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Idaho Real Estate Salesperson — Requirements & Free Practice

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Real Estate Salesperson License

Primary salesperson license with active or inactive status. Cooperative licenses in section 54-2011(2) are broker licenses, not separate salesperson credentials.

Licensing authority: Idaho Real Estate Commission, Division of Occupational and Professional Licenses · Application information

Subsequent renewal on active status
No examination is required for this applicant pathway.
Education
Two Commission core courses plus twelve hours of qualifying continuing education.
Insurance
For active status, certify mandatory errors and omissions coverage.
Renewal
Complete the renewal application and required fees under sections 54-2018(2) and 67-2614.

Official no-examination sources

Effective from 2026-09-22.

Initial licensure by examination
Age
At least 18 years; section 54-2012(1)(b).
Application
Submit the completed application, required attachments and fees; section 54-2012(1)(m).
Broker
For active licensure, supply the Idaho designated broker’s address and signature; associate with no more than one Idaho broker; section 54-2012(1)(l).
Criminal History
Meet the misdemeanor restrictions in section 54-2012(1)(f). For felony exemption review, wait five years from conviction or completion of probation, confinement or parole, whichever is later, and establish current suitability under subsection (g).
Discipline
Specified suspensions, surrenders or refused renewals for fraud, misrepresentation or dishonest dealing in the preceding five years bar licensure. Specified revocations require an exemption review after five years; section 54-2012(1)(d)-(e).
Fingerprints
Provide fingerprints for state and national criminal-history review under sections 54-2012(1)(j) and 67-9411A; resubmit illegible prints when requested and pay processing fees.
Insurance
Provide required errors and omissions coverage for active licensure; sections 54-2012(1)(n) and 54-2013.
Prelicense Education
Complete 90 hours, Salesperson Module 1 and Module 2 of 45 hours each, within three years before application; attend 100% and pass each course final at 70% or higher. Course finals are training conditions.
School
Accredited high school or equivalent, including a nonpublic school, or general education certificate; section 54-2012(1)(c).
Score Age
Required portions must be passed within twelve months immediately preceding application; section 54-2014(1). Approved special consideration may extend score acceptance.
Service Consent
File the irrevocable consent to service; section 54-2012(1)(k).
Special Consideration
The Commission may waive or modify qualifications for good cause under section 54-2012(1). The October 1, 2025 policy requires the applicable appendix, written good cause and supporting documents at least three weeks before the meeting; incomplete requests are not considered.
First activation after the initial period following inactive renewal
No examination is required for this applicant pathway.
Application
Submit the Commission-approved activation and required education certification.
Broker
Associate with a designated Idaho broker who submits the activation.
Education
Two core courses plus the post-license course before first activation after expiration of the initial period; section 54-2023(1)(a).
Insurance And Fees
Certify required errors and omissions insurance and pay required fees.

Official no-examination sources

Effective from 2026-09-22.

First renewal on active status
No examination is required for this applicant pathway.
Education
Two Commission core courses plus the twelve-hour post-license education: eight-hour Fundamentals and one approved four-hour elective.
Insurance
For active status, certify mandatory errors and omissions coverage.
Renewal
Complete the renewal application and required fees under sections 54-2018(2) and 67-2614.

Official no-examination sources

Effective from 2026-09-22.

Renewal on inactive status
No examination is required for this applicant pathway.
Education
No continuing education is required while renewing on inactive status; inactive status does not authorize practice.
Insurance
For active status, certify mandatory errors and omissions coverage.
Renewal
Complete the renewal application and required fees under sections 54-2018(2) and 67-2614.

Official no-examination sources

Effective from 2026-09-22.

Activation during the initial license period
No examination is required for this applicant pathway.
Application
Submit the Commission-approved activation and required education certification.
Broker
Associate with a designated Idaho broker who submits the activation.
Education
No continuing education within the initial license period; section 54-2023(1).
Insurance And Fees
Certify required errors and omissions insurance and pay required fees.

Official no-examination sources

Effective from 2026-09-22.

