
Judgement
A

Execution. Execution of Sherrifs seizure and sale of assets after judgement

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15
Q

An extended policy for title insurance also includes which of the following?
Forgery
undisclosed spousal interests
failure of delivery of prior deeds
defects discovered by property inspection

A

Defects discovered by property inspection

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16
Q 
If a property was acquired using forged income statements by the listing broker, that sale is?
Void
Voidable
Valid
Illegal
A

Voidable. Voidable because it is at the option of the purchaser

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17
Q 
A substitute of buyer in a purchase contract by the seller is known as?
Reformation
Novation
Satisfaction
Recission
A

Novation. Substitute of parties (to make new)

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18
Q 
A valid deed needs which of the following:
Recording
Witnesses
Acceptance
Acknowledgement
A

Acceptance. Acknowledgement also required but if its a choice between the two…

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19
Q 
In a closing statement, rental security deposits are referred to as:
Credits to the buyer
Credits to the seller
debits to the buyer
prorated items
A

Credits to the buyer. They must be turned over the the buyer. They are debits to the seller. (Already paid for, must be paid back)

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20
Q 
Fidelity Bonds safeguard brokers against:
Employee Turnover
Employee Theft
Liability for Injury
Damage to property
A

Employee theft. Protection to broker and principal

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21
Q

Where in the deed would the term “to have and to hold” appear?

A

Habendum Clause

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22
Q 
Whom does SAFE licensing apply to?
Home Inspectors
Mortgage Loan Originators
OSHA
Risk Management
A

Mortgage Loan Originators. The Federal Secure and Fair Mortgage Licensing Act of 2008 (SAFE)

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23
Q 
When a person dies intestate, the court appoints?
An executor
An Administrator
a devise
a testator
A

An administrator. An executor is named in a will of the decedent

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24
Q 
What is the nominal rate of interest?
The rate stated in the note
The true rate expressed as the APR.
The minimum interest allowed by law.
The usury rate
A

The rate stated in the note. Which, because of loan fees, is less than the APR

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25
Q

If a person is on the National Do Not Call Registry, you can still call if?

A

Your call is to a business telephone. Applies only to residential telephones.

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26
Q

Procuring cause refers to what?

A

Entitlement to commission.

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27
Q

Prepaid rent on a closing statement is also a debit to who?

A

Debit to the seller. The seller has to turn over the unearned rent to the buyer.

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28
Q

The Real Estate Settlement Procedures Act refers to/applies to?

A

Purchase loans on one-to-four residential unit buildings.

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29
Q

What happens to the value of a commercial property that is on a long-term lease at a fixed rate when interest rates increase?
They would result in the use of a lower capitalization rate
They would increase the gross multiplier.
They would lower the property’s value.
They would require that the property be appraised using the cost approach to value

A

They would lower the property’s value.

Rising interest rates would result in the investor’s using higher capitalization rates that would result in lower value.

30
Q

Compound interest is typical in which type of mortgage?

A

Reverse annuity. Because the interest accruing each month accrues on a previously charged interest

31
Q 
A loan that yields future advances is:
an open-end loan.
a shared appreciation loan
a growing equity mortgage.
a blanket mortgage
A

An open end loan (Up to an agreed-upon limit)

Home equity loan approvals and home equity credit cards do the same thing

32
Q

Seller financing is typically shown on a closing statement as?
a prorated factor.
a credit to the buyer and a debit to the seller.
as a debit to the buyer and a credit to the seller.
not at all.

A

AS a credit to the buyer and a debit to the seller.
It is credited to the buyers as part of what they have to pay and deducted (debited) from what the sellers will receive at closing.

33
Q

What do both the FHA and VA loans have in common?
Absence of prepayment penalties
Absence of loan gains
Requirement of mortgage insurance
Requirement of a certificate of reasonable value

A

Absence of prepayment penalties. Neither penalizes prepayment.

34
Q

What does a broker have the power to do in a listing?

A

Only the authority granted or implied

35
Q

The first act in violation of the Americans with Disabilities Act comes with a maximum penalty of?

A

$55,000.

$110,000 for subsequent violations

36
Q

If a man makes a gift of his home in writing to a friend, what type of contract is that?
Valid, Void, Voidable, or Implied?

A

It is Void. Void because it lacks valuable consideration

37
Q

Disclosure must be made to purchaser of:

Any known neighborhood nuisance problem, or actual annual utility costs?

