Idaho Real Estate License Exam

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Associate licensee

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A licensed real estate sales person who is employed by or associated with the broker to perform brokerage activities on behalf of or for the broker

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Broker

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One who acts as an intermediary on behalf of others for a fee or commission

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Code of Ethics

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A written system of standards for ethical conduct

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Market

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A place where goods can be bought and sold and a price established

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Real estate licensee

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In real estate practice, a person who has the skills and knowledge to be licensed as a real estate broker or salesperson

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Sales Associate

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A person who performs real estate activities while employed by a licensed real estate broker

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Supply and demand

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The appraisal principle that follows the interrelationship of the supply of and demand for real estate. Because appraisal is based on economic concepts, this principle recognizes that real property is subject to the influences of the marketplace as with any other commodity

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Antitrust laws

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Laws designed to preserve the free enterprise of the open market place by making it illegal certain private conspiracies and combinations formed to minimize competition. Most violations of antitrust laws in the real estate business involved either price fixing, or allocation of customers or markets

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Brokerage

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The bringing together of parties interested in making a real estate transaction

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Meeting

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Commission

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Payment to a real estate professional for services rendered such as in the sale or purchase of real property

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Disclaimer

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A statement indicating no legal responsibility for information

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Electronic signatures in global and national Commerce Act (e-sign)

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An act that makes contracts (including signatures and records) legally enforceable regardless of the medium in which they are created

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Internet data exchange (IDX) policy

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Policy that allows all Multiple Listing Service (MLS) members to restrict internet access to MLS property listings

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Multiple Listing Service (MLS)

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A marketing organization composed of member real estate professionals who agree to share their listing agreements with one another in hope of preparing ready, willing, and able buyers for their properties more quickly than they could on their own. Most multiple listing services except exclusive right to sell or exclusive agency listings from their member real estate professionals

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procuring cause

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The effort that brings about the desired result. Under an open listing, the real estate professional who is procuring cause of the sale receives the Commission

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Uniform Electronic Transactions Act (UETA)

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Sets forth rules for entering into an enforceable contract using electronic means

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Purpose of the Idaho real estate commission

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To protect the public and the real estate industry. It is charged with administrating and enforcing the provisions of title 54 of the Idaho Code. It also sets the education requirements to secure and maintain a real estate license. 4 members.

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Purpose of the Idaho real estate Education Council

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Serves as an advisory group to the Commission to recommend the education policy and course content quality for all education courses. Consists of six members

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Licensure exceptions

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1.A transfer of any interest in real property or business interest for a person's own account or use.

2. Acquisition or disposal of real property or business opportunity interest within scope of his or her employment

3. Acting with power of attorney for a single transaction in a parcel of real property or business opportunity

4. Any person selling based on default provisions of a deed of trust

5. Acting as an administrator, executor or personal representative of an estate

6. Acting as a property management, rental or leasing agent

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Broker requirements

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1. Evidence of being engaged on a full time basis for two of the last five years as a licensed real estate salesperson

2. Fingerprinting

3. Designated broker must have a physical office location and a business name

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Continuing education for renewal

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2 core courses and 12 classroom hours of instruction. For your first license. You must take the post licensing course instead of the 12 hours

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Activities requiring a license

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1. Offer-to-list buy sell or negotiate for others

2. Negotiate the purchase, sale, option, or exchange of real estate

3. Takes part in the procuring of prospects or closing of any transaction

4. Negotiate any real estate interest, option, or business opportunity for others

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Types of real estate license

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1. sales person or associate broker affiliation

2. Designated broker

3. Limited broker

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Salesperson minimum requirements

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1. Be an individual

2. Be 18 years of age or older

3. Have a high school education or equivalency

4. Not had a real estate or other occupational license revoked in Idaho within five years

5. No felonies

6. Complete all education requirements unless granted a waiver

7. Pass the real estate license exam

8. Be fingerprinted

9. Sign an irrevocable consent to service and provide the commission a full and current mailing address period must notify commission of change of address within 10 business days

10. Provide the name and physical address of the designated broker with whom you'll be affiliated enter 11. Provide proof of errors and omissions insurance

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Double contract

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A situation and where there are two or more contracts for the purchase of real estate in which one is not made known to the perspective loan underwriter or loan guarantor

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Fee splitting

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A licensee shall not share a fee involving compensation received in a regulated real estate transaction. You may however pay part of a fee or commission directly to the buyer or seller as long as such Payment does not create a double contract or mislead any broker lender or title company

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Finders fee

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A license you cannot offer anything of value to an unlicensed person to secure prospects to buy, sell, option, or otherwise dispose of any interest in real property

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Who can pay you?

