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IOWA Licensing Requirements Flashcards | StudBud
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IOWA Licensing Requirements
IOWA Licensing Requirements
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1
A license is required for ALL of the following EXCEPT:
Selling time shares
Negotiate or offer to negotiate for a fee
Selling, exchanging, purchasing, renting or leasing real estate for a fee
Listing. offering or attempting to list real estate for a fee
2
A Licensee's license may be revoked for ANY of the following reasons EXCEPT:
Acting for more than one party in the transaction without their knowledge
Accepting a commission or consideration from someone other than the broker
Representing a buyer and a seller in separate transactions
Representing more than one broker
3
A Licensee's license may be revoked for ANY of the following reasons EXCEPT:
Pursuing a continued and flagrant course of misrepresentation
Making any false promise likely to influence, persuade or induce.
Refusing to take a listing based on seller's insistence on discrimination
Making any substantial misrepresentation
4
In order to renew their license a licensee must complete the following education requirements
A total of 24 Hours
8 hours law update, 4 hours ethics and 24 hours electives
8 hours law update and 4 hours of ethics
A total of 36 hours of any continuing education
5
How much of a broker's personal funds may stay in the trust account for maintenance of the account?
There is no limit
Whatever the bank says must be in there
$500
$0
6
When must earnest money be deposited into the brokers trust account?
No later than 5 banking days from date of acceptance
No later than 3 business days from date of acceptance
It is deposited into operating funds no later than 5 banking days
It doesn't need to be deposited, the broker just keeps the check in a desk
7
A license is NOT required for ANY of the following EXCEPT:
A licensed attorney
A person acting under a power of attorney from an owner
An isolated real estate rental transaction
Someone who procures prospects for a real estate business
8
Where does the interest from a broker's trust account go?
To the seller
To the State of Iowa
To the broker
To the buyer
9
A Licensee's license may be revoked for ANY of the following reasons EXCEPT:
Failing to account for or remit any monies belonging to others
Withholding confidential information from other parties in the transaction
Paying a commission to a person who is not licensed
Being unworthy or incompetent to act as a licensee
10
A license is required for ALL of the following EXCEPT:
An owner selling their own property
Someone who prepares real estate documents on behalf of others for a fee
Someone handling options in real estate
Someone who collects rents for use of real estate for a fee
11
How many years must a broker keep copies of all business books?
Three years
Five years
Seven years
One year
12
A license is NOT required for ANY of the following EXCEPT:
Public/private utility employee acting in the regular course of employment
A personal acting as a resident manager in the dwelling
Advertises as one being involved in the business of real estate
Officer or employee of the federal or state government
13
The Iowa Real Estate Commission has how many members?
2
7
3
5
14
The Iowa Real Estate Commission is created under the...
Iowa Association of Realtors
Attorney General
Professional Licensing & Regulation Division of the IA Dept of Commerce
Governor and Senate
15
How long can a member of the Real Estate Commission be on the Commission?
3 terms or 9 years, whichever is less
9 years
3 years
Indefinitely
