Idaho Real Estate Exam
1,497+ Practice Questions & Answers
Every question includes a detailed explanation. Organized by the 12 topics on the Idaho real estate salesperson exam.
Idaho License Law
169 questions- Which agency is responsible for licensing and regulating real estate professionals in Idaho?
- How many pre-license education hours are required for an Idaho real estate salesperson license?
- How many questions are on the Idaho real estate salesperson licensing exam?
- What is the minimum passing score required on the Idaho real estate salesperson exam?
- In Idaho, real estate licenses must be renewed every:
- How many continuing education hours must Idaho licensees complete per renewal period?
- In Idaho, a real estate salesperson who practices without being affiliated with a licensed broker is:
- Idaho is classified as a lien theory state. This means that when a buyer takes out a mortgage:
- Which of the following actions could result in disciplinary action against an Idaho real estate licensee?
- What is the required minimum age to obtain a real estate salesperson license in Idaho?
- Under Idaho law, a broker who holds client funds must deposit them into a trust account within:
- Which of the following is generally EXEMPT from Idaho real estate licensing requirements?
- To qualify for an Idaho real estate broker's license, an applicant must have at least how many years of active salesperson experience?
- How many pre-license education hours are required for an Idaho real estate broker's license?
- The Idaho Real Estate Commission is composed of how many members?
- An Idaho real estate license that has been expired for more than how many months requires the licensee to retake and pass the licensing exam?
- A licensee who changes their name must notify the Idaho Real Estate Commission within:
- Which of the following activities requires a real estate license in Idaho?
- Idaho's Real Estate Recovery Fund provides compensation to consumers who have been harmed by a licensed real estate professional. The maximum recovery per transaction is:
- An Idaho licensee who wishes to place their license on inactive status must:
- Which of the following is a requirement for obtaining an Idaho real estate salesperson license?
- Under Idaho license law, an unlicensed personal assistant may perform which of the following activities?
- An Idaho salesperson licensee who works independently without a broker affiliation is said to have a(n):
- In Idaho, a real estate broker can operate as which of the following business structures?
- The Idaho Real Estate Commission may revoke a license for all of the following EXCEPT:
- When an Idaho broker sells their own property, they must:
- Which of the following statements about Idaho's continuing education requirements is TRUE?
- Under Idaho law, a real estate licensee must disclose their agency relationship to a customer at:
- What must an Idaho broker do when they terminate a salesperson's association?
- An Idaho salesperson who wants to advertise their services must:
- The Idaho Real Estate Commission's authority to discipline licensees includes all of the following EXCEPT:
- A non-resident applicant for an Idaho real estate license must:
- In Idaho, a real estate licensee who practices property management without a current active license is:
- A person who negotiates real estate transactions exclusively as an employee for one owner is:
- In Idaho, which type of listing agreement is considered potentially unethical and is discouraged by the Idaho Real Estate Commission?
- When a licensed Idaho salesperson changes employing brokers, they must:
- An Idaho real estate licensee convicted of a felony involving fraud must:
- Which of the following actions by an Idaho licensee would constitute misrepresentation?
- A real estate license in Idaho expires at midnight on the licensee's renewal deadline. If the licensee continues to practice after expiration, they are:
- What is the name of the Idaho administrative rules governing real estate licensees?
- In Idaho, how many hours of continuing education must a licensee complete per two-year renewal cycle?
- In Idaho, a salesperson license applicant must be at least how old?
- Which document must an Idaho broker maintain for each transaction handled by their salespersons?
- An Idaho real estate salesperson wants to work for a second broker simultaneously. This is:
- What is the required waiting period before an Idaho salesperson may apply for a broker's license?
- How does Idaho handle reciprocity for real estate licensees from other states?
- An Idaho licensee's license expires and they continue to practice real estate for 60 days. This is:
- Which Idaho law primarily governs real estate licensing?
- A real estate licensee in Idaho who knowingly makes a misrepresentation to a client may face:
- The Idaho Real Estate Commission Education Fund is primarily used for:
- An Idaho broker who allows their license to expire but continues to operate a brokerage is subject to:
- In Idaho, a licensee must notify IREC of a change of employing broker within:
- Which of the following is an example of commingling of funds, which is prohibited for Idaho brokers?
- Which of the following is an example of 'net listing,' which is prohibited in Idaho?
- An Idaho licensee who is also an attorney practicing law must:
- The Idaho Real Estate Commission is composed of:
- What must an Idaho licensee do if they are convicted of a felony?
- Which of the following is true about an Idaho 'associate broker' license?
- Which of the following is NOT a ground for IREC to revoke or suspend an Idaho real estate license?
- In Idaho, a licensee who receives a gift or incentive from a client must:
- An Idaho salesperson signs a listing agreement in their own name without disclosing their broker. This is:
- What is the purpose of the Idaho Real Estate Education Fund (recovery fund)?
- In Idaho, which activity is exempt from the real estate licensing requirement?
- In Idaho, an inactive real estate license means the licensee may:
- Under Idaho law, a real estate broker must maintain trust account records for at least:
- If a complaint is filed against an Idaho licensee with IREC, who has the initial burden of investigating the complaint?
- In Idaho, how long does a new licensee have to affiliate with a broker after passing the exam?
- A 'designated broker' in Idaho is responsible for:
- Under IDAPA rules, an Idaho broker must supervise their affiliated licensees by:
- In Idaho, a real estate licensee may advertise using a team name if:
- Which of the following is required in all Idaho real estate advertising by a licensee?
- What is 'steering' in the context of Idaho fair housing and license law?
- An Idaho real estate license may be issued on a 'probationary' basis when:
- A buyer signs a buyer representation agreement with an Idaho licensee. This agreement primarily establishes:
- In Idaho, which of the following is NOT required for a real estate listing agreement to be valid?
- Under Idaho law, the Seller Property Disclosure form must be provided to the buyer:
- A licensee in Idaho is found guilty of 'conversion' of trust funds. This means they:
- Which of the following persons is typically EXEMPT from Idaho real estate licensing?
- What does Idaho law require a real estate broker to include in their written company policy manual?
- How does Idaho address 'kickbacks' or undisclosed referral fees in real estate transactions?
- In Idaho, a real estate salesperson who wants to receive compensation directly from a client (not through the broker) may:
- An Idaho licensee who purchases real estate for personal investment must disclose that they are a licensed agent to:
- What is the purpose of the IREC's continuing education requirements?
- An Idaho broker opens a trust account. Which type of financial institution is acceptable for holding client trust funds?
- Under Idaho law, a broker may pay a referral fee to an out-of-state licensee if:
- In Idaho, if a licensee's broker license is suspended, what happens to the salespersons affiliated with that broker?
- What is the primary purpose of Idaho's real estate license law?
- What is the 'IREC real estate core curriculum' required in Idaho continuing education?
- In Idaho, what does IDAPA stand for?
- Under Idaho law, who may serve as a 'principal broker' or 'designated broker' for a real estate company?
- When must an Idaho real estate licensee provide a copy of a signed purchase agreement to all parties?
- A real estate licensee in Idaho is showing a property listed by another company. The showing agent has a responsibility to:
- Idaho's pre-license education for salesperson applicants must be completed at:
- What does the term 'procuring cause' mean in Idaho real estate?
- An Idaho salesperson who works with a buyer and then switches to representing the seller in the same transaction must:
- In Idaho, the IREC may impose a fine of up to how much per violation against a licensee?
- How long does a licensee have to request a hearing after IREC issues a notice of intent to discipline?
- An Idaho real estate office must have a physical office location if:
- Under Idaho law, what is the definition of 'real estate brokerage'?
- In Idaho, a 'limited liability company' (LLC) engaged in real estate brokerage must:
- Which of the following must appear on all Idaho real estate advertising?
- What is required for an Idaho broker to establish a branch office?
- What is 'unlicensed practice' in Idaho real estate?
- What is a 'pocket listing' and what are Idaho's rules regarding disclosure?
- Under Idaho law, a licensed real estate salesperson may negotiate directly with a buyer for-sale-by-owner (FSBO) without disclosing their license status:
- What is a 'designated agency' model and has Idaho adopted it?
- In Idaho, a real estate broker's supervision duties include:
- How does Idaho law address the situation where a licensee is the buyer or seller in a transaction AND is representing another client in the same transaction?
- Under Idaho law, what is required for a real estate salesperson to become a designated/principal broker?
- What is 'inducement to breach a contract' as an IREC violation?
- In Idaho, what does 'errors and omissions' (E&O) insurance cover for a real estate licensee?
- What is the 'Idaho Seller Property Disclosure Act' primarily designed to do?
- In Idaho, which properties are exempt from the Seller Property Disclosure requirements?
- In Idaho, which IDAPA rule addresses trust account requirements for brokers?
- What constitutes 'unfair trade practices' under Idaho real estate license law?
- What are 'advance fees' and how does IREC regulate them in Idaho?
- What is a 'property management agreement' requirement under Idaho license law?
- In Idaho, which of the following requires a real estate broker's license (not just a salesperson license)?
- Under Idaho license law, what must a licensee do if they become aware that a property they listed has a material defect not previously disclosed?
- What is the 'continuing education credit' requirement for the mandatory topics in Idaho's 20-hour CE cycle?
- In Idaho, a real estate salesperson who has their license suspended may:
- What is a 'business opportunity' and does it require a real estate license in Idaho?
- What is the purpose of Idaho's 'broker reciprocity' arrangement for MLS listings?
- What is the significance of the Idaho Real Estate Commission's power to issue 'consent orders'?
- Under Idaho law, what is required for a new real estate company name to be used?
- What Idaho license requirement applies to a property manager who manages only commercial properties?
- What is the Idaho Real Estate Commission's position on online real estate courses for pre-licensing education?
- In Idaho, what is the IREC's 'consent to service of process' requirement for licensees?
- What is an Idaho real estate 'license renewal grace period' and what is its significance?
- In Idaho, what is 'earnest money conversion' and why is it a serious violation?
- What must an Idaho licensee do if IREC audits their trust account?
- What is the 'Idaho Real Estate Practices Act' requirement for maintaining transaction files?
- What is a 'non-resident license' in Idaho real estate?
- Under Idaho law, how long does an inactive licensee have to reactivate their license before it must be renewed as if newly obtained?
- What must an Idaho real estate licensee do within 10 days of changing their business address?
- Which of the following activities requires an Idaho real estate license?
- Under IDAPA 33.01.01, which document must an Idaho broker maintain for each trust account transaction?
- What is the consequence of an Idaho salesperson practicing real estate while their license is suspended?
- Under IDAPA 33.01.01, how long after receiving earnest money must an Idaho broker deposit it into a trust account?
- What is the maximum civil penalty IREC can impose on a licensee for a single violation of Idaho license law?
- What is the purpose of the Idaho Real Estate Education Fund?
- Under Idaho law, when a licensee receives a written offer from a buyer, when must the offer be presented to the seller?
- What happens to an Idaho salesperson's license when their designated broker retires and no successor broker is appointed?
- Under Idaho Code §54-2033, what is the maximum amount an injured party can recover from the Idaho Real Estate Recovery Fund per transaction?
- In Idaho, what is the difference between a 'designated broker' and an 'associate broker'?
- What is the primary purpose of Idaho's continuing education (CE) requirement for real estate licensees?
- What must an Idaho licensee do if a client asks them to prepare a real estate contract without an attorney?
- What is the purpose of the IREC audit process for real estate brokers in Idaho?
- Under IDAPA, what type of advertising must include the licensed company name?
- What is Idaho's rule regarding an agent who is also the principal (buyer or seller) in a transaction?
- Under IDAPA 33.01.01, what must an Idaho real estate salesperson do to upgrade to a broker license?
- What is a 'consent to service of process' requirement for out-of-state Idaho licensees?
- What is the Idaho Subdivision Act and what does it require of developers?
- Under Idaho law, what is the required supervision ratio for an Idaho designated broker overseeing associate licensees?
- What are the consequences of an Idaho licensee failing to renew their license before the expiration date?
- Under Idaho Code §54-2004, who is exempt from the Idaho real estate licensing requirement?
- What is the Idaho Real Estate Commission's authority regarding rule-making?
- What must an Idaho designated broker do when a complaint is filed against an affiliated licensee?
- Under Idaho law, can a real estate broker share commission with an unlicensed person?
- What is an 'IREC Consent Order' and when is it issued?
- What is the purpose of the IREC 'Recovery Fund' and how is it funded in Idaho?
- What is the significance of a real estate agent's 'sponsoring broker' requirement in Idaho?
- What disclosure is required when an Idaho licensee intends to purchase a property they have listed?
- What does Idaho license law require regarding the handling of trust funds that belong to a third party (neither buyer nor seller)?
- What is IREC's authority over out-of-state licensees doing business in Idaho?
- Under Idaho law, what is the requirement for the designated broker's license to be posted?
- What is the IREC's process for handling a consumer complaint against an Idaho licensee?
- An Idaho real estate salesperson completes their required 90-hour pre-license course, passes the state and national exam, and is ready to apply. What is the next required step before they can practice real estate in Idaho?
- The Idaho Real Estate Commission (IREC) requires applicants for a salesperson license to complete how many hours of pre-license education?
Real Estate Math
168 questions- A home in Idaho sells for $425,000. The buyer obtains a conventional loan with a 20% down payment. What is the loan amount?
- A property has a gross monthly rent of $2,400. Using a gross rent multiplier (GRM) of 120, what is the estimated property value?
- A salesperson earns a 3% commission on the sale of a $380,000 property. The salesperson's broker takes a 40% split of the commission. How much does the salesperson keep?
- A property is assessed at 80% of its market value of $300,000. The property tax rate is $12 per $1,000 of assessed value. What is the annual property tax?
- An Idaho property has a market value of $550,000. The assessment ratio is 100% and the mill rate is 14 mills. What is the annual property tax?
- A property sells for $475,000. The listing agent receives a 6% commission, split equally between listing and buying sides. What does the listing agent's broker receive?
- A buyer makes a 10% down payment on a $320,000 home. PMI costs 0.8% of the loan amount annually. What is the monthly PMI payment?
- A rectangular lot measures 150 feet wide by 200 feet deep. What is the area in acres? (1 acre = 43,560 sq ft)
- A property with an NOI of $45,000 sells at a 7.5% capitalization rate. What is the sales price?
- A seller wants to net $280,000 after paying a 6% commission. What must the property sell for?
- A property appreciated 5% per year for 3 years. If the original value was $250,000, what is its current value?
- A home buyer qualifies for a loan with a maximum monthly payment of $1,800. Using a factor of $5.37 per $1,000 borrowed (30-year, 6% fixed), what is the maximum loan amount?
