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

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.

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.

In Iowa you can sell as much real estate as you’d like as long as you are doing it legally. Establishing a net listing however, is not legal in the state of Iowa while open listings are.

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.

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.

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.

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

Placing a sign on any property offering it for sale or lease without the written consent of the owner or the owner’s authorized agent is a violation of Iowa Law. It's essential agents get written permission before they put down a for-sale sign.

The terms of members of the Iowa Real Estate Commission are three years long and members can only serve three terms or nine years.. Here is the exact text stating that: “Appointments shall be for three-year terms and shall commence and end as provided in section 69.19. A member shall serve no more than three terms or nine years, whichever is less. Per Iowa Real Estate Brokers and Salespersons Code: 543B.8

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

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

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

The Iowa Civil Rights Act prohibits discrimination in housing based on any of these 12 characteristics: race; color; national origin; religion or creed; sex; sexual orientation; gender identity; disability, mental or physical; familial status. Although some local jurisdictions in Virginia do have some additional protected classes, such as age or sexual orientation; the only state-wide protected class other than the 7 federal classes is elderliness.

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.

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

Errors and omissions insurance is a type of professional liability insurance that protects agents against claims of inadequate work or negligent actions.

Members of the Iowa Real Estate Commission must meet at least one time a year. Per Iowa Real Estate Brokers and Salespersons Code: 543B.50

The regulations apply to certain houses as determined by the federal government, which is any housing built prior to 1978.

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.

In Iowa, real estate trust accounts must be interest bearing, and all interest earned is transferred quarterly to the treasurer of state. There are a few exceptions but only with property management or rental accounts and even then, a non interest bearing account would still need to be connected to an interest bearing account.

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

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.

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.

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.

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

Brokerage agreements last until closing. Per Iowa Agent and Broker License Law.

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.

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

Per Iowa law, listing agreements can be transferred. In order to do so they must have the written consent of ALL parties.