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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A home buyer wishes to get a loan for a home on 5 acres. What security instrument may the lender use in Idaho?
Either a mortgage or Deed of Trust
What security instrument must be used when financing a 60-acre farm in Idaho
Mortgage
When must the seller of a residential four plex deliver the Seller's Property Condition Disclosure to the buyer?
10 cal days after contact ratification
When must the buyer of a residential home rescind the sales contract after receiving the Seller's property condition disclosure from the seller
Within 3 business days after receiving the disclosure statement
This law allows an owner occupant to file for a reduction in the PROPERTY TAXES each and every year while the continue to reside in their personal residence?
Circuit breaker
In Idaho, what is the statutory usury ceiling of stated interest rates on loans secured by real estate?
There is none
What does Idaho's 'Circuit Breaker' law do?
Helps pay property taxes
When a seller of Idaho Property attests the transfer of the deed is of their own free will what has happened?
Acknowledgement
The statutory period to establish adverse possession or easements by prescription is
20 years
Which type of concurrent ownership allows an owner to sell their portion of the property without consent of the other owners?
tenants in common
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