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Iowa Real Estate Exam Prep
Terms in this set (199)
In Iowa, who administers real estate license law?
Iowa Real Estate Commission
The members of the Iowa Real Estate Commission are appointed by the
Governor, subject to senate approval
The real estate commission has the authority to
Make and enforce the rules by which all real estate licensees must abide
The Iowa Real Estate Commission may undertake an investigation of a licensee based on all of the following grounds EXPECT
A phone complaint from the public
Which statement about the Iowa Real Estate Commission is true?
An independent testing company administers the examinations taken for real estate licensing
The commission has the power to revoke a salesperson's license, if the salesperson
deposits a tenant's rental check in his or her own bank account and then writes a personal check to the landlord
A housing discrimination charge based on a violation of the Iowa Civil Rights Act must be filed with the Iowa Civil Rights Commission within
A licensee changes his or her personal residence. Which of the following is true?
The commission must be notified in writing of a change of residence or mailing address
When the real estate commission sends a Notice of Hearing to a licensee, the notice includes all the following EXCEPT a
statement of the possible punishments
If a person cannot find employment as a salesperson in a community, the commission has the authority to waive the experience requirement and allow the person to take the broker's exam after the candidate
completes a required broker pre-licensing education
The Iowa Real Estate Commission can investigate a licensee for all of the following EXCEPT
Regarding errors and omissions insurance, which of the following statements is TRUE?
The real estate commission determines the minimum limited of coverage, deductibles, and permissible exceptions
The real estate commission occasionally receives written complaints that lack clarity and, therefore, may be refused a hearing. Which of the following is grounds for a hearing?
Revocation of any professional license
The mix of licensed and unlicensed members of the real estate commission is
five licensed and two unlicensed
A real estate commissioner will server for a term of
If a salesperson member of the Iowa Real Estate Commission elects to become a broker-associate during her appointment to the commission she
may complete her term as a salesperson, but lose eligibility for reappointment as a salesperson if she is the only salesperson member
The Iowa Real Estate Commission
member is not allowed to hold any other elective or appointed state or federal office simultaneously
By state law, the Iowa Real Estate Commission may NOT
adopt rules to establish title insurance in Iowa
Members of the commission are entitled to
Actual expenses plus a stipend for each day of service
The commission seal is used to authenticate
the real estate commission's proceedings and copies of paper used in court
In the preparation of a real estate hearing, the power to execute and sign subpoenas that require the attendance and testimony of any witness and the handover of any paper or books is given to the
The Real Estate Commission
Disobedience to a real estate commission subpoena is considered
Contempt of court
Witnesses subpoenaed by the Iowa Real Estate Commission are entitled to
The same fees and mileage as in judicial proceedings for civil cases
At least annually, the Iowa Real Estate Commission publishes, and mails upon request, the names of all licensees licensed in Iowa and the names
of those whose licenses have been suspended or revoked within the last year
The Iowa Real Estate Education Fund is created as a financial assurance mechanism to assist in providing an education director and establishing and maintaining a real estate education program at
The University of Northern Iowa
The Iowa Real Estate Commission specifically will NOT get involved with a dispute over
Commissions between cooperating real estate firms
A complaint has been filed against a licensee. The commission has determined that a contested case hearing must be held. The commission must send a notice of the hearing along with a statement of the charges at LEAST
20 days before the hearing
A licensee has received a notice of a hearing. The licensee must acknowledge receipt of the notice within
A complaint filed with the real estate commission
must contain a concise statement of the facts
Which of the following is TRUE regarding informal discussions conducted by the commission?
A licensee's employing broker is always invited
The notice of a commission hearing contains all of the following EXCEPT
authorized penalties that the commission may impose
All of the following factors are among those which the commission may consider in determining the nature and severity of disciplinary sanctions imposed against a licensee EXCEPT the
relative seriousness of the violation as it relates to other real estate agents
Engaging in activities requiring a license while a license is inactive is a violation for which a civil penalty may be imposed in the amount of
Which of the following is NOT a penalty available to the commission
30 days in jail
An active salesperson's license must be kept in the custody of the
A salesperson sold a property when she was actively working for a broker. When she left the company, the broker refused to pay her when the transaction closed. In this case, the commission will
The Iowa Fair Housing Act would prohibit discrimination in the sale of all the following EXCEPT
A pontoon boat
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
Which of the following activities requires a real estate license?
