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

Under agency law in Iowa dual agency is legal but only with the consent of all parties to the transaction.

No. Under the Fair Housing Act, persons with handicaps are protected from discrimination. Individuals who have or have had AIDS are protected by the Act. Real Estate Agents or Brokers may not mention the handicap of the individual, unless granted permission from the said individual.

This transaction would be considered a net listing and is illegal in the state of Iowa.

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.

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

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.

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.

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 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).

If you know that someone is violating Iowa Real Estate Regulations, you should notify (in writing) the Iowa Real Estate Commission. Not notifying the commission can result in trouble for all parties even if you are not directly involved.

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.

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

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

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.

Jackie is responsible. It is up to each and every licensee to track their own continuing education.

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

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 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

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.

All of the following actions are prohibited aside from placing advertisements in magazines, newspapers, and other media as directed by the supervising broker. Unlicensed assistants can in fact do that. Per Iowa Codes: licensees; permitted and prohibited activities. 193E—7.13

If a licensee is found guilty of misrepresentation: his or her license could be revoked, he or she may be fined up to $2,500, and he or she may be required to take additional education or training. Misrepresentation is no joke.

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.

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

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

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

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.

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

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