Idaho Real Estate Salesperson Exam — All Questions

An Idaho brokerage may act as a limited dual agent representing both buyer and seller only when:

• a.The transaction price exceeds a set amount
• b.Both parties give informed written consent✓
• c.The Commission issues a waiver
• d.The designated broker approves after closing

A brokerage may act as a limited dual agent only with the informed written consent of both parties. The brokerage may assign individual agents to each client, and the licensees must protect each party's confidential information and remain neutral on price and terms.

Absent written instructions signed by the interested parties, an Idaho broker must deposit money received for another in a real estate transaction:

• a.on the same business day the funds are received by the broker
• b.within three (3) business days of receipt
• c.on or before the banking day after the receipt day✓
• d.within five (5) banking days of receipt

All money received by a broker for another is to be deposited on or before the banking day immediately following the receipt day, unless written instructions signed by the party or parties with an interest direct otherwise. Cite: Idaho Code 54-2045(1).

An Idaho sales associate who receives an earnest money check from a buyer must:

• a.immediately deliver it to the broker or the broker's office✓
• b.deposit it in the brokerage trust account the same day
• c.hold it in the transaction file until the seller accepts
• d.deliver it to the escrow closing agent named in the offer

All consideration received by a sales associate in connection with a real estate transaction, including cash, checks held uncashed, and promissory notes, must be delivered immediately to the broker or the broker's office. Cite: Idaho Code 54-2045(4).

An Idaho broker's real estate trust account must ordinarily be:

• a.interest bearing, with the interest credited to the buyer
• b.held at any federally insured depository outside Idaho
• c.titled in the designated broker's own personal name
• d.noninterest bearing and at an approved depository✓

Each trust account must be noninterest-bearing except as allowed for single-transaction interest-bearing accounts, must be at an approved depository, and must be identified as a "real estate trust account." Cite: Idaho Code 54-2042(1) and (2).

An Idaho broker may place earnest money in a separate interest-bearing trust account only when:

• a.the broker files a written notice of the account with the commission
• b.both parties direct it in writing and agree who receives interest✓
• c.the deposit exceeds ten thousand dollars ($10,000)
• d.closing is scheduled more than sixty (60) days out

An interest-bearing trust account may be used for a single transaction only if both parties so direct in writing, the account holds only that transaction's funds, and a signed written agreement states who receives the accrued interest. Cite: Idaho Code 54-2043.

Idaho permits a disbursement from a real estate trust account only:

• a.on written signed authorization of the parties or a court order✓
• b.on the designated broker's own written instruction
• c.after the transaction has closed and the deed is recorded
• d.when the escrow closing agent requests the funds

No disbursement may be made without written, signed authorization by the parties to the transaction or an order of the court; those instructions may appear in the purchase and sale agreement or a separate document. Cite: Idaho Code 54-2046(1).

An Idaho broker may withdraw the brokerage's commission from the real estate trust account:

• a.as soon as the seller accepts the buyer's written offer
• b.at any time after the buyer's loan has been approved
• c.only with prior written authorization or signed closing statements✓
• d.only after the Idaho Real Estate Commission audits the transaction file

No part of the broker's commission may be disbursed without prior written, signed authorization from buyer and seller, or until signed closing statements are delivered to the broker and the party due money has been paid. Cite: Idaho Code 54-2046(4).

When two parties each make demand on earnest money an Idaho broker holds, the broker must first:

• a.deposit the money with the district court within ten (10) days
• b.notify each party in writing of the other party's demand✓
• c.release the funds to the party named in the listing agreement
• d.refer the dispute to the Idaho Real Estate Commission for decision

On competing demands the broker must notify each party in writing of the other's demand and keep all parties informed of the broker's actions, including holding the funds until the dispute is resolved. Cite: Idaho Code 54-2047(1).

Idaho brokers must keep representation agreements, trust account ledgers, and transaction files for:

• a.one (1) calendar year after the transaction closes
• b.two (2) calendar years after the year of closing
• c.five (5) calendar years after all funds are disbursed
• d.three (3) calendar years after the year of the event✓

The listed records must be kept three (3) calendar years after the year in which the event occurred, the transaction closed, all funds were disbursed, or the agreement and any written extension expired. Cite: Idaho Code 54-2049.

All advertising of listed Idaho property must clearly and conspicuously contain:

• a.the broker's licensed business name✓
• b.the listing agent's personal license number
• c.the designated broker's office telephone number
• d.the words "Equal Housing Opportunity" in bold type

Advertising of listed property, including advertising by licensed branch offices, must clearly and conspicuously carry the broker's licensed business name, and a new business name may not be used until the commission approves the change. Cite: Idaho Code 54-2053(2) and (3) (last amended 2017, ch. 125).

An actively licensed Idaho salesperson who is selling her own home must:

• a.place the listing with a brokerage other than the one she is licensed with
• b.disclose her active license in writing and work through her broker✓
• c.obtain the commission's written consent before listing it
• d.waive any commission on the sale of her own property

A licensee dealing in her own property must comply with the whole chapter, must disclose in writing that she holds an active Idaho license no later than presentation of the purchase and sale agreement, and must conduct the transaction through the broker she is licensed with. Cite: Idaho Code 54-2055.

Unless a statute or rule provides otherwise, an Idaho broker may share a commission with:

• a.an unlicensed person who introduced the buyer
• b.a licensed appraiser who referred the seller
• c.a broker actively licensed in Idaho or another jurisdiction✓
• d.the buyer's attorney, as a referral fee at closing

An Idaho licensee may not pay any part of a commission earned in a regulated transaction to a person who is not actively licensed as a real estate broker in Idaho or another state or jurisdiction, and the paying broker must verify that status. Cite: Idaho Code 54-2054(2) (last amended 2015, ch. 73).

An Idaho designated broker is specifically required to:

• a.attend in person every closing the brokerage conducts
• b.co-sign every check drawn on the real estate trust account
• c.hold a separate designated broker license for each branch office
• d.review and approve all of the brokerage's real estate agreements✓

The designated broker must supervise all office locations and associated persons, be reasonably available to manage the company and to the public during business hours, and review and approve all real estate agreements, including listings and representation agreements. Cite: Idaho Code 54-2038(1)(b) (last amended 2020, ch. 106).