Idaho Real Estate Practice Exam

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What authority does the Idaho Real Estate Commission (IREC) NOT have?

Setting licensing fees
Enforcing contractual obligations
Regulating advertising practices
Legislating real estate market prices

The correct answer is: Legislating real estate market prices

The Idaho Real Estate Commission (IREC) has various responsibilities and powers within the scope of real estate regulation. However, it does not have the authority to legislate real estate market prices. Market prices are determined by supply and demand dynamics within the marketplace and are influenced by various economic factors. The IREC is tasked with regulating aspects such as licensing fees, which are necessary for maintaining professional standards in real estate practice; enforcing contractual obligations, ensuring that professionals adhere to the agreements made with clients and other parties; and regulating advertising practices to ensure fairness and accuracy in how properties are marketed. However, they do not intervene in setting or controlling the prices at which properties are bought and sold, as that falls outside their jurisdiction and would interfere with free market principles. This distinction is crucial for understanding the scope of authority that IREC possesses in the real estate sector.