Idaho Principles and Practices

A home buyer wishes to get a loan for a home on 5 acres. What security instrument may the lender use in Idaho?
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Terms in this set (24)
What law allows an owner occupant of their personal residence to apply for an annual reduction of their property taxes just once and it stays on as long as they reside there?Homeowners exemptionIf a survey reveals the fence between the two neighbors is in the wrong spot, what law may allow the fence to stay in its original placeAdverse possessionUpon obtaining a properly signed and dates acceptance of an offer to purchase, per Idaho code the broker or sales assoc shouldPromptly deliver true and legible copies of such accepted offer to both the buyer and the sellerA tenant who believes they have been illegally discriminated against may file a complaint with theIntermountain Fair Housing CouncilUpon obtaining a seller representation agreement or listing agreement, a broker or licensed salesperson is obligated toGive the seller signing the listing a legible, signed, true, and correct copyUnclaimed Estates escheat to the state after a period of7 yrsIn Idaho, real estate loans secured by deed of trust may be made provided that the non-ag use property given as security is how many acres or less80A trustee wishes to start foreclosure proceedings on a deed of trust. What must the trustee or the beneficiary file with the county recorderNotice of defaultAll of the following may serve as the trustee of a deed of trust loan in Idaho excepta Real estate brokerAfter a sheriff's sale to foreclosure a mortgage for a property of more than 20 acres, the statutory redemption is12 monthsWho is ultimately responsible for the closing and seeing that the proration between the buyer and seller are correct?BrokerA nephew was a witness to his uncle's will. When the will was read after the uncles death, the nephew discovered that he was devisee of his uncle's will.what is trueThe nephew is a legal devisee and the will is validWho has the responsibility to verify all settlement statements are accurate at closing?The brokerswhat is the statue of limitations for the following Judgement lien Adverse possession Easements by prescription Mechanics lien5 yrs 20 yrs 20 yrs 6 months