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Idaho Portion of RE Exam With Complete Solutions How many different types of surveys are recognized in Idaho? - ANSWER 3 What type of description will not meet acceptable standards to transfer property? -ANSWER Tax Parcel Number
The "Initial Point" (Boise Meridian) is closest to what community? - ANSWER Kuna Idaho describes a subdivision as a tract of land divided into at least how many lots forthe purpose of sale or development? - ANSWER 5
What period if tune dies a completed record of survey need to be filed? - ANSWER 90days
A datum point and subsequent benchmarks are used to measure? - ANSWER Air Lots Example of "Chattel"? - ANSWER Annual growing crops Personal property is transferred with what type of instrument? - ANSWER Bill of sale Domestic water use for land irrigation is limited to? - ANSWER half acre How many gallons per day shall daily use of domestic water not exceed? - ANSWER13,
A holder of a water right can lose a water right if not used for what continuous period oftime? - ANSWER 5 years
The maximum net value of the dwelling for homestead protection is? - ANSWER$100,
To qualify for homestead protection in Idaho the property must be occupied for acontinuous period of? - ANSWER at least 6 months out of the year
A verbal lease for more than one year is considered? - ANSWER Invalid How much advanced notice to terminate a month to month tenancy is required? -ANSWER Not less than 1 month
After a tenant surrenders premises, security deposit refunds must be made within? -ANSWER 30 days
A right granted by law where there is no access to a persons land? - ANSWER Easementby necessity
A right that runs with the land from the servant estate to the dominant estate? -ANSWER Easement Appurtenant
Using land of another without permission for prescribed period of time? - ANSWEREasement by prescription
Right of a person or corporation to use land owned by another for a specific purpose? -ANSWER Easement in Gross
All property of either husband or wide acquired prior to marriage shall remain? -ANSWER Sole and Separate
Unless stated otherwise, any income or profits from all property after marriage,
Contractors doing major surface repairs to homes built prior to 1978 must be? -ANSWER Certified
use of navigable water passing through private property can only be used by? -ANSWER Anyone
Who is responsible to implement the waste management program in Idaho? - ANSWERDepartment of Environment Quality
Lead based paint was outlawed to be used in housing built prior to? - ANSWER 1978 A methamphetamine contaminated home must? - ANSWER Be vacated Underground storage tanks are exempt from regulation if the tanks have a storagecapacity less than? - ANSWER 110 gallons
Approximately what percentage of homes in Idaho have a high level of radon? -ANSWER 33%
When one dies, evidence of death is evidenced by providing? - ANSWER Authenticatedcopy of death certificate
If a married person dies intestate, what happens to the decedent's property? - ANSWERone half community property of the decedent passes to the spouse
On what event do the terms of a properly executed will of a married person becomeeffective? - ANSWER upon death of a married person
What period of time must a person holding and possessing a property, hold the propertyto claim adverse possession? - ANSWER 20 years
Eminent Domain is an example of what type of transfer? - ANSWER Involuntary The transfer of real property must be? - ANSWER signed and in writing Certain documents must be in writing to be enforceable to satisfy? - ANSWER Statute ofFrauds
"Grant, Bargain and sell" conveys what type of ownership protection? - ANSWERImplied ownership without warranty
Under what information is a recorded instrument designated by priority of recording? -ANSWER Day, Hour and minute recorded
In addition to the sales tax, the transfer tax in Idaho is - ANSWER There is no transfer tax A title free of objectionable defects and encumbrances is held to be? - ANSWERMarketable
The Uniform Commercial Code deals primarily with what type of transactions? -ANSWER Business Opportunities
The purpose of recording, beside giving constructive notice, is to provide? - ANSWER Aperpetual history of a parcel of land
When is the dollar amount of the Circuit Breaker program reviewed? - ANSWERAnnually
At what age may one qualify for the Circuit Breaker program? - ANSWER 65 or older
Which of the following properties would the cost approach provide the most accuratevalue when applied to? - ANSWER New construction
Which of the following types of properties is the Income Approach best used with? -ANSWER Apartment Complexes
How many hours of experience are required to become a licensed residentialappraiser? - ANSWER 2,000 Hours
How many classroom hours are required to become a licensed residential appraiser? -ANSWER 100 class hours
Where can information be obtained to become a real estate appraiser? - ANSWERBureau of occupational Licensing
What type of comparable properties are generally used as the basis of a CMA? -ANSWER Recently sold
What part of a home is included in calculating square footage? - ANSWER Stairways A broker price opinion can be rendered by? - ANSWER Associate broker and/ordesignated broker
What appraisal form is acceptable to Fannie Mae and Freddy Mac? - ANSWER UniformResidential Appraisal Report
In a foreclosure sale of a mortgage, what does the highest bidder receive? - ANSWERCertificate of Sale
A 22 acre parcel that was secured by a mortgage went into foreclosure. How manyyears does it take to redeem? - ANSWER 1 year
A 14 acre parcel secured with a deed of trust ended up in foreclosure. How long doesthe owner have to redeem? - ANSWER None. Foreclosure w/deed of trust is final at sale
When a notice of sale has been recorded how many days does the owner have to curethe delinquency? - ANSWER 115 days
What type of deed does the successful bidder receive if there is a foreclosure of a deedof trust? - ANSWER Trustees deed
The FHA loan program is? - ANSWER Insured A real estate agent gave a buyer 5,000 to help with a down payment by the way of aprivate loan to be forgiven after closing of a pending transaction could be considered as? - ANSWER Double Contract How many days does the lender have to provide a loan estimate after receiving acomplete loan application? - ANSWER 3 days
How many days does the lender have to cure a violation that has been discovered in thesettlement statement? - ANSWER 30 days
Which residential financing program does the borrower have to be the owner/occupant?- ANSWER IHFA financing
A "qualified mortgage" loan can have maturity time period no longer than? - ANSWER 30years
An agent unconditionally gave his buyer a new riding lawn mower after a transactionclosed as a thank you. This activity is? - ANSWER O.K.
