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j - Test, Chapter 10 (24 questions) - IMPORTANT
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Questions in this quiz (24)
1An agent unconditionally gave his buyer a new riding lawn mower after a transaction closed as a "thank you". This activity is?
- AO.K.
- BIllegal
- CInappropriate
- DInducement
2What is the maximum fine for an unlicensed person practicing real estate?
- A$5,000
- B$10,000
- C$15,000
- D$20,000
3An active licensee buying or selling their own property must conduct all t5ransactions through:
- ACooperating brokerage
- BIdaho Real Estate Commission
- CBroker with whom licensed
- DA licensed title insurance company
4If a licensee terminates with a broker, what is required?
- ANothing, the licensee just leaves
- BLicensee must tell the broker they are leaving
- CLicensee must give written notice within 5 calendar days of leaving
- DLicensee must notify in writing no later than 3 business days of effective date
5If a broker terminates an agent for cause, the broker must notify the Idaho Real Estate Commission within:
- A3 business days from termination
- B5 calendar days from termination
- C5 business days from termination
- D10 business days from termination
6If a broker is absent for more than 21 days but less than 60 days, who can be appointed to manager/orversee the office?
- AOffice manager
- BLong time sales associate
- CAssociate broker
- DOwner/partner
7Company records must be retained by the broker for what period of time?
- A3 fiscal years after a transaction closes
- B3 calendar years after the year a transaction closes
- C3 calendar years after the year a transaction is initiated
- D3 fiscal years from the date the company was created
8What is the maximum amount of personal money allowed to maintain a trust account?
- A$100
- B$300
- C$500
- D$700
9Trust account maintenance funds can be used for what purpose?
- ACover bank charges
- BCover NSF earnest money checks
- CCover general operating account charges
- DCover delivery of deposits to the bank
10A trust account must be established under what name?
- ADesignated broker's name
- BLicensed business name
- CName with State Tax Department
- DOwner's name of the company
11Who must be notified of opening a trust account?
- ASecretary of State
- BIdaho Tax Commission
- CIdaho Real Estate Commission
- DInternal Revenue Service
12A broker transferred $500 from the general operating account to the trust account.
- AIt's O.K. to replace a missing check
- BIs an example of commingling
- CO.K. as long as IREC is notified
- DUsed to maintain the trust account
13A brokerage real estate trust account should be reconciled how often?
- AMontly
- BQuarterly
- CSemi-annually
- DAnnually
14When is consideration received by a sales associate to be delivered to the broker or broker's office?
- AWithin 24 hours
- BWithin 1 day
- CAs soon as convenient
- DImmediately
15Trust account checks must be imprinted with the words:
- A(Name of company) trust account
- BBusiness trust account
- CReal estate trust account
- DTrust account
16Unless otherwise stated, when must earnest money be deposited?
- AWithin 5 business days of acceptance
- BNext banking day
- CNext calendar day
- DNext business day
17Who is authorized to disburse disputed earnest money without written approval from the parties to the transaction?
- ACannot disburse without written approval from buyer and seller
- BEscrow company
- CThe broker holding the earnest money
- DIdaho Real Estate Commission
18Who is considered the responsible broker in a cooperative sale?
- AThe listing broker
- BThe selling broker
- CThe broker holding entrusted funds
- DBoth the listing and selling brokers
19Who is responsible for the accuracy of a closing (settlement) statement?
- AResponsible listing agent
- BResponsible selling agent
- CResponsible escrow officer
- DResponsible broker
20How are rejected offers handled?
- ANothing is required
- BNeed to be marked as "rejected"
- CGiven to seller for their records
- DMarked and dated as "rejected"
21Sales associates can only accept fees, compensation, or commission from whom?
- AThe broker with whom licensed
- BDirectly from the buyer or seller
- CFrom the escrow company
- DDirectly from the cooperating broker
22Two competitive real estate companies were struggling and over lunch they each agreed to increase their fees so they could survive a down market. This would be an example of what?
- ACooperation
- BPrice fixing
- CGood business practice
- DFriendly competition
23Who has/have the final say to invoke disciplinary action from a complaint?
- ADepartment of Investigation
- BChief Investigator
- CExecutive Director
- DCommission Memebers
24If a judgment surrounding a real estate related transaction has been brought against a real estate agent, how long does the agent have to notify the Idaho Real Estate Commission?
- A10 days
- B20 days
- C30 days
- DNot necessary, since civil action is outside the jurisdiction of the Idaho Real Estate Commission
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- j - Test, Chapter 10 (24 questions)
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- J R
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- English
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