Late renewal within one year of expiration
No examination is required for this applicant pathway.
Attestation
Rule 100.01 requires an attestation whether broker or salesperson acts occurred while expired. Practice during expiration is prohibited.
Board Status
The Board FAQ permits expired-license renewal only on inactive status; a broker must reactivate it afterward.
Deadline
Renew before automatic termination after one year; section 54-2018(3).
Fees
Pay required renewal and late fees.

Official no-examination sources

Effective from 2026-09-22.

Military, veteran or spouse endorsement under Idaho Code 67 9406
No examination is required for this applicant pathway.
Application
Use the condensed application and validate qualifying service/spouse status and license. Disclose current, pending and subsequent disciplinary proceedings. No application fee may be required.
Board Background
The same Board policy requires a fingerprint-based background check.
Board Exam Conflict
Real Estate Licensing & Certification Policies for Military Persons, October 1, 2025, page 1, states: “Complete the Idaho portion of the license examination”. Section 67-9406(4)(a) prohibits requiring an examination for the condensed endorsement application and governs this route; this contrary Board demand is retained as an applicant condition.
Eligibility
Military member, honorably discharged former member, veteran, or spouse with current, valid and unrestricted licensure in a U.S. state, district, territory, armed-forces branch or National Guard; section 67-9406(1)-(2).
Processing
Qualifying endorsement is intended within fifteen business days when qualifications can be validated within that period; section 67-9406(1).
Scope Exception
Section 67-9406(5) separately permits a limited license and narrowly tailored full-license assessment if practice scopes differ.

Official no-examination sources

Effective from 2026-09-22.

Reinstatement following lapse caused by active military service
No examination is required for this applicant pathway.
Eligibility
Active military duty caused the license to lapse or expire; contact DOPL on return.
Exemptions
The Board military policy waives renewal fees, continuing education and renewal application for this reinstatement. It also exempts renewal during active military service and six months following discharge.

Official no-examination sources

Effective from 2026-09-22.

Initial licensure for applicants actively licensed in another jurisdiction
Age
At least 18 years; section 54-2012(1)(b).
Application
Submit the completed application, required attachments and fees; section 54-2012(1)(m).
Broker
For active licensure, supply the Idaho designated broker’s address and signature; associate with no more than one Idaho broker; section 54-2012(1)(l).
Criminal History
Meet the misdemeanor restrictions in section 54-2012(1)(f). For felony exemption review, wait five years from conviction or completion of probation, confinement or parole, whichever is later, and establish current suitability under subsection (g).
Discipline
Specified suspensions, surrenders or refused renewals for fraud, misrepresentation or dishonest dealing in the preceding five years bar licensure. Specified revocations require an exemption review after five years; section 54-2012(1)(d)-(e).
Education Waiver
Section 54-2015(1) exempts active licensees from furnishing the prelicense education prerequisites.
Existing License
Hold an active real estate broker or salesperson license in another jurisdiction at application; submit a certified license history documenting disciplinary actions, status and standing.
Fingerprints
Provide fingerprints for state and national criminal-history review under sections 54-2012(1)(j) and 67-9411A; resubmit illegible prints when requested and pay processing fees.
History Age
The Board requires a certified license history issued within six months, including a fresh history at application if the earlier history is too old.
Insurance
Provide required errors and omissions coverage for active licensure; sections 54-2012(1)(n) and 54-2013.
National Waiver
An active license in good standing permits a written national-exam waiver under sections 54-2015(2) and 54-2014(3). Obtain and apply it before scheduling. With the waiver only the Idaho portion is taken; the national exam remains identified because applicant waivers are conditions.
Reciprocity
The Board’s February 25, 2026 waiver instructions expressly state that Idaho has no reciprocal or other license agreements; section 54-2015(3) therefore has no currently operating agreement route.
School
Accredited high school or equivalent, including a nonpublic school, or general education certificate; section 54-2012(1)(c).
Score Age
Required portions must be passed within twelve months immediately preceding application; section 54-2014(1). Approved special consideration may extend score acceptance.
Service Consent
File the irrevocable consent to service; section 54-2012(1)(k).
Special Consideration
The Commission may waive or modify qualifications for good cause under section 54-2012(1). The October 1, 2025 policy requires the applicable appendix, written good cause and supporting documents at least three weeks before the meeting; incomplete requests are not considered.
Reinstatement after automatic recovery fund suspension
No examination is required for this applicant pathway.
Active Status
Satisfy applicable affiliation, insurance and continuing-education requirements for active status under sections 54-2018 and 54-2023.
Repayment
Repay the amount the Commission paid from the recovery fund plus lawful judgment interest before reinstatement; section 54-2074.