- A borrower has a gross monthly income of $6,500. Using a maximum front-end DTI of 28%, what is the maximum monthly housing payment (PITI) allowed?
- A parcel of land is described as the 'SW¼ of the NE¼ of Section 14, Township 3 North, Range 2 East.' How many acres does this parcel contain?
- A property sold for $180 per square foot. The total sale price was $360,000. What is the size of the property in square feet?
- A broker charges a 5.5% commission on a $410,000 sale. The listing agent receives 60% of the listing side (which is half the commission). How much does the listing agent earn?
- An investment property was purchased for $400,000 and generates $36,000 per year in net operating income. What is the capitalization rate?
- A property sells for $260,000. Closing costs are 2% of the sale price. The seller has a mortgage payoff of $185,000. What are the seller's net proceeds?
- A buyer obtains a 30-year mortgage for $250,000 at 7% interest. Using a factor of $6.65 per $1,000 borrowed, what is the approximate monthly P&I payment?
- A property was purchased for $300,000 and sold 5 years later for $400,000. What is the total percentage increase in value?
- A property's operating expense ratio (OER) is 45%. If the effective gross income is $120,000, what are the annual operating expenses?
- A home appraised at $350,000 and the buyer qualifies for a maximum LTV of 80%. How much must the buyer put down at minimum?
- A commercial lease is 3,500 sq ft at $18 per sq ft per year. What is the monthly rent?
- An investor paid $75,000 for a rental property, collects $1,000/month in rent, and has annual expenses of $4,800. What is the annual cash-on-cash return?
- A property in Boise, Idaho is assessed at $280,000 with a millage rate of 0.015 (15 mills). What is the annual property tax?
- A property sold for $525,000. The buyer's agent receives 3% of the sale price, and the buyer's agent's broker takes 30% of that. How much does the buyer's agent personally keep?
- A lot is described as 200 feet wide and 175 feet deep. The buyer paid $8.00 per square foot. What was the total purchase price?
- An investor purchases a duplex for $350,000. Each unit rents for $1,400/month. Annual operating expenses are $12,000. What is the annual NOI?
- A mortgage has a balance of $180,000 at 6.5% annual interest. What is the monthly interest portion of the next payment?
- A property was listed at $450,000 and sold for 96% of list price. What was the sale price?
- Using the income approach, a property with an annual NOI of $72,000 and a cap rate of 8% is valued at:
- A property's assessed value is $195,000. If property taxes are $2,925 annually, what is the effective tax rate (as a percentage)?
- A real estate investor depreciates a residential rental property over 27.5 years. The building (not land) cost $220,000. What is the annual depreciation deduction?
- A home sells for $375,000. The buyer pays 5% down. What is the loan amount?
- A broker charges a 6% commission on a $425,000 sale. The listing agent receives 3% and the buyer's agent receives 3%. How much does the listing agent's brokerage receive?
- A property is listed at $290,000 and sells for 97% of list price. What is the sale price?
- A seller nets $255,000 after paying a 5% commission. What was the sale price?
- A property's NOI is $36,000 and it sells at a 7.2% cap rate. What is the sale price?
- A rectangular lot is 150 feet wide and 200 feet deep. How many square feet does it contain?
- A 30,000 square foot lot is how many acres? (1 acre = 43,560 sq ft)
- A borrower obtains a $200,000 mortgage at 6% annual interest. What is the first month's interest payment?
- A property is assessed at 80% of its market value of $350,000. Property taxes are 1.4% of assessed value. What are the annual taxes?
- A property sells for $480,000. Idaho transfer taxes are calculated at $1.30 per $1,000 of sale price. What is the transfer tax?
- A home purchased for $220,000 appreciates 4% per year. What is its value after 2 years?
- A rental property generates monthly rent of $2,200. The annual gross rent multiplier (GRM) used in the area is 130. What is the estimated value?
- A lot measures 1.5 acres. How many square feet is this? (1 acre = 43,560 sq ft)
- A property's purchase price is $315,000. The buyer makes a 20% down payment. The lender charges 1.5 points. How much are the points in dollars?
- A property generates annual NOI of $45,000. The investor requires a 9% return. What is the maximum price the investor should pay?
- A broker earns a 6% commission on a $390,000 sale. If the listing agent's office split is 60/40 (60% to the listing agent), how much does the listing agent receive?
- A seller wants to net $280,000 after paying a 6% commission and $5,000 in closing costs. What must the property sell for?
- A property has a $180,000 mortgage balance at 7.5% annual interest. What is the monthly interest portion of the first payment?
- An apartment building has 8 units each renting for $850/month. The vacancy rate is 5%. What is the annual effective gross income?
- A commercial building's cap rate is 8.5% and the purchase price is $1,200,000. What is the annual NOI?
- A property is listed at $450,000 with a 5.5% commission. If the broker and cooperating broker split the commission 50/50, how much does each brokerage receive?
- If a buyer's agent earns 70% of the cooperating commission, and the cooperating commission is $12,375, how much does the buyer's agent earn?
- An investor buys a 6-unit apartment building. Each unit rents for $750/month. The vacancy rate is 8% and operating expenses are $28,800/year. What is the NOI?
- A commercial property has annual gross income of $120,000, a 5% vacancy rate, and operating expenses equal to 40% of effective gross income. What is the NOI?
- A property's tax rate is 20 mills and its assessed value is $240,000. What are the annual taxes? (1 mill = $0.001 per $1 of assessed value)
- A property was purchased for $175,000 five years ago and is now worth $210,000. What is the percentage appreciation?
- A buyer pays $325,000 for a home and puts 10% down. The lender charges PMI at 0.8% of the loan amount per year. What is the monthly PMI premium?
- A property generates gross monthly rents of $4,500. The investor values it using a monthly GRM of 120. What is the indicated value?
- Closing is on September 15. Annual property taxes of $4,800 are paid in arrears. Using a 365-day year, how many days does the seller owe? (Jan 1–Sep 15 = 257 days)
- A house has a living area of 2,400 square feet. The cost per square foot for new construction is $145. What is the replacement cost of the structure?
- A property was appraised at $325,000. The county assesses it at 90% of appraised value. The tax rate is 1.2%. What are the annual taxes?
- An investor pays $550,000 for a property generating $6,000/month in gross rent. What is the gross rent multiplier (using monthly rent)?
- A property with an annual NOI of $54,000 and a purchase price of $675,000 has a cap rate of:
- A licensee earns a commission of $18,000 on a sale. If this represents 2.5% of the sale price, what was the sale price?
- A rectangular building measures 80 feet by 50 feet. What is the square footage?
- A mortgage has a remaining balance of $150,000 at 6% annual interest. The monthly payment is $1,100. How much of the first payment goes toward principal?
- A property has a mortgage balance of $200,000 at 5.4% annual interest. The monthly payment is $1,200. How much of the first payment reduces the principal?
- An Idaho property owner has a section of land (640 acres). They sell the N½ of the SW¼. How many acres were sold?
- A property's market value is $400,000. The owner purchases title insurance at a rate of $3.50 per $1,000 of coverage. What is the premium?
- A property manager charges 10% of collected monthly rents. The building generates $8,500/month in rents with a 5% vacancy rate. What is the manager's monthly fee?
- An Idaho investor purchases a property for $480,000 with a 25% down payment and finances the rest at 5% annually. What is the loan amount?
- A seller wants to net $350,000 after a 6% commission. What must the sale price be?
- An Idaho home sold for $412,500. Transfer tax is $1.30 per $1,000 of sale price. What is the transfer tax?
- A real estate agent earns $15,600 in commission representing 60% of the total commission paid on a sale. The commission rate is 6%. What was the sale price?
- A property appreciates from $250,000 to $295,000 over 3 years. What is the total appreciation percentage?
- A section of land contains 640 acres. A buyer purchases the NE¼ of the SE¼ of a section. How many acres did they buy?
- An Idaho rental property has an annual NOI of $32,400 and is purchased for $405,000. What is the cap rate?
- A home is assessed at $220,000 and the tax rate is 1.75%. Annual taxes are paid monthly in escrow. What is the monthly escrow amount for taxes?
- A commercial building has 12,000 square feet of leasable space. Rent is $18 per square foot per year. If the vacancy rate is 10%, what is the annual effective gross income?
- A triplex has monthly rents of $950, $900, and $875. The annual vacancy rate is 7%. What is the annual effective gross income?
- A lot is triangular with a base of 200 feet and a height of 150 feet. What is the lot area in acres? (Area of triangle = ½ × base × height; 1 acre = 43,560 sq ft)
- A buyer obtained a $180,000 loan at 7% for 30 years. The monthly payment factor for a 7%, 30-year loan is $6.65 per $1,000. What is the monthly principal and interest payment?
- A property has a gross income multiplier (GIM) of 8 and annual gross income of $85,000. What is the indicated value?
- A borrower makes an extra $500 principal payment each month on a $250,000 mortgage. Approximately how many years of payments might this save? (Assume a standard 30-year term is shortened significantly by extra principal)
- A property's annual property taxes are $4,200 and are paid in advance on January 1. The property closes on May 1. How much of the prepaid taxes does the seller receive back as a credit?
- A commercial space is leased at $22 per square foot per year (NNN). The tenant's share is 3,500 square feet. What is the tenant's monthly base rent?
- An investor purchases a property for $500,000 and receives $60,000 NOI in year one. What is the cash-on-cash return if they put 30% down and paid $6,000 in annual debt service?
- Using the income approach, a property generates monthly rent of $3,200. Operating expenses are $14,400 annually and the capitalization rate is 7.5%. What is the estimated value?
- A property has a net operating income of $45,000 and an annual debt service of $32,000. What is the debt coverage ratio (DCR)?
- A property has a loan balance of $315,000. If the lender requires a minimum LTV of 80%, what is the minimum property value needed?
- A real estate investment generates a 9% return. An investor wants to earn $54,000 per year. How much should they invest?
- A property's first year NOI is $50,000, growing by $2,000 each year. In Year 5, what is the NOI?
- An Idaho listing sells for $365,000. The buyer paid $18,250 earnest money. The earnest money is what percentage of the sale price?
- A broker manages 5 properties with average monthly rents of $1,400 each. The management fee is 8%. What does the broker earn per month from management fees?
- Using the rectangular survey system, how many acres are in the W½ of the NE¼ of a section?
- A property sells for $558,000 with a 6% commission. The listing broker splits the commission evenly with the cooperating broker. The listing agent keeps 55% of the listing broker's share. How much does the listing agent earn?
- A home purchased for $310,000 is sold 4 years later for $372,000. What is the annual appreciation rate (simple, not compounded)?
- An Idaho property owner pays property taxes of $4,380 annually. If the tax rate is 1.2% of assessed value, what is the assessed value?
- A property sells for $440,000 and the buyer puts 15% down. What is the LTV ratio?
- An investor buys a 4-unit building. Each unit rents for $1,050/month. Annual expenses are $18,480. The property sells at an 8% cap rate. What is the value? (Assume 100% occupancy)
- A rectangular parcel measures 660 feet by 1,320 feet. How many acres does this contain? (1 mile = 5,280 feet; 1 section = 640 acres)
- A 10-unit apartment complex generates $125,000 in annual NOI. The buyer pays $1,250,000. What is the overall cap rate?
- A buyer's monthly gross income is $7,500. The front-end (housing) ratio limit is 28%. What is the maximum monthly PITI payment?
- An Idaho commercial building has 15,000 leasable square feet. The owner wants a minimum $22/sq ft annually in base rent. The tenant is offered a 5-year lease at $20/sq ft with 3% annual escalations. After 5 years, what is the annual rent per square foot?
- A buyer offers $275,000 on a home listed at $289,000. The seller counters at $283,500. The buyer accepts. What was the original difference between the buyer's offer and the final price?
- A real estate agent earns a 3% buyer's agent commission on a $412,000 sale. They split 30% with their broker. How much does the broker receive?
- An Idaho property is assessed at $342,000 and the annual tax rate is 1.2%. Taxes are paid in two equal installments in June and December. What is each installment?
- A 20-unit apartment building has 2 vacant units at any given time. All occupied units rent for $900/month. What is the annual effective gross income?
- A buyer obtains a $240,000 mortgage at 5.5% annual interest. What is the annual interest in the first year (assuming interest-only)?
- A property's market value is $500,000 and it is assessed at 85% of market value. The tax rate is 1.6% of assessed value. What are the annual taxes?
- If a seller offers 2% seller concessions on a $355,000 purchase, what is the dollar amount of the concessions?
- A rental home generates $18,000 in annual rent. The investor paid $198,000. What is the gross rent multiplier (annual)?
- A property has an NOI of $78,000, annual debt service of $54,000, and was purchased for $975,000. What is the cash-on-cash return if the down payment was 25%?
- What is the total interest paid on a $100,000 fully amortizing 30-year loan at 6% if the monthly payment is $599.55?
- A property's market value is $600,000. The owner has a $420,000 mortgage. The owner pays a 6% commission. What is the owner's net equity after selling costs?
- A 5,000 square foot commercial space rents for $2.25 per square foot per month (NNN). Annual operating expenses for the building are $45,000. The cap rate is 7%. What is the building value? (Assume full occupancy, and the building has 10,000 sq ft total)
- A buyer makes a $3,000 earnest money deposit on a $250,000 home. What percentage of the purchase price is the earnest money?
- An Idaho property sold for $425,000. The buyer obtained a $340,000 loan. What was the down payment as a percentage of the sale price?
- A landlord wants to achieve $18,000/year NOI on a property with annual operating expenses of $14,400. What must the annual gross rent be, assuming a 5% vacancy rate?
- A buyer's closing costs total $8,500 plus a 3.5% down payment on a $280,000 home. How much cash does the buyer need to bring to closing?
- A property sold for $387,500 and the total commission was $23,250. What was the commission rate?
- A 120-unit apartment complex has a 6% vacancy rate. Each occupied unit rents for $950/month. Annual operating expenses are $540,000. What is the NOI?
- A 1-mile square contains how many acres?
- A borrower pays 2 discount points on a $320,000 loan. How much did the borrower pay in points?
- A property appreciates from $180,000 to $225,000 in 5 years. What is the compound annual growth rate (CAGR)? (Approximate answer)
- A property generates annual NOI of $24,000 and is financed with a $225,000 loan at 6% interest (interest-only). What is the cash-on-cash return on a $75,000 down payment?
- A broker's trust account had a beginning balance of $15,000, received new deposits of $47,500, and disbursed $38,750. What is the ending balance?
- An Idaho home sells for $335,000. The county charges a transfer tax of $1.30 per $1,000. What is the transfer tax?
