Free Iowa Real Estate Practice Exam: 30 Questions

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.

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

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 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

While Isaac would be at fault for his violation. Isaac and Larry would both be in trouble and at fault since Larry was aware of the violation and did not report it. It is Iowa law for any brokers to report any violations immediately to the commission.

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

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.

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

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.

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

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).

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

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.

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

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.

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.

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

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.

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.

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.

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

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

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.

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

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.

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.