Official no-examination sources

Effective from 2026-09-22.

Subsequent reactivation following inactive renewal
No examination is required for this applicant pathway.
Application
Submit the Commission-approved activation and required education certification.
Broker
Associate with a designated Idaho broker who submits the activation.
Education
Two core courses plus twelve continuing-education hours; activation credit is spent and cannot be reused for later renewal.
Insurance And Fees
Certify required errors and omissions insurance and pay required fees.

Official no-examination sources

Effective from 2026-09-22.

New application after termination for nonrenewal
Age
At least 18 years; section 54-2012(1)(b).
Application
Submit the completed application, required attachments and fees; section 54-2012(1)(m).
Broker
For active licensure, supply the Idaho designated broker’s address and signature; associate with no more than one Idaho broker; section 54-2012(1)(l).
Criminal History
Meet the misdemeanor restrictions in section 54-2012(1)(f). For felony exemption review, wait five years from conviction or completion of probation, confinement or parole, whichever is later, and establish current suitability under subsection (g).
Discipline
Specified suspensions, surrenders or refused renewals for fraud, misrepresentation or dishonest dealing in the preceding five years bar licensure. Specified revocations require an exemption review after five years; section 54-2012(1)(d)-(e).
Education Currency
Prelicense education is valid for three years; retake any expired courses.
Fingerprints
Provide fingerprints for state and national criminal-history review under sections 54-2012(1)(j) and 67-9411A; resubmit illegible prints when requested and pay processing fees.
Insurance
Provide required errors and omissions coverage for active licensure; sections 54-2012(1)(n) and 54-2013.
Prior License
The former Idaho salesperson license remained unrenewed for one year and terminated under section 54-2018(3). The Board requires a new application, fingerprinting, exam retakes and fees.
School
Accredited high school or equivalent, including a nonpublic school, or general education certificate; section 54-2012(1)(c).
Score Age
Required portions must be passed within twelve months immediately preceding application; section 54-2014(1). Approved special consideration may extend score acceptance.
Service Consent
File the irrevocable consent to service; section 54-2012(1)(k).
Special Consideration
The Commission may waive or modify qualifications for good cause under section 54-2012(1). The October 1, 2025 policy requires the applicable appendix, written good cause and supporting documents at least three weeks before the meeting; incomplete requests are not considered.
Universal licensure under Idaho Code 67 9409
Age
At least 18 years; section 54-2012(1)(b).
Application
Submit the completed application, required attachments and fees; section 54-2012(1)(m).
Background And Fees
Application, supporting materials, ordinary background checks and licensing fees apply; section 67-9409(3) and (5).
Broker
For active licensure, supply the Idaho designated broker’s address and signature; associate with no more than one Idaho broker; section 54-2012(1)(l).
Criminal History
Meet the misdemeanor restrictions in section 54-2012(1)(f). For felony exemption review, wait five years from conviction or completion of probation, confinement or parole, whichever is later, and establish current suitability under subsection (g).
Discipline
Specified suspensions, surrenders or refused renewals for fraud, misrepresentation or dishonest dealing in the preceding five years bar licensure. Specified revocations require an exemption review after five years; section 54-2012(1)(d)-(e).
Education Waiver
Section 54-2015(1) exempts active licensees from furnishing the prelicense education prerequisites.
Exam Discretion
Section 67-9409(4) permits an existing exam or portion for competence and prohibits establishing a new jurisprudence exam. The Board’s active-license applicant instructions identify its existing Idaho exam.
Existing License
Hold an active real estate broker or salesperson license in another jurisdiction at application; submit a certified license history documenting disciplinary actions, status and standing.
Fingerprints
Provide fingerprints for state and national criminal-history review under sections 54-2012(1)(j) and 67-9411A; resubmit illegible prints when requested and pay processing fees.
History Age
The Board requires a certified license history issued within six months, including a fresh history at application if the earlier history is too old.
Insurance
Provide required errors and omissions coverage for active licensure; sections 54-2012(1)(n) and 54-2013.
National Waiver
An active license in good standing permits a written national-exam waiver under sections 54-2015(2) and 54-2014(3). Obtain and apply it before scheduling. With the waiver only the Idaho portion is taken; the national exam remains identified because applicant waivers are conditions.
Reciprocity
The Board’s February 25, 2026 waiver instructions expressly state that Idaho has no reciprocal or other license agreements; section 54-2015(3) therefore has no currently operating agreement route.
School
Accredited high school or equivalent, including a nonpublic school, or general education certificate; section 54-2012(1)(c).
Score Age
Required portions must be passed within twelve months immediately preceding application; section 54-2014(1). Approved special consideration may extend score acceptance.
Service Consent
File the irrevocable consent to service; section 54-2012(1)(k).
Special Consideration
The Commission may waive or modify qualifications for good cause under section 54-2012(1). The October 1, 2025 policy requires the applicable appendix, written good cause and supporting documents at least three weeks before the meeting; incomplete requests are not considered.
Universal Eligibility
Current, valid and unrestricted license in a U.S. state, district or territory, and Commission-determined competence; section 67-9409(1).