A company that, for a fee procures tenants for landlords
In Iowa, a partnership, association, or corporation will be granted a license only if
every member and/or officer actively participating in the brokerage business has a broker's or salesperson's license
"Engaging in the real estate business" consists of acting for another for a fee in all of the following activities EXCEPT
selling of mobile homes
In engaged in the sale and closing of a real estate transaction, which of the following persons are exempt from Iowa's licensing requirement?
An office manager for a local real estate firm is responsible for the following activities: coordinating the flow of paperwork through the office, preparing forms and advertising copy, and hiring and supervising clerical personnel. The office manager is
exempt from real estate licensing requirements
In Iowa, applications for any salesperson's real estate license must contain
a pass of notice from the testing service
A requirement for obtaining a broker's license includes
being of good moral character
A person successfully completed pre licensing and passed the salesperson's test on November 16, 2006. What is latest date on which she may apply for a salesperson's license?
May 31st, 2007
Three weeks before a person began real estate pre-licensing, he offered to help a neighbor sell her house. The neighbor agreed to pay the person a 5% commission. The seller accepted an offer while the person was taking the pre licensing class and closed the day before the person passed the examination. The neighbor refused to pay the agreed commission. Can the person who passed the exam sue the neighbor for a commission?
No, state law prohibits any lawsuit to collect a commission, unless the injured party was a duly licensed agent at the time of the alleged cause of action.
Which of the following persons must have a real estate broker's license in order to transact business?
A person who negotiated the sales of entire businesses, including stock equipment and building for an agreed fee.
An applicant for a real estate license in Iowa may be denied a license for
being convicted of a felony.
When does a real estate license expire?
December 31st of the third year of licensure
To renew an Iowa real estate license to active status a salesperson must
complete 36 hours of commission-approved continuing education within the last three years
Once a licensee allows his of her license to expire, how long does that person have to reinstate the expired license without monetary penalty?
There is no "free" time
In Iowa, real estate licenses are renewed
on or before December 31 of every third year
After the first renewal, what mandatory courses are required by the Iowa Real Estate Commission to renew either a salesperson's or broker's real estate license?
8 hours of law update and 4 hours of ethics
Which of the following is an example of a ministerial act?
Responding to general questions about the price and location of a specific property.
Providing information of performing acts that do not create the necessity to discuss agency is referred to in Iowa as
In Iowa, a personal assistant does not have to have a real estate license and may perform many activities for the real estate licensee. However, which of the following activities requires that the assistant be licensed?
Explain simple contract documents to prospective buyers
Some individuals are exempt from the provisions of the Iowa Code regarding real estate licensing. However, who among the following must obtain a real estate license to perform the activity mentioned?
A person who receives compensation for procuring prospective buyers or renters of real estate
An owner wants to sell her own house. The owner
must inform potential buyers of any known structural problems
Which of the following is a requirement to obtain an Iowa salesperson's license?
Obtaining a sponsoring broker's signature on the application form
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
An Illinois broker holds an Iowa license by reciprocity. The Illinois broker is exempt from the requirement of maintaining a definite place of business in Iowa if the broker
files an irrevocable consent agreement with the Iowa Real Estate Commission
A licensee is audited to see if the licensee has met the renewal education requirements. If the licensee fails to response to the commission within 60 days, the commission will
place the license on inactive status
During each three-year licensing period, a licensee may
repeat a course if the course numbers and instructors are different
On December 30, a licensee realizes that she has not taken the required continuing education courses. She sends in the proper fee along with the application to renew. On January 1, the license
Successful completion of continuing education requires
full-time attendance throughout the course
After a candidate for a salesperson's license has completed the required pre licensing education, the candidate must pass the state examination within
After a salesperson completes the requirements to become a licensed salesperson, the commission
sends the license to the salesperson's employing broker
The commission requires which of the following for salesperson candidates?
passing the salesperson's real estate examination
In which of the following situations, though acting for another for some kind of fee, is a real estate license NOT required?
Auctioning others' personal property
A salesperson who failed to submit the required continuing education hours for license renewal may continue with an inactive license in order to
collect a commission on a sale that was scheduled to close prior to the license being placed on inactive status
Who among the following must have a real estate license in Iowa?
An auctioneer that closes a farm sale
Which of the following rises to the level of specific assistance?