- Closing is on July 15. Annual property taxes are $5,400. Using a 360-day year (30-day months), how much do taxes cost the seller (January through July 15)?
- A buyer can afford a maximum monthly PITI payment of $2,400. If property taxes are $250/month and insurance is $150/month, what is the maximum principal and interest (P&I) payment?
- A 10-unit building has 10% vacancy. 8 occupied units rent for $1,100/month and the remaining occupied unit rents for $950/month. What is the monthly effective gross income?
- What is the price per square foot for a home that sold for $325,000 with 2,000 square feet of living area?
- An Idaho seller receives a net of $311,250 after paying a 7.5% commission. What was the gross sale price?
- What is the annual depreciation for a residential rental property with a depreciable basis of $357,500? (Using 27.5-year depreciation period)
- A property in Idaho was purchased for $280,000 and sold 3 years later for $325,000. What was the percentage appreciation?
- An Idaho property has 3.5 acres. How many square feet is this?
- A commercial property generates annual gross income of $180,000, has operating expenses of $72,000, and the investor requires a 9% cap rate. What is the estimated value?
- A buyer in Idaho makes a 5% down payment on a $340,000 home. How much is the down payment?
- A property in Idaho has a tax assessment of $265,000. The mill rate is 14.5 mills. What are the annual property taxes?
- A seller in Idaho nets $291,200 after paying a 6% commission. What was the sale price?
- An Idaho investor purchases a rental property for $195,000. The annual rent is $14,400. What is the annual gross rent multiplier (using annual rent)?
- An Idaho agent earns a 2.5% commission on a $415,000 sale. After paying 30% to their broker, what is the agent's net commission?
- An Idaho property sells for $425,000. The buyer puts 20% down and obtains a loan. The lender charges 2 discount points. What is the dollar cost of the points?
- A rectangular lot in Idaho measures 150 feet wide by 200 feet deep. What is the lot area in acres?
- An Idaho investment property has an NOI of $52,000 and was purchased for $650,000. What is the cap rate?
- A seller in Idaho paid $315,000 for a home and sold it for $378,000 three years later. What percentage profit did they make on the original cost?
- An Idaho homebuyer's loan amount is $312,000 at 6.5% annual interest. What is the first month's interest payment?
- An Idaho broker charges 6% commission, split equally between listing and selling sides. If the home sells for $385,000, how much does the listing agent's brokerage receive?
- An Idaho property manager collects $8,500/month in rent. Her management fee is 8%. What is her monthly management fee?
- An Idaho rental property has annual gross income of $36,000, operating expenses of $14,400, and debt service of $16,200. What is the annual cash flow before taxes?
- An Idaho investor owns a 10-unit apartment building. Each unit rents for $950/month. The building has a 6% vacancy rate. What is the annual effective gross income?
- An Idaho home has a list price of $359,000. It sells for 97% of list price. The seller pays 6% commission and $3,100 in other closing costs. What are the seller's net proceeds?
- A parcel in Idaho is described as the N1/2 of the SW1/4 of Section 12. How many acres does this parcel contain?
- An Idaho property owner has a $220,000 mortgage at 5.5% annual interest (30-year amortization). What is the approximate monthly interest for the first payment?
- An Idaho commercial lease charges $18 per square foot annually for a 2,400 sq ft space. What is the monthly rent?
- An Idaho investor purchases a property for $475,000 and makes improvements costing $85,000. The property is later sold for $620,000. The cost basis is purchase price plus improvements. What is the gain on sale?
- A seller accepts an offer of $445,000. The commission is 6%, split 50/50 between listing and buyer's brokerage. The listing agent keeps 60% and pays 40% to their broker. What does the listing agent net?
- An Idaho property has annual NOI of $63,500 and comparable sales indicate an 8.5% cap rate. What is the indicated value by the income approach?
- An Idaho property's assessed value is $318,000 and the annual tax rate is 1.45%. What are the annual property taxes?
- A property in Idaho is assessed at $285,000 and qualifies for a $100,000 homestead exemption. The mill rate is 12 mills. What are the annual taxes?
- An Idaho listing broker offers a 3% co-op to the buyer's agent. The home sells for $398,000. The buyer's agent keeps 70% and pays 30% to their broker. What does the buyer's agent net?
- Idaho property taxes are paid in arrears. Closing is October 15. Annual taxes are $4,800. Using the actual number of days (seller owns January 1 through October 15 = 288 days), what is the seller's tax proration?
- An Idaho home is listed at $525,000 and sells for 96% of list price. The 6% commission is based on the sale price. What is the total commission paid?
- An Idaho buyer obtains a 30-year loan at 7% interest. Using the factor of $6.65 per $1,000 borrowed, what is the monthly P&I payment on a $285,000 loan?
- A seller accepts a full-price offer of $458,000. Annual taxes of $3,660 are paid in advance through December 31. Closing is May 31 (day 151). The buyer receives a tax credit. How much is the buyer's tax credit for the remaining days (May 31 to Dec 31 = 214 days)?
Property Ownership
155 questions- In Idaho, which form of co-ownership does NOT include the right of survivorship?
- Idaho is a community property state. Property acquired by married spouses during marriage is generally:
- A life estate grants the life tenant the right to:
- Adverse possession in Idaho requires the claimant to occupy the property openly, continuously, exclusively, and hostilely for a minimum of:
- The bundle of rights associated with real property ownership includes all of the following EXCEPT the right to:
- Which type of deed provides the GREATEST protection to the buyer (grantee)?
- A quitclaim deed:
- In Idaho, a married couple takes title as joint tenants. If one spouse dies, the property:
- An easement appurtenant benefits:
- Which government power allows the state to take private property for public use upon payment of just compensation?
- A deed restriction (restrictive covenant) is BEST described as a:
- Personal property that has been permanently attached to real property and legally becomes part of the real property is called a:
- A license (in property law) is BEST described as:
- A 'fee simple absolute' estate is BEST described as:
- In a condominium, the owner holds fee simple title to:
- A cooperative (co-op) differs from a condominium in that co-op residents:
- In Idaho, community property includes:
- An appurtenant easement is created and continues because it is attached to the:
- An encroachment occurs when:
- In Idaho, mineral rights can be:
- Timber rights in Idaho allow the holder to:
- A prescriptive easement is obtained through:
- In Idaho, which of the following describes a 'fee simple defeasible' estate?
- Which of the following is a specific (voluntary) lien?
- In Idaho, which of the following BEST describes a tenancy by the entirety?
- The government's power of escheat allows the state to acquire property when:
- An easement by necessity is created when:
- In Idaho, community property acquired during marriage generally requires both spouses' signatures to:
- A deed that conveys property 'to John Smith for life, then to Mary Jones' creates what type of interest for Mary Jones?
- In Idaho, the homestead exemption protects a certain amount of a homeowner's principal residence from:
- A property owner in Idaho dedicates a strip of land along their property for a public road. This voluntary transfer of land to the public is called:
- Tacking in adverse possession allows a claimant to:
- A property that is in a subdivision with a recorded plat is legally described using:
- The government rectangular survey system divides land into townships that are:
- Riparian rights (in states that use them) give property owners adjacent to water:
- In Idaho's prior appropriation water law system, a 'beneficial use' of water is required to:
- Idaho is a community property state. Property acquired during marriage is generally considered:
- In Idaho, which of the following is NOT community property?
- What is the Idaho homestead exemption primarily designed to protect?
- In Idaho, how is a declaration of homestead typically established for a non-primary residence?
- In Idaho, 'tenancy in common' means:
- Joint tenancy in Idaho requires which of the following for all joint tenants?
- A fee simple absolute estate in Idaho gives the owner:
- In Idaho, a life estate grants the life tenant the right to:
- Which type of deed provides the greatest protection to a buyer in Idaho?
- A quitclaim deed in Idaho transfers:
- In Idaho, what is an 'easement appurtenant'?
- Which of the following best describes an 'easement in gross'?
- In Idaho, a property owner can acquire an easement over neighboring land by continuous, open, hostile, and uninterrupted use for the statutory period through:
- In Idaho, adverse possession requires continuous, open, hostile, and exclusive use for a period of:
- What is the Idaho law regarding water rights for surface water?
- In Idaho's prior appropriation water rights system, a 'water right' is best described as:
- When selling Idaho farmland with appurtenant water rights, the water rights:
- Idaho law requires a 'Seller Property Disclosure Form' to be completed by the seller for which type of transaction?
- Which of the following is considered personal property (not real property) in Idaho?
- The legal term for when real property passes to the state of Idaho because a person dies without heirs and without a will is:
- In Idaho, 'riparian rights' apply to:
- In Idaho, 'beneficial use' in water rights law means:
- A 'license' in Idaho real estate (as distinguished from an easement) is:
- What is 'constructive notice' in Idaho real estate law?
- Under Idaho's Torrens system (certificate of title system), which of the following is true?
- Idaho's 'homestead exemption' protects a homeowner's primary residence from forced sale by judgment creditors up to a maximum of:
- In Idaho, a 'trust' in real estate typically involves:
- A 'land trust' in Idaho differs from a deed of trust because:
- What is a 'survey' and why is it important in an Idaho real estate transaction?
- In Idaho, mineral rights and surface rights can be owned separately. When a property owner sells mineral rights and retains surface rights, they have created a:
- In Idaho, a 'covenant running with the land' must meet which requirements?
- What is a 'dedication' in Idaho land use law?
- In Idaho, 'concurrent ownership' includes all of the following EXCEPT:
- A buyer in Idaho purchases a property and later discovers an undisclosed easement that significantly limits their use. What is the buyer's best remedy?
- Idaho's 'Rule Against Perpetuities' relates to:
- In Idaho, a fee simple determinable estate is:
- When does 'constructive eviction' occur in Idaho landlord-tenant law?
- Which of the following is considered a fixture in Idaho real estate?
- What is a 'lis pendens' in Idaho real estate?
- In Idaho, a 'remainder interest' in property refers to:
- What is 'tenancy at will' in Idaho property law?
- In Idaho, 'accretion' refers to the gradual addition of land through the action of:
- What is 'avulsion' in Idaho real estate?
- What is 'erosion' in the context of Idaho waterfront property?
- In Idaho, a 'special warranty deed' provides the grantee with a warranty against:
- What is a 'sheriff's deed' in Idaho real estate?
- What is a 'trustee's deed' in Idaho?
- In Idaho, which of the following is true about recording a deed?
- What is 'acknowledgment' in the context of Idaho deeds?
- In Idaho, what is 'chain of title'?
- What is a 'condominium' as defined under Idaho law?
- In an Idaho condominium, the 'common elements' include:
- What is a 'cooperative' (co-op) housing arrangement and does Idaho commonly use this form?
- In Idaho, 'time-share' ownership typically refers to:
- What are 'riparian water rights' in contrast to 'prior appropriation' water rights?
- In Idaho, a water right can be forfeited if the holder:
- What is the Idaho State Department of Water Resources (IDWR) responsible for?
- What is an 'encroachment' in Idaho real estate?
- What is the purpose of a 'ALTA/NSPS Land Title Survey' in Idaho?
- In Idaho, what is a 'section' in the rectangular (government) survey system?
- What is a 'mutual water company' in Idaho?
- What is 'ground rent' in Idaho real estate?
- What is a 'ground lease' in Idaho real estate?
- What is 'solar rights' and how are they addressed in Idaho property law?
- What is a 'mineral rights reservation' in an Idaho deed?
- In Idaho, what is a 'manufactured home affidavit' used for?
- What is a 'community land trust' (CLT) in Idaho housing?
- What is an 'oil and gas lease' in Idaho and what does it grant to the lessee?
- In Idaho, what is the primary legal vehicle for transferring property at death without probate?
- What is Idaho's 'transfer on death deed' (TODD)?
- What is a 'drainage easement' in Idaho real estate?
- What is a 'utility easement' in Idaho?
- What is a 'blanket easement' in Idaho real estate?
- In Idaho, what is the 'doctrine of merger' as it applies to easements?
- What is 'profit à prendre' in Idaho property law?
- What is 'air rights' in Idaho real estate?
- What is a 'subsurface right' in Idaho real estate?
- In Idaho, what is the concept of 'lateral support' for land?
- What is 'subjacent support' in Idaho real estate?
- What is a 'deed in lieu of foreclosure' in Idaho?
- What is 'adverse possession' and what elements must be proven in Idaho?
- What is a 'notice of non-responsibility' in Idaho construction law?
- In Idaho, what is a 'statutory warranty deed'?
- What is 'unity of possession' in concurrent ownership?
- What is a 'partition action' in Idaho real estate?
- What is 'intestate succession' in Idaho and how does it affect real property?
- What is a 'testamentary disposition' of real property in Idaho?
- What is 'probate' in Idaho real estate?
- What is a 'personal representative' (executor) in Idaho estate proceedings?
- What is a 'trustee's deed vs. personal representative's deed' in Idaho?
- In Idaho, how is real property classified when it is owned by a married couple who purchased it with community funds?
- What is a 'quitclaim deed' and when is it typically used in Idaho?
- Under Idaho law, what is a 'life estate' in real property?
- In Idaho, what does 'adverse possession' require to be successful?
- What is the legal difference between a 'covenant' and an 'easement' in Idaho real property law?
- In Idaho, what is a 'prescriptive easement' and how is it created?
- What is an 'encroachment' in Idaho real estate law?
- In Idaho, what is the 'bundle of rights' concept in real property ownership?
- What is the difference between 'real property' and 'personal property' in Idaho law?
- In Idaho, when is an item of personal property considered to have become a fixture (real property)?
- What is a 'tenancy by the entirety' and does Idaho recognize it?
- In Idaho, what is the significance of the 'homestead declaration' for homeowners?
- What is an 'abstract of title' in Idaho real estate and how does it differ from title insurance?
- In Idaho, what is the 'doctrine of prior appropriation' and how does it affect real property?
- In Idaho, what is 'joint tenancy with right of survivorship' and what must be present to create it?
- In Idaho, what is 'riparian rights' doctrine vs. 'prior appropriation' for water rights?
- In Idaho, what is a 'special assessment' and how does it differ from regular property taxes?
- What is 'tenancy in common' and how does it differ from joint tenancy in Idaho?
- In Idaho, what is a 'mechanic's lien' and what is the time limit for filing one?
- What is 'eminent domain' and how does it relate to Idaho real estate?
- In Idaho, what is 'police power' and how does it relate to real estate regulation?
- In Idaho, what is 'surface rights' vs. 'mineral rights' in property ownership?
- In Idaho, what is the 'right of survivorship' and how is it created in a deed?
- In Idaho, what is a 'deed in trust' or 'land trust' and how is it used?
