Free Iowa Real Estate Practice Exam Questions (April 2024) 40+

All written listing agreements must include: signatures, include the date the agreement is active, the property it applies to, and the parties applicable. A written listing agreement is not required to disclose the commission splits. A brokerage agreement is however but not a listing agreement.

Seven days. If a license is revoked, suspended, restricted, or voluntarily surrendered, the licensee must immediately notify the licensee's broker within seven days.

According to Iowa real estate law ONLY brokers can directly receive fees or bonuses. After the fee is received then the broker can distribute the funds to the salesperson if applicable.

There are a total of seven members in the Iowa Real Estate Commission. The commission consists of five members (licensed) and two members not licensed, who shall represent the general public. Per Iowa Real Estate Brokers and Salespersons Code: 543B.8

Continuing education for Iowa Real Estate Licensees is required every three years or 36 months. If not completed licensees are at risk of being suspended and also fined.

None, all agents and brokers are required to complete required continuing education.

Of course he is not, with or without his tenants approval he cannot deny someone housing just because of a disability. Under Iowa Fair Housing Law you cannot deny housing to qualified people with disabilities plain and simple.

All of the following actions are allowed aside from making cold calls. Unlicensed assistants are not permitted to make any form of real estate related cold call. Per Iowa Codes: licensees; permitted and prohibited activities. 193E—7.13

It is Iowa state law that brokers must retain copies of purchase contracts for 5 years. So in our case, Tina must hang on to the contract for 5 years.

All of the above. If you are representing a seller the following would be considered “confidential information” per Iowa Law: Information that could place the seller at a disadvantage, whether the seller is willing to accept less than the asking price, the seller’s motivating factors, whether the seller will agree to terms different from those offered, the seller’s real estate needs, and the seller’s financial information.

Per Iowa licensing law, Iowa Real Estate Licensees are required to take 36 continuing education hours every renewal period.

The Governor is in charge of handling the appointment of members per senate approval. Per Iowa Real Estate Brokers and Salespersons Code: 543B.8

Agency disclosure must be made verbally by the agent prior to the agent providing specific assistance to potential customers. If an agent is not meeting face-to-face, then the agent should email or mail a disclosure to the potential customer.

A holographic will is a will or testament that has been entirely handwritten and signed by the testator. In Iowa, holographic wills are not considered legal.

The commission is authorized to issue a cease and desist order and to impose a civil penalty of up to the greater of $10,000 or 10 percent of the real estate sale price against any person who is not licensed by the commission but who acts in the capacity of a real estate broker or salesperson, per Iowa Code 193E—21.1(17A,543B).

Upon obtaining a listing, a broker or licensed salesperson is always obligated to give the seller a legible copy of the written listing agreement.

In Iowa, a broker must deposit the earnest money within five banking days of acceptance of the offer.

All of the following actions are prohibited aside from independently hosting open houses for tours attended by licensed brokers and salespersons only. Unlicensed assistants can in fact host an open house but ONLY for licensed brokers and salespersons. No members of the public are permitted or it would constitute as license permitted activity. Per Iowa Codes: licensees; permitted and prohibited activities. 193E—7.13

The only way salespersons or broker associates can advertise under their own names is if their are the owners of the property they are advertising. The sale MUST be completely a for sale by owner transaction with no exceptions.

Commingling is when a licensee mixes funds held in care for a client with their own funds.

Regarding real estate licenses reciprocity, Iowa has agreements with some states, not Pennsylvania though. Here is the list: Arkansas, Georgia, Louisiana, Massachusetts, Minnesota, Mississippi, North Dakota.

The Iowa Real Estate Commission administers and enforces the laws of the state relating to real estate activities. The real estate commission conducts its business in order to protect the public interest. Think of the commission like the executive branch of the federal government. The commission is in charge of enforcing Iowa real estate law, while different parts of the government do other aspects like writing and creating laws.

The buyer’s property interest preference is NOT considered confidential information. If you are representing a buyer the following would be considered “confidential information” per Iowa Law: Information that could place the buyer at a disadvantage, whether the buyer is willing to pay more than the asking price, the buyer’s motivating factors, whether the buyer will agree to terms different from those offered, the buyer’s real estate needs, the buyer’s financial information.

The federal Civil Rights Act of 1866 prohibits all racial discrimination in the sale or rental of property.

Appointed agency is an agency policy in which two agents with the same company have exclusive representation roles. It is in fact legal in Iowa. An appointed agency is an option and companies do not have to offer it.

Unlike some states, in Iowa there is no state law that dictates what a broker may charge for a commission. The commission is completely negotiable in the listing contract.

Regarding real estate licenses reciprocity, Iowa has agreements with some states. Here is the list: Arkansas, Georgia, Louisiana, Massachusetts, Minnesota, Mississippi, North Dakota

All of the following actions are allowed aside answering any questions on title, financing, or closing. Unlicensed assistants are not permitted to answer any questions on title, financing, or closing (other than time and place). Per Iowa Codes: licensees; permitted and prohibited activities. 193E—7.13

A fiduciary relationship is one in which the agent is held in a position of special trust and confidence by the principal.

Put simply, the purpose of the Iowa License Law and Regulations is to protect the public.