Idaho Real Estate Broker Exam — All Questions
4 questions
Which body licenses and regulates real estate brokers in Idaho?
- a.The Idaho Association of Realtors
- b.The Idaho Department of Insurance
- c.The Idaho Real Estate Commission (IREC)✓
- d.The county recorder's office
The Idaho Real Estate Commission (IREC) licenses and regulates brokers and salespersons under the Idaho Real Estate License Law (Idaho Code Title 54, Chapter 20) and the IREC Rules. A trade association is a private membership group with no licensing power, and the recorder and Department of Insurance have no jurisdiction over real estate licensing.
In Idaho, a designated broker is responsible for:
- a.Supervising the licensees and the trust account of a licensed business entity✓
- b.Personally appraising every property the office lists
- c.Approving each salesperson's individual license application at the Commission
- d.Setting statewide commission rates for all brokerages
Idaho requires each licensed real estate brokerage entity to have a designated broker who is responsible for the entity's licensed activity, supervision of affiliated licensees, and proper handling of the trust account. The designated broker is accountable to IREC for the firm's compliance. Commission rates are set by agreement between broker and client, never by the state.
An Idaho broker wants to keep a license active. Idaho law requires the broker to:
- a.Renew only once every five years with no education
- b.Hold membership in a national trade association
- c.Pass the broker exam again at each renewal
- d.Complete required continuing education and renew the license before it expires✓
Idaho licensees must complete IREC-approved continuing education and renew their licenses on the required cycle to keep them active. Continuing education keeps brokers current on law and rule changes. Re-examination is not required for renewal, and trade-association membership is voluntary and unrelated to licensure.
An Idaho salesperson wants to become a broker. Compared with the salesperson license, the Idaho broker license generally requires:
- a.Less education and no experience
- b.Additional broker-level education and qualifying real estate experience✓
- c.Only payment of a higher fee
- d.Residency in another state
Idaho's broker license is a higher tier that requires additional broker-specific education and qualifying experience beyond the salesperson requirements, plus passing the broker exam. This reflects the broker's added responsibilities for supervising licensees and managing trust funds. A fee alone does not upgrade a license.