- In Idaho, what is 'intestate succession' and how does it affect real property?
- What is 'escheat' and when does it apply in Idaho?
- In Idaho, what is a 'condominium' and what does a unit owner actually own?
- In Idaho, what is the difference between 'fee simple absolute' and 'fee simple defeasible' ownership?
- What is 'title by descent' in Idaho and how does it transfer real property?
Finance
149 questions- In Idaho, a lien theory state, which legal instrument is commonly used to secure a real estate loan?
- The loan-to-value (LTV) ratio is calculated as:
- RESPA (Real Estate Settlement Procedures Act) requires lenders to provide borrowers with a Loan Estimate within how many days of receiving a loan application?
- A VA loan is available to eligible borrowers and is guaranteed by:
- When a buyer assumes an existing mortgage, they:
- What is the purpose of private mortgage insurance (PMI)?
- The Truth-in-Lending Act (TILA) requires lenders to disclose which key information to borrowers?
- An adjustable-rate mortgage (ARM) typically features:
- A mortgage that requires the borrower to pay only interest during the loan term with the full principal due at maturity is called a:
- The Federal Reserve's primary tool for influencing mortgage interest rates is:
- Which loan type is insured by the Federal Housing Administration and allows for a lower down payment?
- Discount points paid at closing are used to:
- A homebuyer's debt-to-income (DTI) ratio compares their:
- A wraparound mortgage is BEST described as:
- A USDA Rural Development loan is designed for:
- Amortization in mortgage lending refers to:
- In a fully amortized 30-year mortgage, what happens to the ratio of principal to interest in each payment over time?
- A home equity line of credit (HELOC) is BEST described as:
- A mortgage that provides for increasing payments over a set period of years to accommodate a borrower whose income is expected to rise is called a:
- The secondary mortgage market's primary function is to:
- A reverse mortgage allows homeowners to:
- The Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating in credit decisions based on:
- A construction loan that is converted to permanent financing upon completion of the building is called a:
- The debt coverage ratio (DCR) used by commercial lenders measures:
- A hard money loan is BEST described as:
- When a lender requires a borrower to maintain a certain amount in an escrow account for taxes and insurance, the monthly escrow payment is calculated by:
- A 'jumbo loan' is a mortgage that:
- A mortgage with a large final payment that is much larger than the regular payments is called a:
- A lender's 'points' are expressed as a percentage of the loan amount. If a borrower pays 2 points on a $200,000 loan, they pay:
- Which federal law requires lenders to provide borrowers with a Closing Disclosure at least 3 business days before closing?
- The Home Mortgage Disclosure Act (HMDA) requires lenders to:
- A prepayment penalty clause in a mortgage:
- Fannie Mae and Freddie Mac are known as:
- When interest rates rise, the demand for mortgage loans generally:
- A bridge loan is BEST described as:
- Which of the following would qualify as a non-conforming loan?
- The note rate (mortgage interest rate) and the annual percentage rate (APR) differ because:
- A negative amortization loan is one in which:
- A package mortgage is one that:
- A participation mortgage in commercial lending is one where:
- A growing equity mortgage (GEM) is structured so that:
- In Idaho, what type of instrument is most commonly used to secure a mortgage loan on real property?
- Under a deed of trust in Idaho, who are the three parties involved?
- Idaho's deed of trust foreclosure process is known as:
- In Idaho, what is the minimum notice period required before a trustee's sale under a deed of trust foreclosure?
- Under Idaho law, does a borrower have a right of redemption after a non-judicial trustee's sale?
- What type of loan allows the interest rate to change periodically based on a market index?
- Which federal law requires lenders to provide borrowers with a Loan Estimate within 3 business days of receiving a loan application?
- What is the loan-to-value (LTV) ratio on a property appraised at $280,000 with a $224,000 loan?
- A conventional loan with less than 20% down payment typically requires:
- What is the purpose of the Idaho Housing and Finance Association (IHFA)?
- What is the debt-to-income (DTI) ratio used for in mortgage lending?
- A borrower's gross monthly income is $6,000. Their proposed mortgage payment is $1,500 and other monthly debts total $600. What is their back-end DTI ratio?
- An FHA loan in Idaho requires a minimum down payment of:
- A VA loan is available to:
- What is 'points' in the context of an Idaho mortgage loan?
- Which federal law requires lenders to give borrowers a Good Faith Estimate (now replaced by Loan Estimate) of closing costs?
- USDA Rural Development loans in Idaho are designed for:
- A balloon mortgage requires the borrower to:
- The secondary mortgage market in Idaho (and nationwide) is primarily used for:
- In Idaho, a deficiency judgment after foreclosure means:
- What does 'amortization' mean in the context of an Idaho mortgage?
- A 'due-on-sale' (alienation) clause in an Idaho deed of trust requires:
- What is 'equity' in a residential property in Idaho?
- The Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating based on:
- What is a 'purchase money mortgage' in Idaho real estate?
- What is 'private mortgage insurance' (PMI) and when can an Idaho borrower request its cancellation?
- A 'bridge loan' in Idaho real estate is used when:
- What is the difference between 'interest rate' and 'annual percentage rate' (APR) on an Idaho mortgage?
- In Idaho, what is a 'seller carryback' or 'seller financing' arrangement?
- What is 'negative amortization' in a mortgage?
- The Community Reinvestment Act (CRA) requires federally insured banks to:
- In Idaho, a 'construction loan' is typically what type of financing?
- What does 'PITI' stand for in mortgage payment calculations?
- Under the Truth in Lending Act (TILA), what must be disclosed to Idaho mortgage borrowers?
- In Idaho, who typically pays the real estate transfer taxes (excise taxes) at closing?
- What is a 'conforming loan' in the context of Idaho mortgage financing?
- What is a 'jumbo loan' in Idaho mortgage financing?
- In Idaho, what is 'seller concessions' in a real estate transaction?
- What is 'mortgage insurance premium' (MIP) versus 'private mortgage insurance' (PMI)?
- In Idaho, 'assumable mortgages' allow a buyer to:
- What is an 'interest rate cap' on an Idaho adjustable rate mortgage (ARM)?
- A 5/1 ARM in Idaho means the loan has:
- What is 'prepayment penalty' in a mortgage and is it common in Idaho today?
- What is 'underwriting' in mortgage lending for Idaho real estate?
- What is the 'Home Mortgage Disclosure Act' (HMDA) and its relevance to Idaho real estate?
- What is a 'hard money loan' in Idaho real estate?
- What is a 'mezzanine loan' in commercial real estate financing?
- What is 'equity stripping' in the context of predatory lending in Idaho?
- What is the 'debt service coverage ratio' (DSCR) and why is it important to Idaho commercial lenders?
- What is a 'wraparound mortgage' in Idaho real estate?
- What is a 'no-doc' or 'stated income' loan and why are they less common today in Idaho?
- What is 'private placement' financing in Idaho commercial real estate?
- What is a 'real estate investment trust' (REIT)?
- What is a '1031 exchange' and how does it benefit Idaho real estate investors?
- Under a 1031 exchange in Idaho, the investor must identify the replacement property within how many days of closing the relinquished property?
- What is a 'tenant-in-common' (TIC) investment structure in Idaho?
- What is 'cash flow' in real estate investment as distinguished from NOI?
- What is a 'cap rate compression' in Idaho's real estate market?
- What is 'loan origination fee' in an Idaho mortgage?
- What is the 'Dodd-Frank Wall Street Reform and Consumer Protection Act' and its impact on Idaho mortgage lending?
- What is 'creative financing' in Idaho real estate?
- What is a 'lease-option' agreement in Idaho real estate?
- In Idaho, what is a 'home equity line of credit' (HELOC)?
- What is 'equity sharing' in Idaho real estate financing?
- What is the Idaho Housing and Finance Association's (IHFA) 'First Loan' program?
- What is 'debt consolidation' as it relates to Idaho home equity borrowing?
- What is 'owner financing' and what disclosure requirements apply in Idaho?
- What is a 'yield spread premium' (YSP) in mortgage lending?
- What does 'underwriting the appraisal' mean in Idaho mortgage lending?
- What is 'interest rate risk' in Idaho mortgage lending and how do lenders manage it?
- What is 'escrow impound account' in Idaho residential mortgage lending?
- What is 'subordinate financing' in the context of Idaho home purchases?
- What is the federal 'Community Development Financial Institution' (CDFI) and how might it help Idaho buyers?
- What is 'mortgage forbearance' and has it been relevant to Idaho homeowners?
- What is a 'mortgage servicer' and how does it differ from the original lender in Idaho?
- What is a 'release of lien' in Idaho real estate?
- What is 'deed of reconveyance' in Idaho real estate?
- In Idaho, what is an 'open-end mortgage'?
- What is a 'satisfaction of mortgage' in Idaho?
- What is 'mortgage subordination' and why might a lender agree to it in Idaho?
- What is the debt-to-income (DTI) ratio limit generally used by conventional lenders for total housing expense?
- An Idaho borrower has a gross monthly income of $5,500. Using a 28% front-end ratio, what is the maximum monthly housing payment they would qualify for?
- What is a 'buydown' mortgage in Idaho real estate financing?
- Under Idaho law, what is the primary security instrument used in residential real estate financing?
- What is the purpose of a loan estimate provided under TRID in Idaho real estate transactions?
- What is the 'loan-to-value ratio' (LTV) and why does it matter in Idaho real estate financing?
- What is 'private mortgage insurance' (PMI) and when is it required on Idaho home loans?
- What is an 'ARM' (adjustable rate mortgage) and what risk does it pose to Idaho borrowers?
- What is the Idaho Housing and Finance Association (IHFA) and how does it help homebuyers?
- What is a 'portfolio loan' in Idaho real estate financing?
- What is an 'interest-only loan' and what are its risks for Idaho borrowers?
- What is a 'hard money loan' and when might an Idaho investor use one?
- What is an 'assumption of mortgage' and is it available on all Idaho home loans?
- What is a 'bridge loan' and when would an Idaho buyer use one?
- What is 'points' in mortgage financing and how does paying points affect the interest rate?
- What is a 'balloon payment mortgage' and what risk does it pose for Idaho borrowers?
- What is 'seller financing' (owner financing) in Idaho real estate?
- Under the Truth in Lending Act (TILA), what is the 'annual percentage rate' (APR) and how does it differ from the interest rate?
- What is an 'FHA loan' and what are its key requirements for Idaho homebuyers?
- What is a 'VA loan' and who qualifies in Idaho?
- What is a 'USDA Rural Development loan' and what areas of Idaho qualify?
- What is 'negative amortization' and when does it occur in Idaho home loans?
- What is the 'secondary mortgage market' and how does it affect Idaho homebuyers?
- What is a 'conforming loan' and what is the conforming loan limit for a single-family home in most Idaho counties?
- What is a 'HELOC' (Home Equity Line of Credit) and how is it used in Idaho?
- What is 'debt coverage ratio' (DCR) and why do Idaho commercial lenders use it?
- What is 'amortization' in real estate financing and how does it work?
- What is 'pre-qualification' vs. 'pre-approval' for an Idaho mortgage and which is stronger?
Contracts
136 questions- An offer to purchase real property becomes a binding contract when:
- A listing agreement in Idaho is BEST described as:
- Which of the following voids a real estate contract?
- In a real estate purchase agreement, a contingency clause:
- When a seller accepts an offer and the transaction closes, the listing broker has earned a commission under which type of listing?
- A real estate contract signed by a minor is generally:
- Which of the following is NOT an essential element of a valid real estate contract?
- A counteroffer by the seller:
- The Statute of Frauds requires that real estate contracts be:
- What is the difference between a void contract and a voidable contract?
- An option to purchase real estate is an example of a:
- In Idaho, a buyer's earnest money deposit is typically held in:
- A buyer submits an offer that includes an inspection contingency. After the inspection, the buyer requests $8,000 in repairs. The seller refuses and the buyer withdraws. What happens to the earnest money?
- A real estate purchase contract becomes 'executed' when:
- An acceleration clause in a mortgage allows the lender to:
- An alienation clause (due-on-sale clause) in a mortgage requires:
- Specific performance is a legal remedy that requires:
- A buyer makes an offer with an earnest money deposit of $10,000. The contract includes a liquidated damages clause. If the buyer defaults after all contingencies are removed, the seller can:
- An 'as-is' clause in a purchase contract means:
- Which of the following BEST describes a land contract (contract for deed)?
- The parol evidence rule provides that:
- In Idaho, a real estate purchase agreement may be rescinded by both parties until:
- An addendum to a purchase contract is used to:
- Which of the following BEST describes the doctrine of 'time is of the essence' in a real estate contract?
- Novation in a real estate contract means:
- In an exclusive right-to-sell listing, when is the listing broker NOT entitled to a commission?
- When the seller accepts an offer 'subject to attorney review,' the acceptance is:
- Which of the following documents would contain the legal description required for a valid deed in Idaho?
- A real estate sales contract that is signed under duress is:
- A seller accepts a buyer's offer. The next day, before the buyer is notified, the seller gets a better offer. Can the seller accept the better offer?
- A contract clause stating 'if the buyer does not obtain financing within 21 days, either party may cancel' is best described as a:
- In Idaho, a real estate purchase and sale agreement is generally required to be in writing to be enforceable under:
- In Idaho, when a buyer makes an offer and the seller changes one term before signing, this creates:
- What is 'earnest money' in an Idaho real estate transaction?
- Under Idaho law, who must hold earnest money deposited in a real estate transaction?
- A real estate contract in Idaho that lacks consideration is:
- In Idaho, an offer to purchase real estate becomes a binding contract when:
- Which clause in an Idaho purchase contract specifies a date by which the transaction must close?
- An Idaho buyer includes a financing contingency in their offer. If the buyer cannot obtain financing, they may:
- Under Idaho law, what is the effect of an 'as-is' clause in a purchase contract?
- In Idaho, a contract signed by a minor is generally considered:
- An Idaho real estate contract states that time is 'of the essence.' If the buyer misses the closing date, the seller may:
- In Idaho, an option contract gives the buyer:
- A contract for deed (land contract) in Idaho is a method of real estate financing where:
- In Idaho, what is 'specific performance' as a remedy in a real estate contract dispute?
- An Idaho real estate listing agreement that does not have a specific expiration date is:
- An Idaho contract for the sale of real property is 'executed' when:
- Which contingency allows an Idaho buyer to sell their current home before being obligated to purchase the new property?
- An inspection contingency in an Idaho real estate contract typically gives the buyer the right to:
- In Idaho, what is the legal effect of a buyer revoking an offer after the seller has already accepted it?
