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

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.

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

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.

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

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

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

None of the acts. She cannot list or sell homes anywhere in Iowa. She also cannot host any open houses unless she is actively licensed.

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 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.

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.

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.

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

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 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

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

All interest earned in a real estate trust account must be transferred quarterly to the Iowa treasurer of state.

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

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.

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.

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

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).

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

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

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

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

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 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.

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.

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.