Free Idaho Real Estate Practice Exam

Q1.A broker receives a referral fee from a mortgage company for directing clients to use their services. This arrangement is permissible under RESPA if:

• A.The fee is disclosed to all parties
• B.The fee is less than $500
• C.The broker provides additional services of value
• D.This arrangement is never permissible

Q2.According to Idaho Code 54-2011, when must a broker deposit client funds into a trust account?

• A.Within 24 hours of receipt
• B.By the end of the next business day after receipt
• C.Within three business days of receipt
• D.Within one week of receipt

Q3.A property sold for $450,000. The listing agent's commission rate is 3% and the selling agent's commission rate is 2.5%. What is the total commission paid by the seller?

• A.$13,500
• B.$20,250
• C.$24,750
• D.$11,250

Q4.An Idaho property management company implements a policy requiring all applicants to provide proof of citizenship. Under Idaho fair housing law, this policy:

• A.Is legal as citizenship verification is standard practice
• B.Is legal if applied to all applicants equally
• C.May constitute discrimination based on national origin
• D.Is required under federal immigration law

Q5.Which federal law requires disclosure of lead-based paint hazards in residential properties built before 1978?

• A.Fair Housing Act
• B.Truth-in-Lending Act
• C.Residential Lead-Based Paint Hazard Reduction Act
• D.CERCLA

Q6.Which document is required in Idaho to properly create a joint tenancy in real property?

• A.A lease agreement
• B.A deed that specifically states joint tenancy
• C.A court order
• D.A property management agreement

Q7.Under the Equal Credit Opportunity Act (ECOA), lenders are prohibited from discriminating based on:

• A.Credit score and payment history
• B.Debt-to-income ratio
• C.Marital status and national origin
• D.Employment history and income level

Q8.A real estate agent learns that a property is located in a flood zone designated by FEMA. What is the agent's obligation regarding flood insurance disclosure?

• A.The agent must obtain flood insurance for the buyer
• B.The agent must inform the buyer that flood insurance may be required by the lender
• C.The agent has no obligation to disclose flood zone information
• D.The agent must provide a flood insurance policy quote

Q9.In Idaho, what is the statute of limitations for filing a fair housing complaint with the Idaho Human Rights Commission?

• A.180 days from the date of the alleged discriminatory act
• B.One year from the date of the alleged discriminatory act
• C.Two years from the date of the alleged discriminatory act
• D.Three years from the date of the alleged discriminatory act

Q10.A tenant in Idaho requests repairs to a broken heater in January. The landlord fails to make repairs within a reasonable time. Under Idaho's Residential Rental Agreements Act, which remedy is available to the tenant?

• A.Immediate lease termination with 24-hour notice
• B.Withholding rent until repairs are completed
• C.Making repairs and deducting cost from rent up to one month's rent
• D.All of the above remedies are available

Q11.In Idaho, what happens when a joint tenant transfers their interest to a third party?

• A.The joint tenancy continues unchanged
• B.The joint tenancy is severed and becomes a tenancy in common
• C.The transfer is void
• D.All joint tenants must approve the transfer

Q12.Which of the following best describes the Idaho Real Estate Commission's authority regarding license sanctions?

• A.They can only issue warnings
• B.They can suspend, revoke, or refuse to renew licenses
• C.They can only impose monetary fines
• D.They must get court approval for all sanctions

Q13.In Idaho property management, tenant security deposits must be held in which type of account?

• A.The property manager's operating account
• B.A separate trust or escrow account
• C.The property owner's personal account
• D.Any federally insured bank account

Q14.In Idaho, which entity is primarily responsible for investigating fair housing complaints?

• A.Idaho Real Estate Commission
• B.Idaho Human Rights Commission
• C.Idaho Attorney General's Office
• D.U.S. Department of Housing and Urban Development only

Q15.A buyer purchases property and receives a deed that contains the covenant of seisin. What does this covenant guarantee?

• A.The property is free from all liens and encumbrances
• B.The grantor has the legal right and capacity to convey the property
• C.The grantee will have quiet enjoyment of the property
• D.The grantor will defend the grantee's title against future claims