Free Idaho Real Estate Practice Exam Questions (November 2024) 40+

Idaho Department of Water Resources, specifically the director. “The IDWR Director is granted authority for designating areas for regulating groundwater withdrawals from aquifers subject to insufficient supplies based on groundwater level trends.” Per Idaho Department of Water Resources

According to Idaho real estate law, ONLY brokers can directly receive fees or bonuses. After the fee is received, then the broker can distribute the funds to the salesperson if applicable.

Credit is not covered. Idaho Fair housing laws protect against Race, Color, Sex, Religion, National Origin, and Disability.

Commingling is forbidden. “No deposits to the trust account shall be made of funds that belong to the broker or real estate firm.” Per Idaho Real Estate Code 54-2042.

Commingling is when a licensee mixes funds held in care for a client with their own funds.

“A homestead is presumed abandoned if the owner vacates the property for a continuous period of at least six (6) months.” Per Idaho Real Estate Code - Homesteads 55-1006.

“If at any time the out-of-state broker or the Idaho broker wishes to terminate the cooperative relationship, written notice of the termination shall be provided to the commission within ten (10) business days of the termination.” Per Idaho Real Estate Code 54-2017.

“Shall maintain an A.M. Best Company rating of B+ or better and an A.M. Best Financial Size Category of Class VI or higher.” Per Idaho Real Estate Rules 100 Through 199 Rule 118.

Idaho's waterways are owned by the State as a public trust resource.

“No. An unlicensed auctioneer can be paid only for specific real estate services rendered, such as calling the auction. The fee just cannot be a split of the brokerage commission or paid from the broker to the unlicensed auctioneer.” Per Idaho Real Estate Code Guideline 11.

“Upon the death, resignation, or removal of any member of the commission, the governor shall appoint a qualified person to fill out the unexpired term.” Per Idaho Real Estate Code 54-2006.

Five. “Four (4) members of the commission shall be actively licensed Idaho-designated real estate brokers or associate brokers who have had at least five (5) years’ active license experience as a designated broker or associate broker in the real estate business in Idaho. One (1) member shall be a member of the public from the state at large with an interest in the rights of consumers of real estate services.” Per Idaho Real Estate Code 54-2006.

Errors and omissions insurance is a type of professional liability insurance that protects agents against claims of inadequate work or negligent actions. “Each licensee who is actively licensed under this chapter shall, as a condition to licensing, carry and maintain errors and omissions insurance to cover all licensed activities under the provisions of this chapter.” Per Idaho Real Estate Code 54-2013.

All of the following actions are allowed aside from showings of real property to potential buyers. All unlicensed real estate do’s, and don’ts are outlined in Idaho Real Estate Commission Guideline #17.

“The recovery fund’s liability for all claims arising from the acts or omissions of any one (1) licensee in any calendar year shall be limited to a payment of not more than ten thousand dollars ($10,000)” Per Idaho Real Estate Code 54-2071.

“All Internet-related advertising of listed property or brokerage services that consumers can view or experience as a separate unit (for example, e-mail messages or web pages) must include the broker’s licensed business name.” Per Idaho Real Estate Code Guideline 12.

Dual agency is legal in Idaho as long as there is written consent from all parties prior to entering into negotiations. Per Idaho License Law.

“A licensee who is convicted, declared legally incompetent, or who has a judgment entered against him in a civil action as described in subsection (1) of this section, shall, within twenty (20) days of such conviction, declaration or judgment, forward to the commission a copy of the legal document evidencing the same.” Per Idaho Real Estate Code 54-2061.

“If a limited liability company or corporation, by a fine of not to exceed ten thousand dollars ($10,000).” Per Idaho Real Estate Code 54-2065.

Two. “Licensees are required to take two unique Idaho Commission Core courses in every active renewal period.” Per Idaho Real Estate Commission

When the lease ends, the landlord has 21 days to return the tenant’s entire deposit or a partial refund and a written statement listing the amounts deducted from the deposit and how the deductions were spent. The 21-day period can be shortened or extended by an agreement between the tenant and landlord, but it may not be longer than 30 days.

Idaho is a Community Property state. The states that have community property laws are: Louisiana, Arizona, California, Texas, Washington, Idaho, Nevada, New Mexico, and Wisconsin. Community property is property acquired that is considered to be obtained by mutual effort.