A

Any known neighborhood nuisance problems. Known detrimental info must be revealed.

38
Q

Instruments that could contain subordination clauses are?

A

Mortgages. It makes a secondary in priority to a later recorded loan

39
Q

How long after the close of a transaction or expiration date of a listing agreement are responsible brokers in Idaho required to maintain their firm’s transaction files and trust account records?

A

A minimum of three years

40
Q

Despite them not having a client contract with a real estate agency, a customer remains entitled to honesty, disclosure, good faith and _____ .

A

Reasonable skill & care

41
Q

Signed closing statements are to be kept by the responsible broker for the transaction in the official transaction file. How long are responsible brokers required to keep closing statements?

A

A minimum of three years AFTER the year of closing.

42
Q

How does common property law differ from community property law?
Common property law divides assets evenly OR Common property law divides assets using equitable distribution?

A

Common property law divides assets using equitable distribution.

43
Q

_____ is the actual using of the water for a beneficial use.

A

Appropriation. Appropriation refers to the actual use of the water.

44
Q

In Idaho, who has the final authority in terms of land zoning within a jurisdiction?

A

Although local and county commissions may overlap and work together on land planning, the constitution of Idaho grants the final authority is to the cities.

45
Q

How many real estate commissioners in Idaho?

A

5 commissioners. 4 licensed brokers from different geographical regions, and one member of the public.

46
Q

All individuals changing from inactive to active status must have?

A

12 hours of elective courses PLUS 2 commission core courses.

47
Q

All licensees must notify the Commission of a change in personal address or phone number within _______ days and can do so online.

A

10 Days

48
Q

Auctioneer Kelly is negotiating to auction off personal property for a retired farmer. The farmer asks Kelly if she could also auction off the farm itself. Which of the following statements is TRUE?

Auctioneer Kelley would NOT have to possess a real estate license as long as she sold the personal property and the farm to the same buyer.

Auctioneer Kelley would NOT have to be licensed as long as she sold the personal property and the farm to separate buyers.

Auctioneer Kelley WOULD have to have a real estate license to auction off the farm.

Auctioneer Kelley would NOT have to have a real estate license as she was auctioning it for the owner.

A

Auctioneer Kelley would NOT have to have a real estate license as she was auctioning it for the owner.

Auctioneers working for the original owners are excluded from needing a real estate license. As long as Kelly was auctioning the property off for the actual owner she would NOT need a real estate license

49
Q

Each applicant shall successfully complete all prelicense real estate courses within no more than ______ years preceeding the date of the license application.

A

3 years

50
Q

With a provisional license, a ________ extension of time for completing the education requirements may be obtained by submitting with the renewal application, or application to activate, satisfactory evidence showing that the applicant was unable to comply with such education requirements.

A

3 Month / 90 Day

51
Q

How often must a property manager provide a written account of property income to the owners of rental properties?

A

Once a year

52
Q

After the contract between a buyer and seller failed, there was a dispute concerning to whom the earnest money belonged. The seller claimed he has a right to the money and the buyer claimed the money was his. After 60 days the broker sent a registered letter stating he would give the earnest money to the seller. At what point could the broker release the money?

A

After 15 days. If no court action is filed the broker may determine to whom to pay the escrow monies after 15 days of contract failure. May be subject to some legal issues though

53
Q

Kristen has no real estate license, yet she sold a property for a fee. What could the IREC do in this case?

Nothing, it has no jurisdiction over non-licensed citizens.

Obtain a restraining order in any court of competent jurisdiction.

File criminal penalties against Kristen.

Fine Kristen for the misdemeanor penalties.

A

Obtain a restraining order in any court of competent jurisdiction.

The IREC has authority over licensees and their licenses. In order to discipline a citizen the IREC may seek a restraining order from any competent Idaho court in order to stop her violation of Idaho License Law.

54
Q

Of those listed, who could be charged with a misdemeanor license law infraction?

A security and exchange licensee

Any unlicensed person

A licensed real estate corporation

An unlicensed secretary of a licensed real estate co-partnership

A

A licensed real estate corporation.

Any person, corporation, partnership, or association licensed by the IREC could be accused of a license law violation which is a class B misdemeanor.

55
Q

Seller David called the IREC to make a complaint against his real estate agent. The IREC sent David a form to complete in order to get the complaint in writing, but David never returned the written document. Which of the following statements is TRUE regarding this situation?

The IREC could investigate the situation on its own volition.