- An Idaho listing agreement automatically terminates if:
- What is an 'addendum' to an Idaho real estate contract?
- A buyer submits an offer with an earnest money check of $5,000. The seller accepts. When must the earnest money typically be deposited in Idaho?
- What happens to an Idaho real estate contract if both parties breach it simultaneously?
- A 'liquidated damages' clause in an Idaho purchase contract typically provides that if the buyer defaults:
- What is a 'contingency removal' in an Idaho purchase contract?
- What is a 'release clause' in an Idaho mortgage or purchase contract?
- An Idaho seller accepts an offer with an escalation clause. The escalation clause means:
- In Idaho, a real estate purchase agreement that has been breached by the seller may entitle the buyer to which of the following remedies?
- What is the 'parol evidence rule' in the context of Idaho real estate contracts?
- In Idaho, an 'exclusive right-to-sell' listing agreement means:
- What is an 'exclusive agency' listing in Idaho?
- An Idaho 'open listing' agreement means:
- What does 'mutual assent' mean in the context of an Idaho real estate contract?
- Under Idaho law, a contract signed under duress is:
- Which of the following is NOT an essential element of a valid real estate contract in Idaho?
- In Idaho real estate, 'novation' occurs when:
- What is an 'assignment' of a real estate contract in Idaho?
- In Idaho, a 'right of first refusal' in a real estate contract means the holder has:
- Which of the following best describes a 'voidable' contract in Idaho real estate?
- In Idaho, what is the 'doctrine of merger' in real estate transactions?
- What is 'laches' as a defense in an Idaho real estate dispute?
- In Idaho, which of the following is true about electronic signatures in real estate contracts?
- An Idaho purchase contract specifies that the buyer will receive the property 'free and clear of all liens.' If a lien is discovered at closing, the seller must:
- What is an 'acceleration clause' in an Idaho deed of trust?
- In Idaho, what is a 'right of rescission' in the context of consumer credit transactions?
- What is the 'mailbox rule' in Idaho contract law?
- A 'concurrent condition' in an Idaho real estate contract means:
- What is 'impossibility of performance' as it relates to an Idaho real estate contract?
- Which of the following is an example of 'fraudulent misrepresentation' in an Idaho real estate transaction?
- An Idaho seller 'accepts' a buyer's offer by crossing out one term and signing the modified document. This is legally:
- What is an 'appraisal contingency' in an Idaho purchase contract?
- In Idaho, what is 'mutual rescission' of a real estate contract?
- What is a 'home inspection contingency' deadline in Idaho purchase contracts?
- What is 'earnest money forfeiture' in an Idaho real estate transaction?
- What is the doctrine of 'equitable conversion' in Idaho real estate?
- In Idaho, what is the 'doctrine of part performance' as it relates to oral real estate contracts?
- What is 'duress' in the context of Idaho real estate contract formation?
- What is 'undue influence' as a basis for voiding an Idaho real estate contract?
- What is a 'latent defect disclosure' obligation under the Idaho purchase agreement?
- What is 'consideration' in an Idaho real estate contract, and can it be something other than money?
- What is 'anticipatory repudiation' of a real estate contract in Idaho?
- What is 'accord and satisfaction' in the context of an Idaho real estate dispute?
- What is the 'integration clause' in an Idaho real estate contract?
- What is a 'liquidated damages clause' and what makes it enforceable in Idaho?
- What is the legal effect of a 'waiver' in an Idaho real estate contract?
- What is an 'attorney review' contingency in an Idaho real estate contract?
- What is a 'free look' period in an Idaho real estate transaction?
- What is 'closing in escrow' versus a 'table closing' in Idaho?
- What is 'possession at closing' versus 'possession after closing' in an Idaho purchase contract?
- What is a 'survey contingency' in an Idaho real estate contract?
- What is 'unconscionability' in Idaho contract law?
- What is a 'lease with option to purchase' versus a 'lease purchase agreement'?
- What is a 'sight unseen' offer in Idaho and what does the buyer risk?
- What is 'substantial performance' in contract law and how does it apply to Idaho real estate?
- What is a 'notice of default' in Idaho deed of trust foreclosure?
- In Idaho, what is the legal effect of a counter-offer on the original offer?
- What Idaho document serves as the primary residential real estate purchase and sale agreement?
- Under Idaho law, what happens to earnest money if a buyer properly exercises a contingency and cancels the contract?
- What is a 'time is of the essence' clause in an Idaho real estate contract?
- In Idaho, which of the following would make a real estate contract voidable?
- What is 'specific performance' as a remedy in Idaho real estate contract disputes?
- What is the significance of an Idaho real estate contract being 'executory' vs. 'executed'?
- What is an 'acceleration clause' in an Idaho deed of trust or mortgage?
- Under Idaho contract law, what is the 'parol evidence rule' and how does it affect real estate contracts?
- What is an 'addendum' to an Idaho real estate purchase agreement?
- In Idaho, what is a 'buyer's due diligence period' in a real estate contract?
- What is an 'as-is' clause in an Idaho real estate contract and what does it actually mean?
- What is a 'right of first refusal' clause in an Idaho lease or purchase agreement?
- What is 'liquidated damages' in an Idaho real estate contract?
- What is 'mutual assent' and how is it demonstrated in an Idaho real estate contract?
- What is the 'Statute of Frauds' and how does it apply to Idaho real estate contracts?
- What is an 'option contract' in Idaho real estate and how does it differ from a purchase contract?
- What is a 'short sale' in Idaho real estate and what challenges does it present?
- What is a 'release of contingency' in an Idaho real estate contract?
- In Idaho, what is a 'contingency' in a real estate purchase contract?
- What is a 'hold harmless clause' in an Idaho real estate transaction?
- What is 'ratification' of an unauthorized contract in Idaho real estate?
- What is 'anticipatory breach' of contract in Idaho real estate?
- What is 'detrimental reliance' (promissory estoppel) in Idaho contract law?
- What is 'novation' in Idaho real estate contract law?
- What is 'rescission' of a real estate contract in Idaho and what are the grounds for it?
- What is a 'survival clause' in an Idaho real estate purchase agreement and what does it protect?
- What is 'substantial performance' in Idaho contract law and how does it apply to real estate?
- What is 'merger of title' (deed merger) in Idaho real estate and when does it apply?
- What is the 'integration clause' (entire agreement clause) in an Idaho real estate contract?
Agency
126 questions- Idaho requires a written agency disclosure to be provided to all parties to a real estate transaction:
- A buyer's agent in Idaho owes which of the following duties to the seller?
- In Idaho, which agency relationship is created when both the buyer and seller are represented by agents from the same brokerage?
- The fiduciary duty of 'accounting' requires an agent to:
- Implied agency can be created when:
- Which of the following BEST describes the duty of confidentiality in an agency relationship?
- In Idaho, a seller's agent who discovers a hidden structural defect while showing the property is required to:
- Dual agency occurs when:
- A buyer's agent discovers that their client is planning to use the property to operate an illegal business. The agent should:
- Which of the following BEST describes a subagent?
- The fiduciary duty of loyalty requires an agent to:
- An agent's authority to bind the principal to contracts is called:
- When an agency relationship is terminated by operation of law, which of the following could cause termination?
- A licensee working as a transaction broker in Idaho owes which duty to both parties?
- A real estate agent who learns their buyer client plans to commit fraud should:
- The duty of obedience in agency relationships requires an agent to:
- Stigmatized property refers to property that:
- A seller's agent receives an offer that is below the listing price. The agent believes the offer is fair given market conditions. The agent should:
- A 'pocket listing' refers to a property that is:
- A seller's property disclosure form in Idaho is typically completed by:
- Under Idaho Agency Disclosure Law, which form must a licensee provide at first substantial contact?
- In Idaho, what happens to an agency agreement when the listed property is destroyed by fire before sale?
- A designated agent in Idaho is an agent who:
- The duty of 'reasonable care' in a real estate agency relationship requires an agent to:
- Which of the following describes an 'ostensible agency' (apparent agency)?
- In Idaho, the Seller's Property Disclosure Statement is NOT required for which of the following?
- A buyer's broker showing properties has a duty to disclose to their buyer client that:
- In Idaho, what is the term for an agent who represents both the buyer and seller in the same transaction with informed written consent?
- When must an Idaho licensee provide the 'Broker Representation Disclosure' to a consumer?
- Under Idaho law, seller's agents must disclose to buyers all:
- In Idaho, a 'buyer's agent' who works in-house for a company that also lists the property may act as a:
- Which fiduciary duty requires an Idaho agent to place the client's interests above the agent's own interests?
- An Idaho listing agent learns the seller is in financial distress and must sell quickly. Must the agent disclose this to a buyer?
- In Idaho, agency relationships are typically created by:
- A salesperson in Idaho acts on behalf of clients through their:
- What is the term for the cancellation of an agency relationship by mutual agreement of both parties in Idaho?
- In Idaho, an agent who fails to disclose a material fact to a buyer may be liable for:
- Which of the following best describes 'puffing' in real estate?
- In Idaho, 'subagency' occurs when:
- A buyer's agent in Idaho must present all offers to their client buyer that:
- What is the duty of 'obedience' in an Idaho agency relationship?
- In Idaho, an agent is required to exercise 'reasonable care' which means:
- Under Idaho law, when may an agent keep a client's confidential information secret even after the agency relationship ends?
- A seller instructs their Idaho listing agent to disclose the minimum price they will accept to any interested buyer. The agent should:
- In an Idaho disclosed limited agency (dual agency) situation, the agent must:
- Which of the following terminates an Idaho agency relationship?
- What Idaho document must an agent provide to all parties at first substantial contact?
- Under Idaho law, a licensee who represents the buyer has what duty to the seller?
- What is a 'facilitator' or 'transaction broker' in some states (compared to Idaho's approach)?
- Can an Idaho buyer's agent show properties that are not listed on the MLS?
- In Idaho, an agent who discovers a property defect after representing to the buyer that the property is defect-free must:
- What does 'accounting' as an agent's duty mean in Idaho?
- In Idaho, an agent representing a buyer must disclose to the seller which of the following?
- Which of the following creates an implied agency in Idaho?
- A listing agent in Idaho presents the seller with an offer from the agent's own relative. The agent must:
- An Idaho listing agent who fails to present a low offer to the seller because they think it's too low has:
- In Idaho, a listing agent is also representing their own buyer on the same property. The listing price is $400,000. Under disclosed limited agency, the agent must NOT:
- What is the duty of 'disclosure' in an Idaho agency relationship?
- In Idaho, if an agent who represents a buyer wishes to purchase the same property for themselves, they must:
- What is 'ratification' of an agent's unauthorized act in Idaho real estate?
- In Idaho, a buyer's agent has a duty to investigate which of the following on behalf of their buyer client?
- What does 'vicarious liability' mean for an Idaho broker whose agent commits negligence?
- In Idaho, what is 'actual authority' in the context of an agent's authority?
- What is 'apparent authority' (ostensible authority) in Idaho agency law?
- What is 'special agency' as used in Idaho real estate?
- In Idaho, what is a 'general agency'?
- In Idaho, a 'seller's disclosure obligation' exists even when the property is listed 'as is' because:
- What is a 'buyer agency agreement' and what are its typical key terms in Idaho?
- What is the duty of 'diligence' as it applies to an Idaho real estate agent?
- In Idaho, a licensee who is a party to a transaction (buying or selling their own property) acts as:
- In Idaho, when does an agency relationship with a seller typically end if the property doesn't sell?
- In Idaho, 'earnest money dispute' procedures typically provide for:
- What duty does an Idaho agent owe to third parties (non-clients) under the law?
- What is 'latent defect' versus 'patent defect' in Idaho real estate disclosure?
- What is a 'home warranty' program and who typically pays for it in an Idaho transaction?
- In Idaho, what is a 'safety clause' (extender clause) in a listing agreement?
- In Idaho, a buyer's agent who receives information that could help the seller in negotiations (such as the buyer's willingness to pay more) must:
- In Idaho, what agency duties does a buyer's agent owe that differ from duties owed by a seller's agent to their client?
- What is 'ostensible (apparent) agency' and how might it arise unintentionally in Idaho real estate?
- In Idaho, what is the proper way for a buyer's agent to handle a seller who asks them to communicate directly instead of through the listing agent?
- What is a 'cooperating broker' in Idaho real estate?
- In Idaho, what is a 'listing agent's' responsibility regarding offers from unrepresented buyers (FSBO sellers' equivalent in the buyer context)?
- What does Idaho agency law require when a buyer's agent discovers a property listed by their own brokerage?
- In Idaho, an agent's duty to keep client information confidential includes:
- What is 'advance consent to dual agency' (disclosed limited agency) in Idaho?
- What are the 'seven duties' commonly associated with Idaho real estate agency?
- In Idaho, what happens to an agency relationship if the property under a listing agreement burns down?
- What is 'puffery' by a listing agent and how does it differ from misrepresentation?
- What is 'informed consent' in the context of Idaho disclosed limited agency?
- In Idaho, a listing agent is approached by a buyer who makes an offer on the listing. The buyer is not represented. The listing agent may:
- What is the duty of an Idaho agent to 'account' for money?
- What is 'single agency' in Idaho real estate?
- What is an 'agency coupled with an interest' in Idaho real estate?
- What is 'ministerial acts' in Idaho real estate agency?
- In Idaho, a buyer who has been working with an agent for several weeks but has not signed a buyer representation agreement has:
- What is the agency relationship between a real estate salesperson and the clients they serve?
- In Idaho, when a buyer's agent learns that their buyer-client is willing to pay significantly more than the asking price, what must the agent do?
- Under Idaho law, what is required before a real estate company can act as a disclosed limited agent for both buyer and seller in the same transaction?
- A seller's agent in Idaho discovers a material defect after the listing agreement is signed. What is their duty?
- Which Idaho agency concept describes the situation where only one agent in a company represents a client, while another agent in the same company represents the other party?
- Under Idaho law, which party can terminate a buyer representation agreement before expiration?
- What is a 'net listing' and why is it controversial under Idaho agency law?
- Under Idaho law, when must a real estate agent present the Agency Disclosure Brochure to a potential client?
- What does 'sub-agency' mean in Idaho real estate and why has it largely been replaced?
- In Idaho, what is a 'transaction coordinator' and what are they NOT allowed to do?
- In Idaho, when a seller's agent receives an offer below the listing price, what is the agent's duty?
- Under Idaho law, what happens to the agency relationship when a real estate transaction closes?
- In Idaho, what is the duty of 'loyalty' that a buyer's agent owes to their client?
- In Idaho, what is a 'limited service listing agreement' and what risks does it create?
- What is the duty of 'obedience' in Idaho real estate agency, and what are its limits?
