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j - Test, Chapter 1

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j - Test, Chapter 1 (22 questions) - IMPORTANT

j - Test, Chapter 1 (22 questions) - IMPORTANT

Question 1 of 22

1

Initial application for a real estate license is administered by:

Select one of the following:

  • Idaho Employment Department

  • Idaho Department of Occupational Licensing

  • Idaho Real Estate Commission

  • Idaho Secretary of State

Explanation

Question 2 of 22

1

The primary purpose of the Idaho Real Estate Commission is to:

Select one of the following:

  • Protect the public and industry

  • Defend the public and industry

  • Protect private property rights

  • Defend complaints against licensees

Explanation

Question 3 of 22

1

Where does the money come from to operate the Idaho Real Estate Commission?

Select one of the following:

  • State of Idaho general fund

  • All active licensees

  • All licensees

  • All brokerage companies

Explanation

Question 4 of 22

1

The Idaho Real Estate Commission consists of how many member commissioners?

Select one of the following:

  • 3

  • 4

  • 5

  • 6

Explanation

Question 5 of 22

1

The Idaho Real Estate Commission generally meets:

Select one of the following:

  • Monthly

  • Quarterly

  • Semi-annually

  • Annually

Explanation

Question 6 of 22

1

Course make-up work is allowed ONLY for:

Select one of the following:

  • Any certified IREC approved course

  • Continuing Education (CE) courses

  • Any pre-license courses

  • All pre-license and CE courses

Explanation

Question 7 of 22

1

Prelicense courses must be successfully completed prior to license application within:

Select one of the following:

  • 1 year

  • 3 years

  • 5 years

  • 10 years

Explanation

Question 8 of 22

1

Change of personal information (must) be submitted to the IREC no later than:

Select one of the following:

  • 1 week

  • 10 days

  • 1 month

  • 30 days

Explanation

Question 9 of 22

1

How many IREC Core classes are required for license renewal:

Select one of the following:

  • One

  • Two

  • Three

  • Four

Explanation

Question 10 of 22

1

An independent E&O insurance policy must have an A.M. Best rating of at least:

Select one of the following:

  • A

  • B+

  • B

  • C+

Explanation

Question 11 of 22

1

License renewal must be received no later than ___________ of the expiration date at the Commission office in Boise.

Select one of the following:

  • Midnight

  • 5 p.m. Pacific time

  • 5 p.m. Mountain time

  • Post marked by 5 p.m.

Explanation

Question 12 of 22

1

What is the minimum pass rate score for a broker taking the Idaho state exam?

Select one of the following:

  • 65%

  • 70%

  • 75%

  • 80%

Explanation

Question 13 of 22

1

Who is required to have a real estate license to practice real estate?

Select one of the following:

  • Anyone assisting another to sell their property.

  • Anyone, with expectation of compensation, while acting for another, offers to list property for sale.

  • Anyone, with expectation of compensation, offers to sell personal property.

  • Anyone, for compensation, leases a commercial building.

Explanation

Question 14 of 22

1

An example of an exception to being required to have a real estate license is:

Select one of the following:

  • Purchasing real property for another for compensation,

  • Listing real property for another for compensation,

  • Negotiations for another an option for real property for compensation,

  • Offering property management or leasing for another for compensation.

Explanation

Question 15 of 22

1

What's the minimum age to secure a real estate license in Idaho?

Select one of the following:

  • 16

  • 18

  • 20

  • 21

Explanation

Question 16 of 22

1

Minimum elective hours of Continuing Education required to renew a real estate license are:

Select one of the following:

  • 16 hours plus 1 Core

  • 16 hours including 2 Core

  • 12 hours plus 1 Core

  • 12 hours plus 2 Core

Explanation

Question 17 of 22

1

When does a real estate license expire?

Select one of the following:

  • The last day of licensees birth month

  • The first day of licensees birth month

  • 2 years from the date of licensing

  • 2 years from date of completing CE education

Explanation

Question 18 of 22

1

A student, whose birthday is June 5, passed their state exam on April 8, and applied for and received their license on April 18, 2014. When does their license expire?

Select one of the following:

  • April 18, 2015

  • June 5, 2015

  • June 30, 2015

  • April 18, 2016

Explanation

Question 19 of 22

1

When do initial fingerprints expire prior to receiving a real estate license?

Select one of the following:

  • Fingerprints are fingerprints, they don't expire

  • Fingerprint results are valid for 6 months

  • Fingerprints are valid for 1 year

  • Fingerprints aren't required if the license applicant already has them

Explanation

Question 20 of 22

1

What type of insurance is required for an inactive real estate licensee?

Select one of the following:

  • Errors & Omissions Insurance

  • Automobile liability insurance

  • Personal liability insurance

  • None

Explanation

Question 21 of 22

1

To be effective, tail coverage for E&O insurance must be purchased within how many days from cancellation?

Select one of the following:

  • Tail coverage is automatically included with E&O insurance

  • 60 days from cancellation

  • 90 days from cancellation

  • 120 days from cancellation

Explanation

Question 22 of 22

1

What document needs to accompany an application for real estate license?

Select one of the following:

  • Verification of taking a license exam

  • Fingerprints taken a year ago

  • Proof of automobile insurance

  • High school diploma or equivalency

Explanation

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