All of the following actions are forbidden aside deliver paperwork to other brokers, sellers, or purchasers if such paperwork has already been reviewed by the broker. All unlicensed real estate do’s, and don’ts are outlined in Idaho Real Estate Commission Guideline #17.

“Any person acting as a real estate broker or real estate salesperson within the meaning of this chapter without a license as herein provided shall be guilty of a misdemeanor and, upon conviction thereof, if a natural person, be punished by a fine of not to exceed five thousand dollars ($5,000), or by imprisonment in the county jail for a term not to exceed one (1) year, or by both such fine and imprisonment in the discretion of the court.” Per Idaho Real Estate Code 54-2065.

Four. “Four (4) members of the commission shall be actively licensed Idaho-designated real estate brokers or associate brokers who have had at least five (5) years’ active license experience as a designated broker or associate broker in the real estate business in Idaho. One (1) member shall be a member of the public from the state at large with an interest in the rights of consumers of real estate services.” Per Idaho Real Estate Code 54-2006.

“All consideration, including cash, checks held in uncashed form, and promissory notes, received by a sales associate in connection with a real estate transaction shall be immediately delivered to the broker or the broker’s office.” Per Idaho Real Estate Code 54-2045.

Fingerprint results are good for six months. You must be fingerprinted for the Idaho Real Estate program; fingerprint results from other states or professions cannot be used. Per Idaho Real Estate Commission

If the lease is a month-to-month tenancy, either party may end the lease with at least a month's advance written notice to the other party.

“A licensee failing to produce a certificate of coverage within thirty (30) days of a request to do so may have his license inactivated by the commission and shall not be entitled to reactivate the license unless and until he provides to the commission a certificate of coverage reflecting proof of insurance meeting the requirements of the commission.” Per Idaho Real Estate Code 54-2013.

“A homestead may consist of lands, as described in section 55-1001, Idaho Code, regardless of area, but the homestead exemption amount shall not exceed the sum of one hundred seventy-five thousand dollars ($175,000).” Per Idaho Real Estate Code - Homesteads 55-1006.

“No such broker, associate broker, or salesperson shall be granted reinstatement until he has repaid in full the amount so paid from the recovery fund plus interest at the legal rate of interest allowable by law for judgments.” Per Idaho Real Estate Code 54-2074.

“All licensees shall provide the commission a full and current mailing address and shall notify the commission in writing of any change in mailing address within ten (10) business days of the change.” Per Idaho Real Estate Code 54-2012.

Note, this law was updated from 15 days to 30 days. “Notwithstanding subsection (1) of this section, in all leases of residential property, or of any interest therein, the landlord shall provide the tenant written notice of any increase in the amount of rent charged or of the landlord’s intention of nonrenewal of the lease at least thirty (30) days before.” Per Idaho Property Law 55-307.

Per Idaho License Law. Advertising must be placed under the direct supervision of a sponsoring or managing broker, with the sponsoring broker's name featured prominently on the advertisement. A sponsored licensee cannot advertise under their own name. The name CAN be included, but the ad must be in the sponsoring broker's name.

Title theory states function where banks or mortgage lenders hold the title of a property until it is paid in full. Idaho practices title theory.

“There is hereby created in the state treasury the real estate recovery fund. A balance of not more than twenty thousand dollars ($20,000) shall be maintained in the fund.” Per Idaho Real Estate Code 54-2069.

Weight is not covered. Idaho Fair housing laws protect against Race, Color, Sex, Religion, National Origin, and Disability.

Leases are automatically renewed unless the landlord gives the tenant at least 90 days' written notice of intent not to renew or the tenant gives 30 days' written notice of intent not to renew. Per Idaho Property Law

“Records required in this chapter to be kept and maintained by a real estate broker, including trust account and financial records, transaction files, and other records, are to be kept in the broker’s files according to this section. The following records must be kept by a broker for three (3) calendar years after the year in which the event occurred.” Per Idaho Real Estate Code 54-2049.

“Each regular appointment, other than an appointment to fill an unexpired term, shall commence on July 1 of the year of appointment and be for a term of four (4) years.” Per Idaho Real Estate Code 54-2006.