Establishing a listing price range with a seller
The commission may deny the issuance or renewal of a real estate license
upon receipt of notice that the applicant or licensee is in default of a college student loan
In an agent's license expires on Saturday, December 31, the licensee may renew
On Tuesday, January 2, without paying a penalty
If an agent's license expires on December 31, and the licensee desires to become reinstated one year later, he or she must file an application, must pay the regular license fee, and may either retake and pass the real estate exam or
pay a reinstatement fee of $25 for each full or partial month
An inactive licensee must
renew every three years
A new salesperson received his license on October 6, 2005. When will his license expire?
December 31, 2007
A real estate agent entered into an appointed agency agreement with both a seller and a buyer. The buyer is now interested in making an offer on the seller's property. Can this occur?
Yes, if both the buyer and seller give their written consent to dual agency
A real estate salesperson has been working with a couple to purchase a home. After helping with them negotiate for their home, the buyers ask the salesperson if she can help them secure a mortgage. The salesperson knows a lender that pays a fee for referring buyers to them. Should the salesperson refer the buyers to this lender?
No, acceptance of a fee from a lender would be in violation of Iowa code
A buyer contracts a real estate office and indicates an interest in purchasing one of the office's listings. Without formally disclosing his or her company's agency policy, the listing agent can do all of the following except
prequalify the buyer for a mortgage
A prospective buyer is interested in seeing a house listed with a real estate company buy chooses not to enter into a buyer agency agreement. The listing agent can show the buyer the house if the
salesperson does not ask any questions of a confidential nature
must be in writing to be enforceable
The salesperson represents the seller in a transaction. When prospective buyers ask to look at the property, the salesperson must
inform them that the real estate company represents the seller's interest
A broker took a listing for a small office building. Because the property was in excellent condition and produced a good, steady income, the broker's salesperson decided to purchase it as an investment. If the salesperson actually purchased this property, the salesperson must
inform the owner in writing that the salesperson is a licensee before providing specific assistance or making an offer
Written agency agreements must be given to prospective purchasers and/or tenants
before any offers to purchase or lease are prepared or presented
A broker entered into a listing agreement with a seller. Another broker, working with a buyer, learned about the property throughout the MLS. The cooperating broker would represent the
buyer as an agent
When a broker gives a listing presentation, a discussion about agency must be made to the seller
at the time of specific assistance
A written, appointed agency agreement with a seller must be determined, and all necessary forms executed
prior to entering into a listing agreement
If a salesperson receives a referral fee from a lender for the referral of a buyer-client, the salesperson
has not acted in the best interest of the public, and receiving the fee constitutes a violation of Iowa code
If a salesperson acts solely for a seller-client in a real estate transaction to the exclusion of everyone else in his or her brokerage agency, the salesperson is a(n)
A licensee has the following duties to all parties in a transaction by
providing brokerage services honestly and in a good faith
The listing agreement with a seller expired and the seller listed with a different brokerage firm. The original listing agent now has a buyer interested in the seller's property. The original listing agent
cannot disclose to the buyer offers received on the seller's property while it was listed with that agent
Some transactions are exempt from the Residential Property Seller Disclosure Statement. In which of the following situations is the seller required to provide such a report?
When the seller is listing the property as "for sale by owner"
When must a seller deliver the Disclosure of Property Condition form to the buyer?
Prior to the seller accepting an offer
Who must complete Iowa's mandated Disclosure of Property Condition form?
An agent is listing a home and asks the seller to complete a property condition disclosure. At this point,
seller disclosure of known property conditions is required by Iowa code.
Six months after the buyer bought a house, the roof leaked during a rainstorm. When the house was listed, the seller told the broker that the roof leaked, but they had agreed not to tell any prospective buyers. The broker's defense is simple: the buyer did not ask about the roof. Under these facts, the buyer
can still sue the broker for nondisclosure of a material fact.
Although some transactions are exempt from the Property Condition Disclosure Act, who of the following must provide disclosure?
Real estate licensee selling a three-unit residential property
A licensed salesperson obtains a listing. Sever days later, the salesperson meets a prospective buyer at the property and tells her, "I am the listing agent for this property and I'm very familiar with it. Would you like to make an offer?" Under these circumstances, the salesperson has
not yet properly disclosed her agency relationship with the buyer.
A real estate company has legally entered into a consensual dual agency agreement with both a seller and buyer. The company salesperson working with the buyer may legally
provide comparable market data about the seller's property to the buyer.