- What is the duty of 'disclosure' that Idaho agents owe to third parties (non-clients)?
- What is the 'dual agency disclosure form' required in Idaho disclosed limited agency transactions?
- In an Idaho in-house transaction where two clients of the same company are the buyer and seller, what agency options exist?
- What is the Idaho 'Agency Disclosure Brochure' and what does it explain?
- What is an 'exclusive right to represent' agreement for a buyer in Idaho?
- What is 'puffing' in Idaho real estate and how does it differ from misrepresentation?
- What is the 'duty of reasonable care and diligence' in Idaho real estate agency?
- What is a 'facilitator' or 'transaction broker' in Idaho and does Idaho recognize this role?
- What is 'implied agency' in Idaho real estate and how can an agent inadvertently create it?
- What is 'express agency' in Idaho real estate and how is it typically created?
- What is 'ostensible agency' (apparent agency) in Idaho real estate?
- Under Idaho law, what fiduciary duty does an Idaho agent owe to their principal regarding accounting?
- What is a 'seller's disclosure advisory' and how does it differ from the seller property condition disclosure in Idaho?
- What are the 'seven duties' an Idaho agent owes to their principal in a fiduciary agency relationship?
- What is 'buyer's agent compensation' disclosure in Idaho and why has it become more important?
- What is the duty of 'confidentiality' that survives the end of an agency relationship in Idaho?
Property Valuation
115 questions- The income capitalization approach is MOST appropriate for valuing:
- Functional obsolescence is a loss in value caused by:
- When comparing sales, an appraiser adjusts for differences between the comparable property and the subject property. If the comparable sold for $300,000 and had a pool (worth $15,000) that the subject property lacks, the adjusted value is:
- The principle of substitution states that a buyer will pay no more for a property than:
- The cost approach to value is MOST appropriate for:
- In the income capitalization approach, if a property's net operating income (NOI) is $60,000 and the capitalization rate is 6%, what is the property's estimated value?
- Economic (external) obsolescence is caused by:
- When using the sales comparison approach, an appraiser makes adjustments for differences. If the subject property has 3 bedrooms and the comparable has 4 bedrooms (with each bedroom worth $10,000), the appraiser should:
- The principle of progression states that:
- An appraisal is defined as:
- Reproduction cost in the cost approach is defined as:
- The capitalization rate (cap rate) reflects:
- A comparable sale that closed 12 months ago in a rising market would require which type of adjustment?
- Which of the following would be considered a physical characteristic affecting property value?
- Gross rent multiplier (GRM) is calculated by dividing the:
- Reconciliation in the appraisal process refers to:
- An arm's-length transaction is one that:
- The 'before and after' method is used in which appraisal situation?
- In Idaho, who is authorized to perform appraisals of real estate for federally related transactions?
- The principle of conformity states that:
- When calculating potential gross income for a rental property, an appraiser assumes:
- The income multiplier for a commercial property is 8.5. If the property sells for $850,000, what is the annual net operating income?
- Which of the following would increase a property's value using the cost approach?
- Effective age of a building refers to its:
- The remaining economic life of a building is used in the cost approach to:
- If a subject property has 3 full bathrooms and a comparable has 2 full bathrooms, and each bathroom is worth $8,000, how should the appraiser adjust?
- A 'matched pair' analysis in appraisal is used to:
- The principle of anticipation states that property value reflects:
- Which appraisal approach estimates value by calculating the cost to reproduce or replace a structure minus depreciation, plus land value?
- The principle of substitution in appraisal states that:
- In Idaho, what does a Competitive Market Analysis (CMA) primarily help determine?
- What is the gross rent multiplier (GRM) method used for?
- A property's GRM is 9 and its annual gross income is $54,000. What is the estimated value?
- Functional obsolescence in an appraisal refers to:
- External (economic) obsolescence in an appraisal is characterized by:
- In Idaho, what government office produces the assessed value used for property tax calculations?
- Which appraisal approach is most commonly used for single-family residential properties?
- When an appraiser makes a positive adjustment to a comparable sale, it means:
- What is 'highest and best use' in real estate appraisal?
- What does 'reconciliation' mean in the appraisal process?
- The principle of 'conformity' in appraisal holds that:
- What is 'progression' and 'regression' as used in real estate valuation?
- Physical deterioration in an appraisal refers to:
- A USPAP-compliant appraisal in Idaho means the appraiser has followed:
- Which type of property would most commonly be appraised using the income approach?
- An Idaho appraiser uses a cost approach and determines the cost new is $300,000 and total depreciation is $75,000. Land value is $60,000. What is the indicated value?
- What is a 'broker price opinion' (BPO) in Idaho?
- In Idaho, what is 'market value' in the context of real estate appraisal?
- When an appraiser 'brackets' comparable sales, they are:
- In the income approach, 'capitalization' means:
- What type of depreciation is considered 'incurable' in an appraisal?
- What does 'effective age' mean in an appraisal?
- In Idaho, which government body certifies and licenses real estate appraisers?
- What is an 'as-is' appraisal versus a 'subject to' appraisal?
- What is the 'income capitalization approach' best suited for in Idaho?
- A comparable sale in Idaho sold for $310,000 six months ago. The market has appreciated 2% since then. What time adjustment is added to the comparable?
- In Idaho, an appraiser completing a 1004 (URAR) appraisal form is appraising which type of property?
- What does 'arm's length transaction' mean in Idaho real estate appraisal?
- Which factor would cause a negative adjustment to a comparable sale in the sales comparison approach?
- What is the purpose of a 'drive-by' or 'exterior-only' appraisal in Idaho?
- What is the 'income multiplier' method most useful for in Idaho commercial real estate?
- In Idaho, an appraisal for federally related transactions must be performed by a:
- The 'cost approach' is most reliable for appraising which type of property?
- A 2,000 square foot home is being appraised. The appraiser estimates cost new at $180/sq ft, physical deterioration of $40,000, functional obsolescence of $15,000, and land value at $75,000. What is the cost approach value?
- What is 'market rent' versus 'contract rent' in income property valuation?
- What is the primary difference between a 'restricted use' appraisal report and a 'complete' appraisal report in Idaho?
- In Idaho, what does 'plottage value' refer to in real estate appraisal?
- What is an 'interim use' of a property in Idaho appraisal?
- What is 'site value' in the cost approach to appraisal?
- What is the 'principle of anticipation' in Idaho real estate valuation?
- What is the 'principle of change' in real estate appraisal as it applies to Idaho?
- What is an 'income approach' discount rate versus a capitalization rate?
- What is the 'capitalization rate' primarily influenced by in Idaho's market?
- What is 'economic life' versus 'physical life' of a building in an Idaho appraisal?
- A sales comparison approach adjustment grid shows a comparable sold for $290,000. The appraiser makes adjustments of +$5,000 for bathroom, -$8,000 for location, and +$3,000 for size. What is the adjusted comparable price?
- What is 'mass appraisal' as used by Idaho county assessors?
- In Idaho appraisal, what is a 'stabilized value' estimate?
- What is a 'retrospective appraisal' and when is it used in Idaho?
- What is 'absorption rate' in Idaho real estate market analysis?
- What is 'months of supply' in Idaho real estate market analysis?
- What is a 'drive-time analysis' used for in commercial real estate in Idaho?
- What is 'price per square foot' used for in Idaho real estate analysis?
- What is 'eminent domain appraisal' in Idaho?
- What is a 'land residual technique' in income property appraisal?
- What is 'neighborhood analysis' in Idaho residential appraisal?
- What is a 'desk review' in the appraisal process?
- In Idaho, what is the primary method used to assess residential properties for tax purposes?
- What is the 'gross rent multiplier' (GRM) method of property valuation?
- An Idaho duplex sells for $320,000 and generates $2,200/month gross rent. What is the gross rent multiplier?
- What does 'effective age' mean in the context of property appraisal?
- In the income approach to value, what is the difference between potential gross income (PGI) and effective gross income (EGI)?
- What is the purpose of 'paired sales analysis' in the sales comparison approach to appraisal?
- What is 'functional obsolescence' in property appraisal?
- What is 'contributory value' in real estate appraisal?
- What is the 'cost approach' to property valuation and when is it most useful?
- What is 'external obsolescence' and what is an example relevant to Idaho?
- In the sales comparison approach, what is a 'negative adjustment' to a comparable sale?
- What is 'reconciliation' in the appraisal process?
- What is the 'income capitalization approach' to property value and what is the formula?
- What is 'market rent' vs. 'contract rent' in income property appraisal?
- What is 'assemblage' and 'plottage' in Idaho real estate?
- What is 'depreciation' in the cost approach to appraisal and what are its three forms?
- What is the 'principle of substitution' in real estate appraisal?
- In Idaho, what is the difference between 'assessed value' and 'market value' for property tax purposes?
- What is 'highest and best use' analysis in Idaho real estate appraisal?
- What is a 'drive-by appraisal' (exterior-only appraisal) and when is it used in Idaho?
- What is a 'market rent study' and when is it needed in Idaho?
- What is a 'narrative appraisal report' vs. a 'URAR form' appraisal?
- What is a 'desk review' appraisal in Idaho and when is it used?
- What is 'regression to the mean' in real estate valuation and how does it apply to Idaho properties?
- What is the 'principle of competition' and how does it affect Idaho real estate markets?
- What is the 'income multiplier' approach to quickly estimating property value in Idaho?
- What is 'before-and-after' method in Idaho eminent domain valuations?
- What is 'going concern value' vs. 'real property value' in Idaho business appraisal?
- What is the 'principle of progression' in real estate appraisal and what is an example in Idaho?
Property Management
113 questions- Which of the following is typically the property manager's primary responsibility?
- A management agreement between a property owner and a property manager is BEST described as:
- A gross lease in commercial real estate is one where:
- A triple-net (NNN) lease requires the tenant to pay:
- Idaho landlord-tenant law requires a landlord to return a security deposit within how many days after the tenant vacates?
- A percentage lease, common in retail properties, requires the tenant to pay:
- When a tenant remains in possession after a lease expires without signing a new lease and the landlord accepts rent, this creates a:
- A property manager who receives compensation from a vendor for recommending the vendor's services to the property owner has committed:
- Constructive eviction occurs when:
- An estoppel certificate in commercial real estate is used to:
- A property manager preparing an annual operating budget should include all of the following EXCEPT:
- Net operating income (NOI) is calculated as:
- Which lease clause protects a tenant's rent from increasing with inflation by tying adjustments to the Consumer Price Index?
- Under Idaho law, a landlord must provide a tenant with advance notice before entering the tenant's unit. The standard notice period is:
- A property manager's management fee is typically calculated as:
- An apartment complex has 50 units renting at $1,200/month each with 5% vacancy. What is the effective gross income (EGI) per year?
- If a residential tenant in Idaho fails to pay rent, the landlord must first provide a pay-or-quit notice. Under Idaho law, this notice typically gives the tenant how many days?
- Vacancy and credit loss in income property analysis refers to:
- A lease that automatically renews for successive periods unless either party provides notice to terminate is called a:
- A property manager's fiduciary duty to the property owner requires the manager to keep which of the following separate from the owner's operating funds?
- A commercial tenant has a 'right of first refusal' clause in their lease. This means:
- A property manager who accepts a fee from a vendor without disclosing it to the owner is guilty of:
- A commercial lease that provides for rent increases based on the tenant's gross sales is called a:
- The capitalization of income approach to valuing a property for sale by an owner is best described as which of the following?
- A tenant who sublets their unit to another person without the landlord's consent is:
- Which of the following is typically NOT included in a property manager's scope of duties?
- In Idaho, which of the following requires a real estate license for property management activities?
- A property manager in Idaho must deposit tenant security deposits:
- Under Idaho's Residential Landlord and Tenant Act, a landlord must return a security deposit within how many days after the tenant vacates?
- A property management agreement in Idaho is a contract between:
- Which type of lease provides a fixed rent amount for a defined period, such as one year?
- Under a triple net (NNN) lease, the tenant is responsible for:
- A 'gross lease' means the tenant pays:
- In Idaho, what notice must a landlord give to terminate a month-to-month tenancy?
- A tenant in Idaho fails to pay rent. The landlord must serve which notice before filing an eviction (unlawful detainer) action?
- A percentage lease in commercial real estate means the tenant pays:
- What does an 'estoppel certificate' confirm in a commercial property transaction?
- A property manager's primary duty to the property owner is:
- What is a 'management fee' in a property management agreement?
- Under Idaho's Residential Landlord and Tenant Act, a landlord's failure to maintain habitable premises entitles a tenant to:
- A property manager in Idaho who discriminates against a prospective tenant based on national origin faces liability under:
- A property manager signs a lease on behalf of the property owner. Under Idaho law, what authority does the property manager need to do this?
- What is a 'CAM charge' in a commercial lease?
- An Idaho property manager is aware that a rental property has a serious mold problem. The manager must:
- Which of the following is an example of a 'net lease' arrangement?
- A property manager who collects rents and fails to pass them on to the property owner is guilty of:
- An Idaho property manager discovers that a tenant has sublet the unit without permission. The manager's first step should be:
- What is the 'implied warranty of habitability' in Idaho residential leases?
- A property manager receives a $1,500 earnest money deposit and uses it to pay office rent. This is:
- Under Idaho's Residential Landlord and Tenant Act, a landlord may enter a tenant's dwelling:
- A commercial property's 'occupancy cost ratio' is calculated as:
- In Idaho, what is the term for a tenant who remains in a property after the lease expires without the landlord's consent?
- What is an 'operating budget' for a managed property in Idaho?
- What does 'net operating income' (NOI) represent for a managed property?
- In Idaho, which of the following may a landlord legally deduct from a security deposit?
- A 'gross lease' versus a 'net lease' primarily differs in:
- What is the difference between a 'resident manager' and a 'property manager' in Idaho?
- In Idaho, an owner of a 12-unit apartment complex hires a property management company. The management company must hold a real estate:
- What is an 'income and expense statement' for a managed property?
- When a property management agreement is terminated in Idaho, the manager must:
- In Idaho, what is the 'constructive eviction' defense available to a tenant?
- What is a 'commercial lease abstract' in Idaho property management?
- In Idaho, what is a 'renewal option' in a commercial lease?
- What is a 'gross income multiplier' (GIM) compared to a 'gross rent multiplier' (GRM)?
- In Idaho, what must a property manager do when an owner instructs them to violate fair housing law?
- What is an 'anchor tenant' in commercial property management?
- What is the 'operating expense ratio' (OER) for a rental property?
- What is 'capital reserve' or 'replacement reserve' in property management budgeting?
