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State License Law 1 Flashcards | StudBud
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State License Law 1
State License Law 1
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1
The amount of commission paid to a broker for selling a property is determined by
Law
Agreement of the Parties
Iowa Real Estate Commission
Local MLS boards
2
The mission of the real estate commission is to:
protect the public
police the real estate licensees
weed out the unqualified licensees
discourage education and disclosure
3
In Iowa, property management agreements must be in writing, identify a property, and include
a sliding commission rate depending on occupancy
an indefinite expiration date
a renewable expiration date
the commission to be paid
4
The Real Estate Commissions' authority to regulate licensing procedures is
governed by the Federal Fair Housing laws
subject to the Commissioner's authority
formed by custom and granted by the governor
granted by the legislature of the state
5
An unlicensed secretary may legally perform which one of the following?
Sell property under the direct supervision of a broker
Show properties as long as the price is not mentioned
Negotiate deals as long as an agent is present
Refer interested clients to the broker or an angent
6
Documents from the sale or lease of a property must be held by the broker for
at least one year
an indefinite period of time
a minimum of five years
as long as the broker is in business
7
Can a broker keep personal funds in an escrow account? If so, how much?
No, unless the bank requires it
No, a broker can't out any personal funds into an escrow account
Yes, $200
Yes, $500
8
To be licensed as a broker, a licensee must have been licensed as a salesperson under a broker for:
Three years
12 - 15 months
5 years
Two years
9
Of the following, who is exempt from getting a real estate license when handling the sale of real property?
administrator or executor of a will
fee appraiser
neighbor renting a property for a fee
part-time sales people
10
Licensees may lose their licenses for
failing to sell real estate on a full-time basis
splitting earned commissions with unlicensed people
soliciting door to door
buying listed properties
11
The purpose of Iowa License Law and Regulation is to
protect the public
ensure that brokers get paid
make sure out-of-state concerns do not overtake Iowa real estate
provide revenue by issuing various licenses
12
A broker who receives a check for earnest money would
deposit it within 5 banking days once the offer has been accepted
give it to the seller along with the offer to purchase
deposit it immediately in a general checking account
use it to cover the costs of the sale
13
If a licensee fails to give a buyer a copy of the listing contract, the licensee is
just doing their job
guilty of violating the fiduciary relationship
subject to imprisonment
subject to reprimand by the real estate commission
14
The Iowa Real Estate Commission has jurisdiction over all of the following EXCEPT:
arbitrating disputes among licensees
issuing licenses
regulating real estate business offices
examining application
15
If a broker represents more than one party in a real estate transaction without knowledge and consent of all parties it
is ethical
okay if no one suffers monetary dmages
is grounds for disciplinary action
is approved in the administrative code