Limited Real Estate Salesperson License

A scope-restricted license pending satisfaction of full-license requirements for qualifying military or universal-licensure applicants.

Licensing authority: Idaho Real Estate Commission, Division of Occupational and Professional Licenses · Application information

Limited military, veteran or spouse endorsement pending full qualification
No examination is required for this applicant pathway.
Application
Use the condensed application and validate qualifying service/spouse status and license. Disclose current, pending and subsequent disciplinary proceedings. No application fee may be required.
Board Background
The same Board policy requires a fingerprint-based background check.
Board Exam Conflict
Real Estate Licensing & Certification Policies for Military Persons, October 1, 2025, page 1, states: “Complete the Idaho portion of the license examination”. Section 67-9406(4)(a) prohibits requiring an examination for the condensed endorsement application and governs this route; this contrary Board demand is retained as an applicant condition.
Eligibility
Military member, honorably discharged former member, veteran, or spouse with current, valid and unrestricted licensure in a U.S. state, district, territory, armed-forces branch or National Guard; section 67-9406(1)-(2).
Processing
Qualifying endorsement is intended within fifteen business days when qualifications can be validated within that period; section 67-9406(1).
Restriction
Practice is restricted to the prior jurisdiction’s scope until additional education, training or other full-license requirements are completed.
Scope Difference
The Commission determines Idaho’s practice scope is broader than the prior jurisdiction’s.
Scope Exception
Section 67-9406(5) separately permits a limited license and narrowly tailored full-license assessment if practice scopes differ.

Official no-examination sources

Effective from 2026-09-22.

Limited universal licensure pending full qualification
Age
At least 18 years; section 54-2012(1)(b).
Application
Submit the completed application, required attachments and fees; section 54-2012(1)(m).
Broker
For active licensure, supply the Idaho designated broker’s address and signature; associate with no more than one Idaho broker; section 54-2012(1)(l).
Criminal History
Meet the misdemeanor restrictions in section 54-2012(1)(f). For felony exemption review, wait five years from conviction or completion of probation, confinement or parole, whichever is later, and establish current suitability under subsection (g).
Discipline
Specified suspensions, surrenders or refused renewals for fraud, misrepresentation or dishonest dealing in the preceding five years bar licensure. Specified revocations require an exemption review after five years; section 54-2012(1)(d)-(e).
Education Waiver
Section 54-2015(1) exempts active licensees from furnishing the prelicense education prerequisites.
Existing License
Hold an active real estate broker or salesperson license in another jurisdiction at application; submit a certified license history documenting disciplinary actions, status and standing.
Fingerprints
Provide fingerprints for state and national criminal-history review under sections 54-2012(1)(j) and 67-9411A; resubmit illegible prints when requested and pay processing fees.
History Age
The Board requires a certified license history issued within six months, including a fresh history at application if the earlier history is too old.
Insurance
Provide required errors and omissions coverage for active licensure; sections 54-2012(1)(n) and 54-2013.
National Waiver
An active license in good standing permits a written national-exam waiver under sections 54-2015(2) and 54-2014(3). Obtain and apply it before scheduling. With the waiver only the Idaho portion is taken; the national exam remains identified because applicant waivers are conditions.
Reciprocity
The Board’s February 25, 2026 waiver instructions expressly state that Idaho has no reciprocal or other license agreements; section 54-2015(3) therefore has no currently operating agreement route.
Restriction
Practice is restricted to the prior jurisdiction’s scope pending additional education, training and other full-license requirements.
School
Accredited high school or equivalent, including a nonpublic school, or general education certificate; section 54-2012(1)(c).
Scope Difference
The Commission determines Idaho’s practice scope is broader and elects limited licensure instead of denial.
Score Age
Required portions must be passed within twelve months immediately preceding application; section 54-2014(1). Approved special consideration may extend score acceptance.
Service Consent
File the irrevocable consent to service; section 54-2012(1)(k).
Special Consideration
The Commission may waive or modify qualifications for good cause under section 54-2012(1). The October 1, 2025 policy requires the applicable appendix, written good cause and supporting documents at least three weeks before the meeting; incomplete requests are not considered.
Universal Eligibility
Current, valid and unrestricted U.S. licensure and Commission-determined competence under section 67-9409(1).