- What is a 'vacancy and credit loss' allowance in property management projections?
- What is a 'move-in/move-out inspection' in Idaho residential property management?
- What is a 'lease renewal commission' in property management?
- What is 'tenant mix' and why is it important in commercial property management?
- In Idaho, can a landlord evict a tenant without using the court process?
- What is a 'certificate of occupancy' issue that might affect a property management situation in Idaho?
- What is a 'real estate limited partnership' (LP) and how is it used in Idaho property investment?
- What is a 'distressed property' in Idaho real estate management?
- What is 'deferred maintenance' in property management and why is it a concern?
- What is a 'property condition assessment' (PCA) in commercial real estate?
- What is 'fair wear and tear' in the context of Idaho tenant security deposit law?
- What is a 'rent concession' in Idaho commercial or residential property management?
- What is a 'tenant improvement allowance' (TI) in Idaho commercial leasing?
- What is 'RUBS' (Ratio Utility Billing System) in multifamily property management?
- In Idaho, a property manager who also acts as an investor in a property they manage must:
- What is a 'lease abstract' and who typically uses it in Idaho commercial real estate?
- What is the 'market rate' for management fees in Idaho residential property management?
- What does an Idaho property manager do with a security deposit when the tenant vacates and there are no deductions?
- Under Idaho's Residential Landlord and Tenant Act, how many days does a landlord have to return a security deposit after a tenant vacates?
- What is the difference between a gross lease and a net lease in commercial property management?
- Under Idaho law, what notice must a landlord give a month-to-month residential tenant to terminate the tenancy?
- What is 'vacancy rate' in property management and how is it calculated?
- Under Idaho law, what are the grounds for eviction (unlawful detainer) of a residential tenant?
- What is a 'common area maintenance' (CAM) charge in commercial property leasing?
- What is 'preventive maintenance' and why is it important in Idaho property management?
- What is an 'estoppel certificate' in commercial property management?
- What is a 'rental market analysis' in Idaho property management?
- What is a 'habitability warranty' in Idaho residential leasing?
- What is a 'move-in inspection report' and why is it important in Idaho property management?
- What is 'turnover cost' in property management and why is it significant?
- What is 'rent escalation' in a commercial lease and why do landlords include it?
- What is 'professional liability insurance' (E&O insurance) for Idaho property managers?
- What is a 'management agreement' in Idaho real estate and what must it contain?
- What is an 'operating budget' in Idaho commercial property management?
- What is 'capital expenditure reserve' (CapEx reserve) in Idaho property management?
- What is 'tenant mix' in commercial property management and why is it important in Idaho?
- What is 'lease assignment' vs. 'subletting' in Idaho residential and commercial leasing?
- Under Idaho law, what must a property manager do with security deposits collected from residential tenants?
- What is 'accounts payable' management in Idaho commercial property management?
- What is 'rent-to-own' and what are its legal implications in Idaho?
- What is 'percentage rent' in a retail lease and how is it calculated?
- What is 'tenant retention' in Idaho property management and why is it a financial priority?
- What is a 'commercial tenant improvement allowance' (TI) and how does it affect lease negotiations in Idaho?
- What is 'net operating income' (NOI) in property management and why is it the key financial metric?
- What is 'gross leasable area' (GLA) in commercial property management?
Land Use & Zoning
103 questions- A nonconforming use is BEST described as a use that:
- A variance is permission to:
- Spot zoning is generally considered illegal because it:
- An Idaho property owner who wants to operate a bed and breakfast in a residential zone would need to apply for:
- The concept of highest and best use in real estate analysis means:
- Idaho's Local Land Use Planning Act requires cities and counties to adopt a:
- Which type of zoning allows multiple uses (residential, commercial, and office) within the same development?
- A buffer zone in land use planning is typically used to:
- A building setback requirement specifies:
- Floor area ratio (FAR) in zoning regulates:
- Inclusionary zoning requires developers to:
- A plat map is a recorded document that:
- The police power that allows government to regulate land use is limited by the requirement that regulations must:
- Eminent domain proceedings that result in property being taken for public use are called:
- Agricultural land in Idaho can be protected from development pressures through:
- In Idaho, the subdivision of land typically requires:
- An impact fee assessed by a municipality is charged to:
- A transfer of development rights (TDR) program allows:
- A taking without compensation (inverse condemnation) occurs when:
- In Idaho, the Subdivision Regulations Act requires developers to:
- Agricultural zoning in Idaho is designed primarily to:
- In Idaho, which government body typically adopts zoning ordinances for incorporated cities?
- A variance in zoning allows a property owner to:
- A 'nonconforming use' in Idaho zoning law refers to:
- Idaho's Local Land Use Planning Act (LLUPA) requires cities and counties to do which of the following?
- A conditional use permit (CUP) in Idaho allows:
- Eminent domain is the government's power to:
- In Idaho, when a government regulation reduces the value of private property so drastically that it constitutes an unconstitutional taking, this is called:
- A subdivision in Idaho must typically receive approval from:
- CC&Rs (Covenants, Conditions, and Restrictions) in Idaho are:
- In Idaho, who enforces CC&Rs?
- In Idaho, an annexation occurs when:
- A 'buffer zone' in land use planning refers to:
- A 'plat' in Idaho real estate refers to:
- The 'police power' in Idaho land use law refers to:
- In Idaho, 'spot zoning' is generally considered:
- In Idaho, what is a 'manufactured home' and how does it differ from a 'modular home'?
- In Idaho, which government body has authority to regulate land use outside of incorporated city limits?
- A 'building permit' in Idaho is required for:
- The Idaho 'Area of City Impact' (ACI) designation means:
- What is a 'setback requirement' in Idaho zoning law?
- In Idaho, 'density bonuses' in zoning typically allow developers to:
- What is 'inclusionary zoning' in Idaho communities?
- A 'planned unit development' (PUD) in Idaho typically allows:
- The 'Takings Clause' of the Fifth Amendment applies to Idaho property owners because:
- What is an 'impact fee' in Idaho land development?
- In Idaho, a 'development agreement' between a developer and a local government typically:
- In Idaho, 'agricultural land' is often given preferential property tax treatment under which program?
- What is a 'conservation easement' in Idaho?
- In Idaho, which document describes the overall long-term vision for land use in a city or county?
- What is 'inverse condemnation' in Idaho?
- What is a 'form-based code' in modern Idaho land use planning?
- In Idaho, a 'preliminary plat' in the subdivision process is:
- What is a 'certificate of occupancy' (CO) in Idaho?
- In Idaho, 'smart growth' planning principles emphasize:
- What is a 'transfer of development rights' (TDR) program in Idaho?
- What is a 'specific plan' or 'neighborhood plan' in Idaho land use planning?
- In Idaho, a 'design review' process in zoning is intended to:
- What is an 'agricultural exemption' from zoning in Idaho?
- What is a 'right to farm' law in Idaho?
- What is a 'scenic corridor' designation in Idaho planning?
- What is 'transferable development rights' (TDR) different from a variance in Idaho zoning?
- What is a 'community development block grant' (CDBG) and how does it relate to Idaho real estate?
- What is 'New Urbanism' in Idaho land use planning?
- What is 'inclusionary housing' versus 'affordable housing' as planning concepts in Idaho?
- What is a 'historic preservation overlay' zone in Idaho cities?
- In Idaho, what is a 'traffic impact study' (TIS) and when is it required?
- What is 'vested rights' in Idaho land development?
- What is a 'development moratorium' and how does Idaho law address it?
- What is the 'Farmland Protection Policy Act' and how does it affect Idaho development?
- What is 'spot annexation' and is it a concern in Idaho planning?
- What is a 'subdivision exemption' in Idaho?
- What is an 'agricultural buffer' in Idaho land use planning?
- What is a 'parking ratio' in commercial zoning in Idaho?
- What is a 'transportation demand management' (TDM) program in Idaho?
- What is 'infill development' in Idaho urban planning?
- What is a 'conditional use permit' (CUP) in Idaho zoning law?
- Under Idaho's Local Land Use Planning Act (LLUPA), what is the role of a county or city comprehensive plan?
- What is an 'agricultural preservation zone' and how does it affect development in Idaho?
- What is the legal doctrine of 'vested rights' in Idaho land use law?
- What is a 'plat' in Idaho real estate development?
- In Idaho, what is the purpose of a 'development agreement' between a developer and a municipality?
- What is the difference between a 'use variance' and an 'area variance' in Idaho zoning law?
- What is a 'transit-oriented development' (TOD) in Idaho urban planning?
- What is 'cluster development' or 'conservation subdivision' and how does it benefit Idaho communities?
- Under Idaho law, who has the authority to approve a subdivision plat?
- What is a 'nonconforming lot' in Idaho zoning law?
- What is 'impact fees' in Idaho land use and what purpose do they serve?
- What is 'inclusionary zoning' and does Idaho use it?
- What is a 'moratorium on development' in Idaho and when might it be imposed?
- What is 'downzoning' and how might it affect Idaho property values?
- What is 'density bonus' zoning and how is it used in Idaho?
- What is the 'regulatory takings' doctrine and how does it apply in Idaho?
- What is a 'use-by-right' in Idaho zoning and why is it significant for developers?
- What is 'planned unit development' (PUD) zoning in Idaho?
- What is 'spot zoning' and is it lawful in Idaho?
- What is a 'landscape ordinance' in Idaho municipal zoning and why does it matter to real estate?
- What is 'floor area ratio' (FAR) in Idaho zoning regulations?
- What is 'smart growth' and how is it relevant to Idaho community planning?
- What is Idaho's 'Right to Farm' Act and how does it protect agricultural operations near residential development?
- What is an 'annexation' in Idaho municipal law and how does it affect real property?
- What is an 'urban growth boundary' (UGB) and does Idaho use them?
- What is 'mixed-use zoning' and how has it been applied in Idaho communities?
Environmental
96 questions- Which federal law governs the cleanup of contaminated sites in the United States and created the 'Superfund'?
- Lead-based paint disclosures are required for residential properties built before:
- Radon is a naturally occurring radioactive gas that enters buildings from:
- Asbestos-containing materials in older homes pose the greatest risk when they are:
- Underground storage tanks (USTs) are a concern in real estate because they:
- Urea-formaldehyde foam insulation (UFFI) used in homes is a concern because it:
- A Phase I Environmental Site Assessment is designed to:
- Wetlands on a property are regulated primarily under which federal law?
- A property located in a FEMA-designated Special Flood Hazard Area (SFHA) is required to have:
- Mold growth in a building is primarily caused by:
- In Idaho, the prior appropriation doctrine for water rights means:
- Polychlorinated biphenyls (PCBs) in real estate are most commonly found in:
- The Endangered Species Act may affect real estate development because it:
- In Idaho, water rights are personal property that can be:
- A brownfield is defined as:
- Carbon monoxide (CO) is dangerous in homes because it:
- Which of the following correctly describes Idaho's approach to water rights for agricultural use?
- A seller is required under federal law to provide a lead paint disclosure for homes built before 1978. The buyer has how many days to conduct a lead paint inspection?
- Under CERCLA, the 'innocent landowner defense' protects a purchaser who:
- Which of the following statements about methamphetamine contamination and Idaho real estate is TRUE?
- An environmental impact statement (EIS) is required for major federal actions under:
- A property owner in Idaho discovers their well water is contaminated with nitrates from neighboring agricultural activity. Under Idaho water law, they may:
- In Idaho, the Snake River Plain Aquifer is particularly important to real estate development because:
- Which federal law is primarily responsible for the cleanup of hazardous waste sites, also known as 'Superfund'?
- In Idaho, radon is a significant concern primarily in which type of environment?
- What is the EPA's recommended action level for radon in an existing home?
- In Idaho, which environmental hazard requires disclosure and often abatement in homes built before 1978?
- Asbestos in a building is most hazardous when:
- A buyer in Idaho is purchasing a property near a former gas station. The primary environmental concern is likely:
- Which of the following is NOT a material environmental fact that must be disclosed in an Idaho real estate transaction?
- Idaho's rivers and wetlands are regulated in part under which federal law?
- What is a Phase I Environmental Site Assessment (ESA)?
- Mold in a property most commonly requires what condition to grow?
- What is the Superfund liability standard for contaminated properties?
- An 'innocent landowner' defense under CERCLA requires that the buyer:
- In Idaho, the agency responsible for environmental oversight and cleanup of contaminated sites is:
- Which of the following best describes a 'brownfield' property?
- Wetlands on a property in Idaho are regulated under federal and state law primarily to:
- In Idaho, a 'floodplain' designation on a property typically means:
- What is the National Flood Insurance Program (NFIP)?
- Under CERCLA, which party has potential liability for cleanup of a contaminated site?
- Which federal law requires disclosure of the presence of polychlorinated biphenyls (PCBs) in real property?
- What does 'due diligence' mean in the context of an Idaho commercial real estate purchase?
- What is a 'Phase II Environmental Site Assessment' (ESA)?
- Urea-formaldehyde foam insulation (UFFI) installed in older Idaho homes is a concern because:
- Which substance found in older Idaho homes was commonly used in pipe insulation, floor tiles, and roof shingles?
- What is Idaho's approach to the regulation of underground storage tanks (USTs)?
- What is 'friable' asbestos?
- What is an 'environmental lien' in Idaho real estate?
- What is an 'environmental indemnification' clause in an Idaho commercial real estate contract?
- In Idaho, properties near former industrial sites may require environmental due diligence because of potential:
- What is 'sick building syndrome' in Idaho real estate?
- What is Idaho DEQ's 'Voluntary Cleanup Program' (VCP)?
- What is 'vapor intrusion' in the context of environmental concerns for Idaho properties?
- In Idaho, which law regulates the storage and disposal of hazardous waste by businesses?
- What is the significance of a 'recognized environmental condition' (REC) found in a Phase I ESA in Idaho?
- What is 'natural attenuation' in the context of contaminated site remediation in Idaho?
- In Idaho, what is a 'petroleum contaminated soil' (PCS) site?
- What is a 'Phase I Environmental Site Assessment' timeframe — how long is it considered 'current' under ASTM standards?
- What is 'polycyclic aromatic hydrocarbons' (PAHs) contamination in Idaho real estate?
- What is Idaho's 'Clean Slate' program for contaminated properties?
- What is an 'environmental covenant' in Idaho property transactions?
- What are 'chlorinated solvents' and why are they a concern in Idaho real estate?
- What is 'dry cleaning solvent contamination' and why is it significant for Idaho commercial real estate buyers?
- What is an 'all appropriate inquiry' (AAI) standard in Idaho environmental due diligence?
- What is 'lead service line' contamination and why is it important in Idaho real estate?