brokers office? - ANSWER Immediately trust account checks should be stamped with the phrase? - ANSWER Real estate trustaccount
Unless otherwise agreed, earnest money should be deposited by? - ANSWER Nextbanking day
Which of the following may deliver disputed earnest money without written consent ofthe parties to the transaction? - ANSWER Broker who has custody of the earnest money
Who is the broker of accountability in a co-operative sale? - ANSWER Broker whoreceived the money
Who has responsibility for the accuracy of a closing(settlement) statement? - ANSWERResponsible Broker
What is done to rejected offers? - ANSWER Marked and dated as "Rejected" For whom can a sales associate accept fees, compensation or commission? - ANSWERThe broker with whom licensed
Two competitive real estate companies were struggling and over lunch they eachagreed to increase their fees so they could survive a down market. This would be an example of what? - ANSWER Price Fixing Who has the final say to invoke disciplinary action from a complaint? - ANSWERCommission Members
If a judgement surrounding a real estate related transaction has been brought against areal estate agent, how long does the agent have to notify the Idaho real estate
commission? - ANSWER 20 days When is a prospective buyer or seller to receive the agency disclosure brochure? -ANSWER First Substantial Business Contact
What is the purpose of the buyer or seller signing the agency disclosure brochure? -ANSWER To acknowledge receipt of the brochure
If a buyer is a "customer" and not a "client", what duties must the agent extend to thecustomer? - ANSWER Disclose adverse material facts
A exclusive buyer representation agreement will? - ANSWER Create a legally bindingcontract
A real estate agent would be classified with what level of agency? - ANSWER Special The Idaho brokerage representation act was created to identify obligations between theconsumer and the? - ANSWER Real estate Brokerage
How many types of agency can be practiced in Idaho? - ANSWER 4 Signing the agency disclosure brochure establishes what kind of agency relationship? -ANSWER None
Where does the confirmation of agency relationship contain? ANSWER Purchase & Saleagreement
What is the BIG difference between a customer & a client? ANSWER MaintainConfidentiality
A code of ethics course mandated by? - ANSWER National Association of REALTORS By the Commission On Human Rights what length of time is required to be heard foralleged discrimination complaints? - ANSWER 1 year
Where do some major cities in Idaho approve sexual orientation and gender identity as aprotected class? - ANSWER some major cities in Idaho
For what purpose is a first listing appointment made? - ANSWER Gather Information What type of comparable properties does a CMA commonly use? - ANSWER recentlysold
Who must complete the sellers property disclosure form? - ANSWER Seller Sellers of newly constructed residential real property shall disclose informationregarding? - ANSWER Annexation
Covenants, Conditions and restrictions (CCR's) impose what kind of restrictions? -ANSWER Private
A listing packet or property profile from a title company cannot contain more than howmany items? - ANSWER 6
A seller property disclosure form definition of "residential real property" is? - ANSWER 1to 4 dwelling units
Brokerage representation agreements must? - ANSWER Be in writing In the subject area of legal opinions, Rule 303 states a broker or sales associate shall? -
ANSWER Not discourage any party from seeking advice from an attorney Leases must be in writing if they are longer than? - ANSWER 1 year Whats the maximum time a real estate salesperson can be imprisoned for unauthorizedpractice of law? - ANSWER 6 months
Representation Confirmation and Acknowledgement must be included with? - ANSWERPurchase and sale Agreement
What does a counter offer do to the original offer? - ANSWER Voids the original offer The use of a "Double Contract" is? - ANSWER Prohibited When does earnest money need to be delivered to the broker or brokers office? -ANSWER Immediately
Who is responsible for record keeping of earnest money transferred to a 3rd party? -ANSWER Broker or Brokers office
Unless there is an emergency bill, when do legislative law changes take place? -ANSWER July 1
if earnest money is returned before deposit where must a written and dated notationmust be placed? - ANSWER Both Purchase and Sale Agreement and Ledger Card
Whats the penalty to the seller who requires the buyer to use a particular title insurancecompany against the buyers choice for a federally related mortgage? - ANSWER 3 times all charges for title insurance
Who is responsible for the accuracy and delivery of a closing statement? - ANSWER TheResponsible Broker