The IREC must follow up on all oral complaints.

The IREC can not act on an oral complaint.

The IREC must ignore David’s complaint.

A

The IREC could investigate the situation on its own volition.

No complaint (oral or written) is necessary for the IREC to investigate a possible license law violation.

56
Q

If a licensed salesperson chooses to list her home phone number on a sign advertising one of her listed properties, what also must she include on the sign?

A

Her business telephone number.

A licensed agent can never “hide behind a sign.” Full disclosure means that if a licensed agent wishes to include a personal telephone number on an advertisement for a listed property, he or she must also include a business telephone number.

57
Q

Rebecca was told by the sellers that the lot she listed for them measured 75 feet by 150 feet. She passed this information on to the buyers who then purchased the property. The buyers paid for the lot to be surveyed and discovered that it actually measured only 75 feet by 130 feet. What ramifications could there be?

The buyers can sue Rebecca’s company but not Rebecca since she is only acting as an agent for the principal broker.

If the IREC deems Rebecca as negligent, they may suspend or revoke her license.

The IREC will automatically revoke Rebecca’s license when the buyers file a complaint against her.

The buyers may sue Rebecca and her broker for damages.

A

The buyers may sue Rebecca and her broker for damages.

Rebecca and her broker are at risk of a law suit since she - a representative of her broker - provided false information to the buyers. The broker holds the licenses for his or her employees’ and is ultimately accountable for their actions. The employee who committed the violation is also subject to a civil law suit.

58
Q

Idaho requires successful completion of ____ hours of prelicense education for sales licensure which include the Module 1 and Module 2 courses.

A

90 Hours

59
Q

If Leon wished to create a real estate company as a corporation, which license would be required of the corporation itself?

A broker-officer’s license

The Corporation would become “The Broker” and the officers of the corporation would be Broker-Officers.

A salesperson’s license

A broker-associate’s license

A

The Corporation would become “The Broker” and the officers of the corporation would be Broker-Officers.

60
Q

If you choose not to renew your real estate license by the expiration date, the Commission may accept a request for a late renewal, which shall not exceed __________ from the renewal date.

What late fee may they also charge for this?

A

1 Year. . A late fee of $25 shall be charged in addition to the renewal fee.

61
Q

Individual licensees renewing a real estate license must have ____ hours of elective courses PLUS the Commission Core Course in order to renew on active status.

A

12 hours.

62
Q

When a licensee violates license law or breaks rules and regulations it is:

a misdemeanor.

a felony.

an injunction.

not a crime at all.

A

A misdemeanor.

A violation of license law or rules and regulations is a misdemeanor.

63
Q

Which of the following details MUST written authorizations (such as a listing agreement) contain when altered?

The initials of all parties

A notary seal

The signatures of two impartial parties

A full documentation of the reason(s) for the change

A

The initials of all parties

64
Q

Which of these does NOT need to be shown on the disbursements from an escrow account of a property manager?

The check number

The balance of the account to the owner

Indication of the related transaction

Indication of to whom the check was written and the purpose of the chec

A

The balance of the account to the owner.

You can remember this by thinking about writing a personal check. Every check has a unique number, it is written out to a specific person or company for a specific amount, is dated, and it has a memo section to describe the purpose of the payment (related transaction).

65
Q

What must a broker do when he changes his company’s address? Within how many days must he give notice to the IREC?

A

Give the IREC notice immediately. Within 5 days??

66
Q

After termination of your license with a broker, how long do you have to place your license with a new broker or put your license on inactive status?

A

The agent has 6 months to place his license with another broker or to put his license on inactive status with the IREC.

67
Q

Broker Carr, with ABC Real Estate Company, listed the property of a seller. Broker Smith, with XYZ Real Estate Company, called Broker Carr, and disclosed that he was a Buyer Agent. Broker Smith wrote a contract with a buyer for the sale of the property. What, if any, is the relationship between the buyer’s broker, the seller and the listing broker?

A

There is not a relationship between the parties. Broker Carr represents the Seller and Broker Smith represents the Buyer.

68
Q

The seller of a residential home must deliver the sellers property condition disclosure to the buyer when?

A

Within 10 days of offer acceptance

69
Q

If a property is over 20 acres, how long do you have to redeem after foreclosure?

A

1 year

70
Q

The minimum time that the lender must wait to foreclose from filling the notice of default on a deed of trust is?

A

120 Days

Idaho Real Estate - State (1 decks)

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