Idaho Real Estate Practice Exam

What must a salesperson do before conducting business under an Idaho cooperative license agreement?

1. Obtain customer referrals

2. Complete the necessary training module

3. Submit a business plan

4. Have a cooperative license agreement from IREC

The correct answer is: Have a cooperative license agreement from IREC

Before a salesperson can conduct business under an Idaho cooperative license agreement, it is essential to have a cooperative license agreement from the Idaho Real Estate Commission (IREC). This agreement ensures that the salesperson is legally authorized to work in collaboration with another broker and defines the terms of cooperation between the involved parties. In Idaho, obtaining this license is a critical step that signifies that the salesperson adheres to the regulatory requirements established by the IREC, ensuring compliance with state law. The other options may involve various business practices or additional steps in a salesperson's career, but they do not fulfill the legal requirement necessary to operate under a cooperative license agreement. Without this agreement, the salesperson would not have the formal authorization needed to engage in cooperative real estate transactions, which could result in legal repercussions or disallow them from conducting business effectively.