Idaho Real Estate Salesperson Exam — All Questions

Under the Idaho Real Estate Commission's rules, a dispute between two licensees over a commission split is:

• a.decided by the commission at its next regular meeting
• b.not something the commission will get involved in✓
• c.referred to the Idaho Association of REALTORS for arbitration
• d.grounds for automatic suspension of both licenses involved

The commission's practice standards rule states that the Idaho Real Estate Commission will not be involved in resolving disputes between licensees, or between licensees and buyers and sellers, concerning commissions or fees. Cite: IDAPA 24.37.01.200.02.

Idaho Real Estate Commission rules provide that a broker or sales associate:

• a.may prepare deeds for parties who have not retained an attorney
• b.must recommend an attorney from a commission-approved list
• c.will not discourage a party from seeking an attorney's advice✓
• d.may give a written opinion on the validity of the title

The commission's practice standards rule directs that a broker or sales associate will not discourage any party to a real estate transaction from seeking the advice of an attorney. Cite: IDAPA 24.37.01.200.03.

Idaho's Property Condition Disclosure Act requires the seller to deliver the signed, completed disclosure form to the buyer:

• a.before the buyer submits a written offer
• b.at the first showing of the property
• c.within three (3) days of accepting the offer
• d.within ten (10) days of accepting the buyer's offer✓

Every transferor must deliver a signed and dated copy of the completed disclosure form to each prospective transferee or the transferee's agent within ten (10) days of the transferor's acceptance of the offer. Cite: Idaho Code 55-2509.

An Idaho buyer who receives the seller's property condition disclosure form after already entering into the transfer agreement may rescind:

• a.within three (3) business days after receiving the form✓
• b.within ten (10) calendar days after receiving the form
• c.at any time before closing, for any reason at all
• d.only if the seller agrees to release the earnest money

Rescission requires a written, signed, dated notice identifying the specific disclosure objected to, delivered within three (3) business days after the transferee or agent receives the form; otherwise the right to rescind is waived. Cite: Idaho Code 55-2515.

Idaho's property condition disclosure requirement applies to residential real property:

• a.occupied by the seller as a principal residence only
• b.of one to four dwelling units, including rental property✓
• c.of one to four units, but only when owner occupied
• d.of any size whenever a real estate licensee handles the transfer

The Act reaches transfers of real property improved with or consisting of not less than one (1) nor more than four (4) dwelling units, and expressly includes nonowner-occupied rental property. Cite: Idaho Code 55-2504 (last amended 1997, ch. 229).