Idaho Laws, Rules, and Regulations Examination – Salesperson

Provider
Pearson VUE
Format
Computer-based questions
Exam questions
40 scored items plus 5–10 unscored pretest items
Time limit
90 minutes for the state portion
Passing score
Scaled score of 70 on a 0–100 scale
Examination outline
  • I. Duties and Powers of the Real Estate Commission (5%)
    • A. General Powers
    • B. Investigations, audits, hearings, appeals
    • C. Sanctions
    • C.1. Fines
    • C.2. License suspension and revocation
  • II. Licensing Requirements (10%)
    • A. Activities requiring a license
    • B. Eligibility for licensing
    • C. License renewal
    • D. Change in license/status
    • E. Education
  • III. License Law and Rules of the Idaho Real Estate Commission (40%)
    • A. Advertising/Use of business name
    • B. Broker-salesperson relationship
    • C. Sales Commissions and fees
    • D. Document handling and record keeping
    • E. Handling of monies/Consideration (items of value)
    • F. Trust accounts
    • G. Offers, counteroffers, acceptance
    • H. Office operations and business practices
    • I. Prohibited conduct
  • IV. Brokerage Representation (Agency Law) (25%)
    • A. Agency contracts
    • B. Types
    • C. Obligations to parties
    • D. Termination of agency
    • E. Limits of confidentiality
    • F. Disclosing agency relationships
  • V. Calculations and Closing Costs (5%)
  • VI. Idaho Principles and Practices (15%)
    • A. Financing
    • B. Trust deeds, notes, mortgages, contract for deed
    • C. Foreclosure
    • D. Ownership/Possession and Community Property
    • E. Real estate valuation
    • E.1. Property taxes/assessed value
    • E.2. Homeowner’s exemption
    • F. Recording
    • G. Mobile homes/manufactured housing
    • H. Water rights
    • I. Land use controls; zoning, subdivision
Examination sources

