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

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j - Test, Chapter 1
J R
Quiz by J R, updated more than 1 year ago
J R
Created by J R over 8 years ago
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Resource summary

Question 1

Question
Initial application for a real estate license is administered by:
Answer
  • Idaho Employment Department
  • Idaho Department of Occupational Licensing
  • Idaho Real Estate Commission
  • Idaho Secretary of State

Question 2

Question
The primary purpose of the Idaho Real Estate Commission is to:
Answer
  • Protect the public and industry
  • Defend the public and industry
  • Protect private property rights
  • Defend complaints against licensees

Question 3

Question
Where does the money come from to operate the Idaho Real Estate Commission?
Answer
  • State of Idaho general fund
  • All active licensees
  • All licensees
  • All brokerage companies

Question 4

Question
The Idaho Real Estate Commission consists of how many member commissioners?
Answer
  • 3
  • 4
  • 5
  • 6

Question 5

Question
The Idaho Real Estate Commission generally meets:
Answer
  • Monthly
  • Quarterly
  • Semi-annually
  • Annually

Question 6

Question
Course make-up work is allowed ONLY for:
Answer
  • Any certified IREC approved course
  • Continuing Education (CE) courses
  • Any pre-license courses
  • All pre-license and CE courses

Question 7

Question
Prelicense courses must be successfully completed prior to license application within:
Answer
  • 1 year
  • 3 years
  • 5 years
  • 10 years

Question 8

Question
Change of personal information (must) be submitted to the IREC no later than:
Answer
  • 1 week
  • 10 days
  • 1 month
  • 30 days

Question 9

Question
How many IREC Core classes are required for license renewal:
Answer
  • One
  • Two
  • Three
  • Four

Question 10

Question
An independent E&O insurance policy must have an A.M. Best rating of at least:
Answer
  • A
  • B+
  • B
  • C+

Question 11

Question
License renewal must be received no later than ___________ of the expiration date at the Commission office in Boise.
Answer
  • Midnight
  • 5 p.m. Pacific time
  • 5 p.m. Mountain time
  • Post marked by 5 p.m.

Question 12

Question
What is the minimum pass rate score for a broker taking the Idaho state exam?
Answer
  • 65%
  • 70%
  • 75%
  • 80%

Question 13

Question
Who is required to have a real estate license to practice real estate?
Answer
  • 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.

Question 14

Question
An example of an exception to being required to have a real estate license is:
Answer
  • 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.

Question 15

Question
What's the minimum age to secure a real estate license in Idaho?
Answer
  • 16
  • 18
  • 20
  • 21

Question 16

Question
Minimum elective hours of Continuing Education required to renew a real estate license are:
Answer
  • 16 hours plus 1 Core
  • 16 hours including 2 Core
  • 12 hours plus 1 Core
  • 12 hours plus 2 Core

Question 17

Question
When does a real estate license expire?
Answer
  • 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

Question 18

Question
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?
Answer
  • April 18, 2015
  • June 5, 2015
  • June 30, 2015
  • April 18, 2016

Question 19

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

Question 20

Question
What type of insurance is required for an inactive real estate licensee?
Answer
  • Errors & Omissions Insurance
  • Automobile liability insurance
  • Personal liability insurance
  • None

Question 21

Question
To be effective, tail coverage for E&O insurance must be purchased within how many days from cancellation?
Answer
  • Tail coverage is automatically included with E&O insurance
  • 60 days from cancellation
  • 90 days from cancellation
  • 120 days from cancellation

Question 22

Question
What document needs to accompany an application for real estate license?
Answer
  • Verification of taking a license exam
  • Fingerprints taken a year ago
  • Proof of automobile insurance
  • High school diploma or equivalency
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