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Only your broker

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Agency

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The relationship between a principal and an agent wherein the agent is authorized to represent the principal in certain transactions

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Agent

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One who acts or has the power to act for another

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Client

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The principal in an agency relationship or other form of representation

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Customer

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The third party or non represented consumer For Whom some level of service is provided

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Designated agency

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A process that accommodates an in-house sale in which two different agents are involved. The broker designates one agent to represent the seller and one agent to represent the buyer

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Designated agent

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A real estate professional authorized by a broker to act as an agent for a specific principal in a particular transaction. Also may be called assigned agent or appointed agent

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Dual agency

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Representing both parties to a transaction. This is unethical unless both parties agree to it and it is illegal in some states

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Express agency

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An agency relationship based on formal agreement between the parties

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Express agreement

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An oral or written contract in which the parties state the contract terms and express their intentions in words

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Fiduciary

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One in whom trust and confidence is placed. A reference to a real estate professional employed under the terms of a listing contract or buyer representation agreement

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Fiduciary relationship

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A relationship of trust and confidence, as between trustee and beneficiary, attorney and client, or principal and agent

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Fraud

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Deception intended to cause a person to give up property or lawful right

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General agent

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One who is authorized by a principal to represent the principal in a specific range of matters

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Implied agency

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If the actions of the parties imply that they have mutually consented to an agency relationship, and implied agency relationship is formed

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Implied agreement

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A contract under which the agreement of the parties is demonstrated by their acts and conduct

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Latent defect

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A hidden structural defects that could not be discovered by ordinary inspection and that and threatens a property's soundness or safety of its inhabitants. Some states impose on property sellers and real estate professionals a duty to inspect for and disclose latent effects

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Negligent misrepresentation

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Occurs when the real estate professional should have known that a statement about a material fact was false

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Non agent

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An intermediary between a buyer and a seller or a landlord and a tenant, who was this one or both parties with a transaction without representing either. Also known as a facilitator, transaction broker, transaction coordinator, and contract broker

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Principal

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1. A sum loaned or employed as a fund or an investment, as distinguished from its income or profits.

2. The original amount (as in a loan) of the total due and payable at a certain date.

3. A main party to a transaction - - the person for whom an agent works

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Puffing

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Exaggerated or superlative comments or opinions

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Single agency

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Agency relationship in which the agent represents only one party to a transaction

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Special Agent

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When he was authorized by a principal to perform a single act or transaction semicolon a real estate professional is usually a special agent authorized to find a ready, willing, and able buyer for a particular property, when representing a seller, or a special agent authorized to find a suitable property, when representing a buyer

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Transaction broker

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Helps both the buyer and the seller with paperwork and formalities in transferring ownership of real property, but who is not an agent of either party

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Universal agent

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A person empowered to do anything the principal could do personally

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Comparative Market Analysis: CMA

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a comparison of the prices of recently sold homes that are similar to a listing seller's home in terms of location, style, and amenities

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Exclusive agency listing

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A listing contract under which the owner appoints a real estate professional as her exclusive agent for a designated period of time to sell the specified property, on the owner's stated terms, for a commission. The owner reserves the right to sell the property without paying anyone a commission if the sale is to a prospect who has not been introduced or claimed by the real estate professional

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Exclusive buyer representation agreement

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Agreement in which the buyer works with only one broker, although the broker is free to represent other buyer clients

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Exclusive right to sell listing

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A listing contract under which the owner of points a real estate professional as his exclusive agent for a designated period of time to sell the specified property on the owners stated term and agrees to pay the real estate professional a commission when the property is sold whether by the real estate professional, the owner, or another real estate professional

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Net listing

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A listing based on the net price the seller will receive if the property is sold. Under in that listing, the real estate professional can offer the property for sale at the highest price of Hannibal to increase the Commission. This type of listing is illegal in many states

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Open listing

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A listing contract under which the real estate professional compensation is contingent on the real estate professional producing a ready, willing, and able buyer before the property is sold by the seller or another real estate professional