- What is 'electromagnetic field' (EMF) exposure as an environmental concern in Idaho real estate?
- What is 'contaminated fill' as an environmental concern in Idaho construction?
- What federal law requires the disclosure of lead-based paint hazards in residential properties built before 1978?
- What is 'mold' and why is it a concern in Idaho real estate?
- What is a Phase I Environmental Site Assessment (ESA) designed to identify?
- In Idaho, what government agency oversees cleanup of contaminated sites at the state level?
- What is the primary concern with properties near agricultural operations in Idaho?
- What is a 'brownfield' property and what federal program assists with their cleanup?
- What is the significance of a property's location in a FEMA Special Flood Hazard Area (SFHA) for Idaho real estate?
- What is 'electromagnetic field' (EMF) sensitivity as a concern in Idaho real estate?
- What is 'soil liquefaction' and why is it relevant to Idaho real estate?
- What is 'methamphetamine contamination' as a disclosure issue in Idaho real estate?
- What is the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) and how does it affect Idaho property owners?
- What is 'vapor intrusion' as an environmental concern in Idaho real estate?
- What is 'underground storage tank' (UST) contamination and why is it a concern in Idaho real estate?
- What is the 'innocent landowner defense' under CERCLA and how can Idaho buyers qualify?
- What is an 'environmental indemnity agreement' in Idaho commercial real estate?
- What is 'polychlorinated biphenyls' (PCBs) and why are they a concern in Idaho real estate?
- What is 'geothermal activity' and how does it affect Idaho real estate?
- What is 'naturally occurring asbestos' (NOA) in Idaho and how does it differ from building-material asbestos?
- What is 'asbestos abatement' and what are the regulatory requirements in Idaho?
- What is 'indoor air quality' (IAQ) as a real estate concern in Idaho and what are common causes of poor IAQ?
- What is 'soil contamination' testing and why might an Idaho buyer require it before closing?
- What is a 'dry well' and why is it a concern in Idaho real estate?
- What is 'environmental due diligence' in Idaho commercial real estate transactions?
- What is the 'National Pollutant Discharge Elimination System' (NPDES) permit and how does it relate to Idaho construction projects?
- What is the 'Superfund Amendments and Reauthorization Act' (SARA) and how does it affect Idaho property transactions?
- What is 'stormwater management' and why is it required for large Idaho development projects?
- What is an 'environmental lien' and how can it affect Idaho property transactions?
- What is 'habitat conservation' and how does it affect Idaho real estate development?
Escrow & Title
86 questions- In Idaho, which document transfers ownership of real property from seller to buyer?
- A title search examines public records to determine:
- A buyer purchases a property and later discovers an undisclosed easement that the title insurance policy did not cover. Which type of title insurance issue is this?
- The RESPA prohibition on kickbacks means that settlement service providers:
- A general warranty deed contains which of the following covenants?
- The escrow process in a real estate transaction serves to:
- Which type of title insurance protects the lender's interest in the property?
- For a deed to be valid, it must contain all of the following EXCEPT:
- The priority of liens is generally determined by:
- A lis pendens recorded against a property provides notice that:
- A deed of reconveyance is used to:
- A chain of title refers to:
- A mechanic's lien can be filed by:
- ALTA (American Land Title Association) extended coverage title insurance differs from standard coverage in that it also covers:
- A special warranty deed conveys title with the grantor warranting only against defects arising:
- Recording a deed in Idaho provides:
- In Idaho, the county recorder's office maintains records that provide which of the following?
- A title insurance policy protects against title defects that existed:
- In Idaho, who typically prepares and conducts the closing for a real estate transaction?
- A sheriff's deed is issued to transfer property following a:
- A notice of default is a recorded document that notifies the public that:
- In Idaho, a judicial foreclosure differs from a non-judicial foreclosure in that:
- In Idaho, which type of foreclosure is most commonly used?
- What is the purpose of a title search in an Idaho real estate transaction?
- Which document conveys title from the seller to the buyer at an Idaho closing?
- In Idaho, when does title to real property legally transfer from seller to buyer?
- Title insurance in Idaho primarily protects against:
- What is the difference between an owner's title policy and a lender's title policy?
- In Idaho, escrow is best described as:
- Which federal law requires that buyers receive a Closing Disclosure at least 3 business days before closing?
- In Idaho, which instrument is recorded to give public notice of a lien against real property?
- In Idaho, mechanic's liens must generally be filed within how many days after the last date labor or materials were provided?
- A 'cloud on title' refers to:
- In Idaho, which party typically pays for the owner's title insurance policy?
- What is 'proration' at an Idaho real estate closing?
- On a closing statement, a 'debit' to the seller means:
- Annual property taxes are $3,600 and are paid in arrears. Closing is on April 30. How much does the seller owe in prorated taxes? (Using 360-day year, 30-day months)
- In Idaho, what is the purpose of recording a deed with the county recorder?
- Idaho follows what type of recording statute?
- A 'quiet title' action in Idaho is filed to:
- In a standard Idaho residential closing, the deed of trust is typically recorded:
- What is a 'HUD-1 Settlement Statement' (now replaced by the Closing Disclosure under TRID)?
- In Idaho, a tax lien for unpaid property taxes is:
- What is an 'abstract of title' in Idaho?
- What is a 'commitment for title insurance' in Idaho?
- In Idaho, a 'ALTA' title insurance policy is known for providing:
- In Idaho, a judgment lien attaches to all real property owned by the debtor in a county when:
- What is the significance of a 'gap' in the chain of title in Idaho?
- In Idaho, which type of lien generally has the highest priority in a foreclosure sale?
- An Idaho closing statement shows a 'debit to seller' for prorated taxes. This means the seller:
- What is the purpose of the 'escrow instructions' in an Idaho real estate transaction?
- What is 'title by descent' in Idaho real estate?
- In Idaho, 'marketable title' means:
- What is 'subrogation' in the context of title insurance in Idaho?
- In Idaho, what is a 'subordination agreement' in real estate financing?
- What is the purpose of a 'non-disturbance agreement' in Idaho commercial real estate?
- In Idaho, what does 'ALTA Extended Coverage' address in title insurance that standard coverage does not?
- What are 'endorsements' to a title insurance policy in Idaho?
- What is the purpose of a 'closing disclosure' (CD) in an Idaho real estate transaction?
- What does 'proration' mean in the context of an Idaho real estate closing?
- In Idaho, who typically holds earnest money during a real estate transaction?
- What is a 'title search' and why is it performed in Idaho real estate transactions?
- What is the difference between an owner's title insurance policy and a lender's title insurance policy?
- What is a 'mechanic's lien' and how does it affect Idaho real estate transactions?
- In Idaho, what is the function of a 'preliminary title report' (or title commitment)?
- What is 'constructive notice' vs. 'actual notice' in Idaho real estate recording law?
- What is a 'deed of reconveyance' in Idaho real estate?
- In Idaho, what is a 'chain of title' and why is it important?
- What is a 'lis pendens' and how does it affect Idaho real estate transactions?
- In Idaho, what is the purpose of a 'closing statement' (settlement statement)?
- In Idaho, what is a 'warranty deed' and what does it guarantee to the buyer?
- What is an 'ALTA policy' of title insurance and how does it differ from a standard policy?
- What is 'title insurance commitment' Schedule A vs. Schedule B in Idaho real estate?
- What is 'gap coverage' in Idaho title insurance?
- What is 'escrow' in an Idaho real estate transaction and who acts as the escrow?
- What is a 'survey exception' in an Idaho title insurance policy and why might a buyer want it removed?
- What is a 'property tax certificate of purchase' in Idaho and when does it arise?
- What is 'disbursement at closing' in an Idaho real estate transaction?
- What is a 'judgment lien' and how does it attach to Idaho real property?
- What is a 'deed restriction' and how does it affect Idaho property buyers?
- What is 'title insurance exception' for taxes and assessments and what does it mean for Idaho buyers?
- What is a 'title search back to sovereignty' and when is it required in Idaho?
- What is an 'endorsement' to a title insurance policy in Idaho?
- What is the difference between 'closing' and 'recording' in an Idaho real estate transaction?
- What is 'concurrent closing' in Idaho real estate and when is it used?
- What is a 'standard coverage' title insurance policy and how does it differ from an ALTA policy in Idaho?
Fair Housing
81 questions- Under the Fair Housing Act, which of the following is an example of blockbusting?
- Which entity enforces the Federal Fair Housing Act at the federal level?
- A senior housing community that wants to restrict occupancy to residents aged 55 or older must have at least what percentage of occupied units occupied by at least one person 55 or older?
- An agent who only shows minority buyers homes in predominantly minority neighborhoods, without showing them homes in other areas they could afford, is committing:
- The original Fair Housing Act of 1968 protected against discrimination based on:
- Redlining is the illegal practice of:
- Under the Fair Housing Act, a landlord must make reasonable accommodations for tenants with disabilities. Which of the following is an example of a reasonable accommodation?
- A seller instructs their agent to 'not show the house to families with children.' The agent should:
- Under the Fair Housing Act, the term 'familial status' protects:
- Which of the following is EXEMPT from the Fair Housing Act under the Mrs. Murphy exemption?
- An agent who advertises a property using only English-language newspapers in a bilingual community may be engaging in:
- Under Idaho Human Rights Act, which of the following is a protected class in housing that extends beyond federal Fair Housing Act protections?
- A landlord refuses to rent to a prospective tenant who uses a wheelchair because the landlord believes they will damage the property. This is:
- Under the Fair Housing Act, 'disability' is defined as:
- A real estate agent who tells a white buyer 'you wouldn't want to live in that neighborhood — it's changing' is guilty of:
- Which of the following is true about 'testers' used by fair housing organizations?
- Under the Americans with Disabilities Act (ADA), which of the following properties must provide accessible accommodations?
- A landlord who charges a higher security deposit to tenants with children because 'children cause more damage' is:
- Under the Fair Housing Act, a housing provider may ask a tenant requesting a reasonable accommodation for a disability to provide:
- The Fair Housing Act prohibition on discrimination in advertising means that an advertisement CANNOT:
- A landlord charges a higher security deposit from a prospective tenant who uses Section 8 housing vouchers. This may violate:
- The federal Fair Housing Act prohibits discrimination in housing based on which of the following protected classes?
- Which practice involves providing different information about available housing to people based on a protected class?
- Redlining refers to:
- Under the Fair Housing Act, which of the following is a permitted exemption?
- In Idaho, which state law adds additional protected classes beyond the federal Fair Housing Act?
- Which federal act requires that certain multifamily housing built after 1991 include accessible design features for people with disabilities?
- A landlord in Idaho refuses to allow a tenant with a disability to install grab bars in the bathroom. This is most likely:
- Blockbusting (panic selling) is:
- What is the maximum civil penalty for a first violation of the federal Fair Housing Act as of recent law?
- An Idaho property manager asks prospective tenants how many children they have. This question is most likely:
- Which federal agency primarily enforces the Fair Housing Act?
- What is the statute of limitations for filing a fair housing complaint with HUD?
- Under the Fair Housing Act, 'familial status' as a protected class refers to:
- A senior housing community in Idaho may lawfully exclude families with children if:
- What is 'disparate impact' in fair housing law?
- An Idaho landlord who requires a higher security deposit from a tenant who uses a wheelchair is:
- Which of the following advertising statements would most likely violate fair housing law in Idaho?
- The Americans with Disabilities Act (ADA) primarily applies to:
- In Idaho, the Human Rights Commission handles fair housing complaints under:
- A property owner tells their Idaho agent, 'Don't show this property to people with accents.' The agent should:
- What is 'source of income' discrimination and how does Idaho address it?
- A 'reasonable accommodation' under the Fair Housing Act requires a landlord to:
- In Idaho, can a real estate agent advertise a property as being located in an 'all-white neighborhood' to appeal to certain buyers?
- What is the 'testers' program used by fair housing organizations?
- Under the Fair Housing Act, a landlord who refuses to rent to a person because they have HIV/AIDS is engaging in:
- What does 'disparate treatment' mean in fair housing law?
- In Idaho, a real estate advertisement that states 'ideal for active adults' may be considered:
- In Idaho, a property manager sets a policy requiring all prospective tenants to have income of at least 3 times the monthly rent. This policy is:
- What is a 'master deed' in an Idaho condominium and its relationship to fair housing?
- What is the 'Civil Rights Act of 1866' and its relevance to Idaho real estate?
- In Idaho, a seller instructs their agent to advertise the home only on platforms typically used by a specific demographic group to attract certain types of buyers. This is likely:
- What is 'sexual harassment' in the housing context and is it a fair housing violation?
- Under the federal Fair Housing Act, which of the following is NOT a protected class?
- What is 'blockbusting' in real estate?
- Under the Fair Housing Act, which of the following is a permissible exemption from fair housing rules for private individuals?
- What does 'disparate impact' mean in fair housing law?
- In Idaho, which state agency handles fair housing complaints at the state level?
- Under the ADA, which of the following must a commercial property owner provide to a disabled person?
- Under the Fair Housing Act, what is required when a person with a disability requests a 'reasonable accommodation' from a landlord?
- What is 'steering' in the context of fair housing violations?
- What is 'source of income' discrimination in housing and does Idaho law prohibit it?
- Under the Fair Housing Act, what is required for 'familial status' protection?
- What are 'reasonable modifications' under the Fair Housing Act and who pays for them?
- What is a 'testers' program in fair housing enforcement?
- What is 'redlining' and why is it illegal under the Fair Housing Act?
- What is the 'housing for older persons' (HOPA) exemption in fair housing law?
- What is the 'sex' protected class under the Fair Housing Act and how has its interpretation evolved?
- What is 'quid pro quo' sexual harassment in housing?
- Under the Fair Housing Act, which of the following is NOT a prohibited act?
- What is 'disparate treatment' vs. 'disparate impact' in fair housing?
- What is the Fair Housing Amendments Act of 1988 and what did it add to fair housing protections?
- What is the 'national origin' protected class under the Fair Housing Act and what does it cover?
- What is the 'Civil Rights Act of 1866' and why is it important in fair housing?
- What is 'familial status' discrimination in advertising and what phrases should Idaho agents avoid?
- What is 'hostile environment harassment' in fair housing and how does it differ from quid pro quo harassment?
- What is the Idaho Human Rights Act and how does it compare to the federal Fair Housing Act?
- What is 'disability' as defined by the Fair Housing Act and what types of conditions are covered?
- What is 'illegal occupancy limit' discrimination under the Fair Housing Act?
- What is the Equal Credit Opportunity Act (ECOA) and how does it relate to Idaho real estate?
- What is 'source of funds' discrimination and what is Idaho's current approach?
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