An IL broker also holds an IA license, they are exempt from the requirement of maintaining a physical office in IA if...

if they maintain a physical office in IL

In Iowa, a partnership, association, or corporation will be granted a license only if

there is at least one active licensed broker among it's members or officers

To renew an Iowa real estate license to active status a salesperson must

complete 8 hours law update, 4 hours ethics, and 24 elective hours

Which of the following is an example of a ministerial act?

Responding to general questions about the price and location of a property

In Iowa, applications for any salesperson's real estate license must contain

a pass notice from the testing service

On Dec 30, an agent realizes they do not have all their continuing education. They submit their renewal anyway.

On January 1 their license becomes inactive.

A complaint filed with the real estate commission

must contain a concise statement of the facts

When does a real estate license expire?

December 31st of the third year of licensure

Which of the following rises to the level of specific assistance?

Establishing a listing price range with a seller

Who among the following must have a real estate license in Iowa?

An auctioneer that closes a farm sale

In Iowa, who of the following would need to be a licensed real estate broker or salesperson?

A person accepting a referral fee from a licensed real estate agent

During each three-year licensing period a licensee has to meet specific continuing education requirements. A licensee...

may repeat a course if the course numbers and instructors are different

The Iowa Real Estate Commission specifically will NOT get involved with a dispute over

commissions between cooperating real estate firms

Which of the following activities does NOT require a real estate license?

An attorney acting solely as an incident to the practice of law

Which of the following situations completely satisfies the active-license-renewal continuing education requirements?

Retaking and passing the licensing exam within six months of renewal

Which of the following is NOT true regarding informal discussions conducted by the investigative committee?

The licensee does not have to notify the committee if they are attending

A complaint has been filed and the commission has determined that a case hearing must be held. They must send notice

at least 20 days before the hearing

In which of the situations is a real estate license NOT required even when acting for another for some kind of fee.

Auctioning others' personal property

An owner wants to sell her own house. The owner

must inform potential buyers of any known structural problems

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Study Questions IA

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1
An IL broker also holds an IA license, they are exempt from the requirement of maintaining a physical office in IA if...
they pay the real estate commission $2500
if they maintain a physical office in IL
they have IA agents working for them
they sell at least 5 houses a year in IA
2
In Iowa, a partnership, association, or corporation will be granted a license only if
they have a full-time office administrator
everyone is a broker
there is at least one active licensed broker among it's members or officers
everyone actively participating has a salesperson license
3
Which of the following is NOT a penalty available to the commission
Nonrenewal of license
Probation
Imposing civil penalties not to exceed $2,500 per violation
30 days in jail
4
To renew an Iowa real estate license to active status a salesperson must
complete 8 hours law update, 4 hours ethics, and 24 elective hours
complete any 36 hours of continuing education
complete 8 hours ethics, 4 hours law update, and 24 elective hours
complete 24 hours of commission-approved continuing education
5
Which of the following is an example of a ministerial act?
Sitting down with a buyer to write an offer
Responding to general questions about the price and location of a property
Communicating with a buyer beyond casual conversation about their finances
A specific conversation to discuss a buyer's price range
6
An applicant for a real estate license in Iowa may NOT be denied a license
if the applicant makes a false statement on the application
if they have had a professional license of any kind revoke
because they are under 21
for being convicted of a felony.
7
In Iowa, applications for any salesperson's real estate license must contain
all medical records
a pass notice from the testing service
three letters of recommendation
a photo
8
On Dec 30, an agent realizes they do not have all their continuing education. They submit their renewal anyway.
As long as they have the mandatory classes they're good
They license is good until January 30 if they get all the classes by then.
Their broker can submit a waiver for them
On January 1 their license becomes inactive.
9
Engaging in activities requiring a license while a license is inactive may impose a civil penalty in the amount of
$1500
$500
$5000
$2,500
10
A complaint filed with the real estate commission
can be made by calling the real estate commission
has to be filed through the local association
must contain a concise statement of the facts
has to be based on the Articles in the NAR Code of Ethics
11
An active salesperson's license must be kept in the custody of the
broker
licensee
real estate commission
state
12
When does a real estate license expire?
January 30 following the third year of licensure
Three years from the date you receive your license
December 31st of the third year of licensure
3 business days after December 31st
13
Which of the following rises to the level of specific assistance?
Establishing a listing price range with a seller
Attending an open house and responding to general questions
Setting an appointment to view a property
Describing a property or the property's condition when a consumer inquires
14
"Engaging in the real estate business" consists of acting for another for a fee in all the following activities EXCEPT
advertising to sell homes for a flat fee
listing a 12 unit apartment building for an investor
collecting rent for the use of real esate
selling of mobile homes
15
Providing information or performing acts that do not create the necessity to discuss agency is referred to in Iowa as
specific assistance
advertising
ministerial acts
dual agency
16
A requirement for obtaining a broker's license includes
completing a background check
being 18 years of age
attending 72 hours of pre-license education
attending 36 hours of pre-license education
17
Who among the following must have a real estate license in Iowa?
An auctioneer that establishes the time, place, and method of an auction
An auctioneer who advertises and cries the property at the auction
An auctioneer that closes a farm sale
An employee of a utility company
18
In Iowa, who of the following would need to be a licensed real estate broker or salesperson?
A person involved in an isolated real estate rental transaction.
A person accepting a referral fee from a licensed real estate agent
A person acting under court order
An employee of the federal government
19
During each three-year licensing period a licensee has to meet specific continuing education requirements. A licensee...
may repeat a course if the course numbers and instructors are different
can show up at the testing center and take the exam
may take 24 hours online but the rest have to be at their local association
has to take all of the courses in their own office
20
The Iowa Real Estate Commission specifically will NOT get involved with a dispute over
a salesperson acting for more than one party without consent of all parties
commissions between cooperating real estate firms
a commission being directly accepted by a salesperson from a seller
a salesperson paying a commission to an unlicensed salesperson
21
Which of the following activities does NOT require a real estate license?
A company that, for a fee procures tenants for landlords
An attorney acting solely as an incident to the practice of law
A person who negotiates the sale or lease of real estate
A person who collects rents for another for the use of real estate
22
Which of the following situations completely satisfies the active-license-renewal continuing education requirements?
Selling 35 properties per year for the licensure period
Teaching continuing education for 36 hours
Being a broker
Retaking and passing the licensing exam within six months of renewal
23
A licensee has received a notice of a hearing. The licensee must acknowledge receipt of the notice within
20 days
60 days
10 days
30 days
24
Which of the following is NOT true regarding informal discussions conducted by the investigative committee?
A licensee's employing broker is invited to attend the discussion
What happens at the informal discussion can be used at the hearing
The licensee does not have to notify the committee if they are attending
The informal discussion is held in closed session
25
A complaint has been filed and the commission has determined that a case hearing must be held. They must send notice
at least 30 days before the hearing
at least 10 days before the hearing
at least 60 days before the hearing
at least 20 days before the hearing
26
If a licensee allows their license to expire, how long do they have to reinstate the expired license without penalty?
Until January 31
5 banking days from expiration date
Until January 30
There is no "free" time
27
In which of the situations is a real estate license NOT required even when acting for another for some kind of fee.
Preparing specific real estate documents
Dealing in options on real estate
Assisting in negotiating
Auctioning others' personal property
28
An owner wants to sell her own house. The owner
is exempt from the provisions of the Iowa Code regarding disclosure
can't advertise on Zillow
must inform potential buyers of any known structural problems
has to create a website

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