Real Estate Salesperson Examination — National/General Portion

Provider
Pearson VUE
Format
General (national) portion of a state real estate salesperson examination delivered by Pearson VUE; scored separately from the state portion with a pass/fail result, and a candidate who passes one part and fails the other retakes only the failed part
Exam questions
85 items: 80 scored items and 5 pretest items that are not counted toward the score
Examination outline
  • I. REAL PROPERTY CHARACTERISTICS, LEGAL DESCRIPTIONS, AND PROPERTY USE (SALES 11; 6 KNOWLEDGE, 3 APPLICATION, 2 ANALYSIS)
    • A. Real property vs. personal property (3 items): 1. Fixtures, trade fixtures, emblements; 2. Attachment, severance, and bill of sale
    • B. Characteristics of real property (2 items): 1. Economic characteristics (a. Scarcity; b. Modification / Improvement; c. Permanence of Investment / Fixity; d. Area Preference / Situs); 2. Physical characteristics (a. Immobility; b. Indestructibility; c. Non-homogeneity / Uniqueness)
    • C. Legal descriptions (3 items): 1. Methods used to describe real property; 2. Survey
    • D. Public and private land use controls – encumbrances (3 items): 1. Public controls – governmental powers (a. Police power, eminent domain, taxation, escheat; b. Zoning ordinances); 2. Private controls, restrictions, and encroachments (a. Covenants, conditions, and restrictions (CC&Rs), HOAs; b. Easements; c. Licenses and encroachments)
  • II. FORMS OF OWNERSHIP, TRANSFER, AND RECORDING OF TITLE (SALES 9; 5 KNOWLEDGE, 2 APPLICATION, 2 ANALYSIS)
    • A. Ownership, estates, rights, and interests (5 items): 1. Forms of ownership; 2. Freehold estate (a. Fee simple absolute; b. Fee simple defeasible, determinable, and condition subsequent; c. Life estate; d. Bundle of rights); 3. Leasehold estates and types of leases (a. Estate for years and from period to period (periodic estate); b. Estate at will and estate at sufferance; c. Gross, net, percentage leases, etc.); 4. Liens and lien priority; 5. Air, surface and sub-surface rights
    • B. Deed, title, transfer of title, and recording of title (4 items): 1. Elements of a valid deed; 2. Types of deeds; 3. Title transfer (a. Voluntary alienation; b. Involuntary alienation); 4. Recording the title (a. Constructive and actual notice; b. Title abstract and chain of title; c. Marketable title and cloud on title; d. Attorney title opinion, quiet title lawsuit, and title insurance)
  • III. PROPERTY VALUE AND APPRAISAL (SALES 11; 6 KNOWLEDGE, 3 APPLICATION, 2 ANALYSIS)
    • A. Concept of value (4 items): 1. Market value vs. market price; 2. Characteristics of value; 3. Principles of value
    • B. Appraisal process (2 items): 1. Purpose and steps to an appraisal; 2. Federal oversight of the appraisal process
    • C. Methods of estimating value and Broker Price Opinions (BPO) (5 items): 1. Sales comparison approach (market data); 2. Cost approach (a. Improvements and depreciation; b. Physical deterioration, functional, and economic obsolescence; c. Reproduction or replacement costs); 3. Income approach; 4. Gross rent and gross income multipliers; 5. Comparative Market Analysis (CMA); 6. Broker Price Opinion (BPO); 7. Assessed value and tax implications
  • IV. REAL ESTATE CONTRACTS AND AGENCY (SALES 16; 7 KNOWLEDGE, 6 APPLICATION, 3 ANALYSIS)
    • A. Types of contracts (1 item): 1. Express vs. implied; 2. Unilateral vs. bilateral
    • B. Required elements of a valid contract (3 items): 1. Voluntary; 2. Agreement / Promise; 3. Legally competent parties; 4. Lawful consideration; 5. Legal act / Purpose
    • C. Contract performance (3 items): 1. Executed vs. executory; 2. Valid vs. void; 3. Voidable vs. unenforceable; 4. Breach of contract, rescission, and termination; 5. Liquidated, punitive, or compensatory damages; 6. Statute of Frauds; 7. Electronic contracts and digital signatures; 8. Time is of the essence
    • D. Sales contract (2 items): 1. Offer and counteroffer; 2. Earnest money and liquidated damages; 3. Equitable title; 4. Contingencies; 5. Disputes and breach of contract; 6. Option contract and installment sales contract
    • E. Types of agency and licensee-client relationships (2 items)
    • F. Creation and termination of agency (2 items)
    • G. Licensee obligations to parties of a transaction (3 items)
  • V. REAL ESTATE PRACTICE (SALES 10; 5 KNOWLEDGE, 3 APPLICATION, 2 ANALYSIS)
