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Iowa License Law Review Flashcards | StudBud
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Iowa License Law Review
Iowa License Law Review
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Study for your Iowa Real Estate License Exam using this quiz
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Documents, such as leases, listing agreements, and contracts of sale, must be held by the broker for
a minimum of five years
as long as the broker is in business
at least one year
no specified period of time
2
What happens to the interest earned on money in a trust account?
Broker may benefit from the interest
Automatically goes to the owner of the funds
Is paid quarterly to the state of Iowa
Broker can use the interest to pay employees
3
When you know that someone is violating the Iowa Real Estate Regulations, you should
do nothing
notify the Iowa Real Estate Commission in writing
notify the local mls
notify the Iowa Association of REALTORS®
4
Agency disclosure is generally required
before specific assistance is provided
prior to closing
within five days of acceptance
prior to listing in the mls or showing a house
5
Even though it did not close a seller agrees that the broker has earned $2K of the buyer's forfeited $6K earnest money.
The broker must return it to the buyer
All the earnest money is given to the seller, then seller is billed $2000
Broker keeps $2000 and gives the rest to the seller
Broker keeps $2000 and gives the rest to the buyer
6
Who is responsible for keeping track of a licensee's continuing education requirements?
Iowa Real Estate Commission
Licensee
Real Estate School providing the continuing education course
Licensee's brokerage firm
7
The Iowa Real Estate Commission has jurisdiction over all of the following EXCEPT
Issuing licenses.
Arbitrating disputes among licensees.
Regulating real estate business offices.
Examining applications.
8
The Real Estate Commissions authority to regulate real estate licensing procedures is ...
formed by custom and granted by the governor
overseen by the Department of Housing and Urban Development
granted by the legislature of the state
subject to the Commissioner's authority.
9
All of the following are considered confidential information in a dual agency situation EXCEPT
buyer's specific needs
sellers motivation
material adverse fact
buyer's maximum down payment
10
If a licensee fails to give the buyer a copy of the listing contract, the licensee may be
Guilty of violating the fiduciary relationship.
Just doing their job
Subject to imprisonment
Subject to reprimand by the Real Estate Commission.
11
Licensees may lose their licenses for
splitting commissions with unlicensed people
soliciting door to door
not being employed full-time
buying listed properties
12
In Iowa property management agreements must be in writing, identify the property, and include
an renewable expiration date
the commission to be paid
an indefinite expiration date
a sliding commission rate depending on occupancy
13
In order to be licensed as a broker, a licensee must have been a licensed agent under a broker for
THREE YEARS
FIVE YEARS
TWO YEARS
12 - 15 MONTHS
14
A licensee has moved. How soon, if at all, must the licensee inform the real estate commission?
The next time the licensee renews
Within 30 days
Does not have to inform
Within 5 days
15
When a salesperson leaves a broker, the broker must
do nothing
advise the REC that the licensee is no longer with them and turn in license
notify the new broker and ask them to handle the details
give the license to the salesperson so they can take it to the new broker
16
Which of the following requirements are made of a broker who wishes to open an office?
Use a post office box as the address
Have a specific place of business open during business hours or by appt.
Have an administrative professional
Operate from home until business picks up
17
The buyer and the seller disagree over the disbursement of the earnest money. When can the broker distribute the money?
When the seller has given written authorization
When all parties involved give written release agreeing to disposition
When the buyer has given written authorization
When the cooperating broker has given written authorization
18
Id a licensee is found guilty of substantial, repeated misrepresentation or making dual sets of contracts...
the licensee's license may be revoked
All of the above
the licensee may be required to take additional training
the licensee may be fined up to $2500
19
What is the penalty, if any, to reinstate a license between January 1 and January 30?
The license can not be renewed
$6.00
$25
$250
20
A broker is required to offer which of the following types of agency?
Any agency the client requests
Both single and dual agency
Any form of agency the broker chooses
Appointed agency
