ID Real Estate cheat sheet

Fiduciary duties in agency: Care, Obedience, Loyalty, Disclosure, Accounting, Confidentiality (COLDAC).

Federal Fair Housing Act protected classes: race, color, religion, sex, national origin, familial status, disability; HUD treats sexual orientation and gender identity as sex.

Contract formation: offer, acceptance, consideration, capacity, lawful purpose, mutual assent; real estate sale contracts must be written and signed under the statute of frauds.

LTV = loan amount divided by value or purchase price, whichever is lower; down payment = price minus loan; one discount point = 1% of the loan amount.

Cap rate = NOI divided by value; value = NOI divided by cap rate; GRM = sale price divided by gross monthly rent.

Appraisal approach: sales comparison for typical residences; cost approach for new or unique structures; income approach for rental or commercial property.

Deed rule: delivery and acceptance are required; quitclaim gives no warranties; general warranty deed gives the broadest covenants.

RESPA Section 8 bans referral kickbacks and unearned fees; lead-based paint disclosure is required for pre-1978 housing.

Proration: exam problems generally use 30-day months and 360-day years; the seller pays through the day of closing unless the problem states otherwise.

Idaho Real Estate Commission licenses and regulates brokers and salespersons under Idaho Code Title 54, Chapter 20.

Idaho is a community property state; property acquired during marriage with community funds is presumptively community property.

Idaho Property Condition Disclosure Act requires a written residential seller disclosure before transfer, subject to statutory exemptions.

Idaho has no state real estate transfer tax; county recorders charge recording fees for deeds and deeds of trust.

Idaho nonjudicial foreclosure: a trustee records a notice of default and conducts a public sale after the statutory period for deeds of trust.

Idaho agency disclosure must be written before a party signs; dual agency requires informed written consent of all parties.

Idaho real estate licenses are renewed biennially through the Idaho Real Estate Commission; continuing education is required each renewal cycle.

Idaho homestead exemption protects equity in a primary residence from certain creditors; the exempt amount is adjusted periodically.

Idaho statute of frauds requires sale contracts and leases over one year to be written and signed by the party to be charged.