    • A. Responsibilities of broker (2 items): 1. Practicing within scope of expertise; 2. Unauthorized practice of law
    • B. Brokerage agreements between the broker and principal (seller, buyer, landlord, or tenant) (3 items): 1. Seller representation – Types of listing agreements (a. Exclusive right-to-sell and exclusive agency listing; b. Non-exclusive or open listing; c. Net listing (conflict of interest); d. Multiple listing service (MLS)); 2. Buyer representation; 3. Property management agreement (a. Accounting for funds; b. Property maintenance; c. Leasing property; d. Collecting rents and security deposits); 4. Termination of agreements; 5. Services, fees, and compensation
    • C. Fair Housing (3 items): 1. Equal opportunity in housing; 2. Protected classes; 3. Fair housing laws; 4. Illegal practices, enforcement, and penalties; 5. Prohibited advertising; 6. Housing and Urban Development (HUD); 7. Americans with Disabilities Act (ADA)
    • D. Risk management (2 items): 1. Supervision; 2. Compliance with federal regulations; including Privacy and Do Not Contact; 3. Vicarious liability; 4. Antitrust laws; 5. Fraud and misrepresentation; 6. Types of insurance (a. Errors and Omissions; b. General Liability)
  • VI. PROPERTY DISCLOSURES AND ENVIRONMENTAL ISSUES (SALES 9; 5 KNOWLEDGE, 3 APPLICATION, 1 ANALYSIS)
    • A. Property conditions and environmental issues (5 items): 1. Hazardous substances (a. Lead-based paint; b. Asbestos, radon, and mold; c. Groundwater contamination and underground storage tanks; d. Waste disposal sites and brownfields; e. Flood plains, flood zones, and flood insurance); 2. Clean Air and Water Acts; 3. Environmental Protection Agency (EPA) (a. Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA); b. Superfund Amendment and Reauthorization Act (SARA); c. Environmental site assessments (including Phase I and II studies) and impact statements; d. Wetlands protection)
    • B. Environmental and property disclosure obligations and liability (4 items)
  • VII. FINANCING AND SETTLEMENT (SALES 7; 4 KNOWLEDGE, 2 APPLICATION, 1 ANALYSIS)
    • A. Financing concepts and components (2 items): 1. Methods of financing (a. Mortgage financing – conventional and non-conventional loans; b. Seller financing – land contract/contract for deed); 2. Lien theory vs. title theory and deed of trust; 3. Sources of financing (primary and secondary mortgage markets, and seller financing); 4. Types of loans and loan programs; 5. Mortgage clauses
    • B. Lender Requirements (1 item): 1. FHA requirements; 2. VA requirements; 3. USDA Loan requirements and rural development financing; 4. Conventional requirements; 5. Buyer qualification and Loan to Value (LTV); 6. Hazard and flood insurance; 7. Private mortgage insurance (PMI) and mortgage insurance premium (MIP)
    • C. Federal Financing Regulations and Regulatory Bodies (2 items): 1. Truth-in-Lending and Regulation Z; 2. TILA-RESPA Integrated Disclosures (TRID) (a. Consumer Financial Protection Bureau (CFPB); b. Loan Estimate (LE); c. Closing Disclosure (CD)); 3. Real Estate Settlement Procedures Act (RESPA) (a. Referrals; b. Rebates); 4. Equal Credit Opportunity Act (ECOA); 5. Mortgage fraud and predatory lending
    • D. Settlement and closing the transaction (2 items)
  • VIII. REAL ESTATE MATH CALCULATIONS (SALES 7; 4 APPLICATION, 3 ANALYSIS)
    • A. Property area calculations (1 item): 1. Square footage; 2. Acreage total
    • B. Property valuation (1 item): 1. Comparative Market Analysis (CMA); 2. Net Operating Income (NOI); 3. Capitalization rate; 4. Equity in property; 5. Establishing a listing price; 6. Assessed value and property taxes
    • C. Commission/compensation (1 item)
    • D. Loan financing costs (1 item): 1. Interest; 2. Loan to Value (LTV); 3. Fees; 4. Amortization, discount points, and prepayment penalties
    • E. Settlement and closing costs (1 item): 1. Purchase price and down payment; 2. Monthly mortgage calculations- principal, interest, taxes, and insurance (PITI); 3. Net to the seller; 4. Cost to the buyer; 5. Prorated items; 6. Debits and credits; 7. Transfer tax and recording fee
    • F. Investment (1 item): 1. Return on investment; 2. Appreciation; 3. Depreciation; 4. Tax implications on investment
    • G. Property management calculations (1 item): 1. Property management and budget calculations; 2. Tenancy and rental calculations
Examination sources