Idaho Real Estate Practice Exam

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Study for the Idaho Real Estate Exam. Prepare with flashcards and multiple choice questions, each question has hints and explanations. Get ready for your exam!

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How long must a lender wait to hold the foreclosure sale on a Deed of Trust in Idaho?

6 months
12 months
1 year
18 months

The correct answer is: 12 months

In Idaho, the lender must wait a minimum of 12 months before holding a foreclosure sale on a Deed of Trust. This waiting period is established under Idaho law, which specifies the timeline that lenders must adhere to in order to ensure proper notice and an opportunity for the borrower to remedy the default. During this period, the borrower has the chance to bring the loan current by making the necessary payments or by negotiating alternative arrangements with the lender. This waiting period is designed to provide a fair opportunity for borrowers to avoid foreclosure, thereby contributing to a more equitable process in real estate transactions. The other durations listed are either too short or too long according to the legal guidelines in Idaho, hence they do not correctly reflect the statute regarding foreclosure timelines.