An appointed agent is working for a buyer-client who desires to purchase a house listed by another appointed agent from the same office. Which of the following statements concerning any addition agency disclosures is TRUE?
If the appointed listing salesperson and the appointed selling salesperson are two different people, there is not additional disclosure required.
A licensee representing a seller shall deliver a property disclosure statement to a potential buyer or buyer's agent prior to the
seller accepting a written offer to buy.
Which of the following situations is considered a stigma, but NOT a material adverse fact in Iowa?
Knowledge of a suicide in the garage of a house
Asking a seller about his or her motivation for wanting to sell is called
All of the following would be considered specific assistance EXCEPT
describing the benefits you could provide them as their agent
In a dual agency situation, a broker may collect a commission from both the seller and the buyer if
both parties give prior written consent to such multiple payments
Unlicensed support personnel for licenses may
compute commission checks
The broker's unlicensed assistant worked late to help ensure the successful closing of a difficult transaction. The assistant's extra work included making several phone calls to the prospective buyers, encouraging them to accept the seller's counteroffer. Largely because of the assistant's efforts, the sale went through with no problem. In addition to the assistant's regular salary, the broker wants to pay the assistant a percentage of the earned commission. Under Iowa law, the broker should
have not allowed the assistant to negotiate the transaction and cannot legally pay a commission for such negotiations
Which of the following is a legal activity and NOT grounds for revoking a broker's license?
Agreeing with a seller to accept more than the normal brokerage commission rate
Which of the following actions are legal and will NOT result in the broker having his or her license suspended or revoked?
Depositing cash from a buyer-client into the selling broker's trust account and converting it into an earnest money check to give to a cooperating listing broker
Which of the following is considered a legal action and is NOT a violation of law?
Placing a FOR SALE sign in front of a house after receiving written permission in the listing contract
A salesperson's personal Web page must include
all individual states in which the salesperson holds a real estate license.
A salesperson who wishes to place a FOR SALE sign on a listed property must first
obtain the consent of the property owner
When e-mailing listed properties to a prospective buyer, a salesperson is required to include on either the first or last page of the communication all of the following EXCEPT the
licensee's pocket card ID number
A real estate salesperson decides to sell her personal residence "by owner" without using any services of her broker. The salesperson
may deposit any earnest money into her personal checking account
A boker has a Web site that advertises broker services. What, if anything, does the broker need to include on that Web site?
The name of the brokerage, address of the home office, and the states in which the brokerage holds a license.
A salesperson has a Web site for advertising and marketing. What, if anything, must the salesperson include?
The licensee's name, the broker's name, the individual's office location, and the states in which the licensee holds a real estate license.
All funds received by a broker on behalf of his or her principal must be deposited in the trust account within
five banking days after receiving all signatures
A broker receive an earnest money deposit from a buyer. Under Iowa law, the broker should
deposit the money into an interest-bearing trust account that accrues interest to the state of Iowa.
A broker received a buyer's earnest money check for $5,000 and immediately cashed it. At closing, the broker handed the seller a personal check drawn from the broker's business account for $5,300, represent the original earnest money plus 6% interest. The broker
should have deposited the money in an interest-bearing trust account where the interest is transferred quarterly to the treasurer.
If a broker establishes a trust account in an FDIC or NCUA institution to hold money belonging to others, which of the following is correct?
All checks, deposit slips, and bank statements must include the word "trust" as part of the account name.
A broker manages three individual rental units for one owner. One property is in need of emergency repairs, but the individual trust account ledger on that unit shows that there is not enough money in the account to cover repair costs. With permission from the owner, the broker transfers funds from one of the owner's other accounts to make repairs. Which of the following is TRUE?
The broker's action was appropriate as long as the individual ledgers properly reflect the broker's actions.
An Iowa real estate salesperson may lawfully receive direct compensation from
his or her employing broker.
A salesperson has decided to leave his employing broker and work for another. The original employing broker must
forward the license to the real estate commission and note on it the cause from termination.
Several weeks after closing, an appointed seller's agent received a thank-you letter and a nice bonus check from the seller of the house. The appointed agent cashed the bonus check and bought some new business clothes. In this situation, which of the following is TRUE?
Accepting the bonus money is a violation of Iowa law.
A broker's corporation's, or partnership's license is suspended for two years. The licenses of the affiliated associate brokers and salespeople are
returned to the commission and placed on inactive status.
A broker applies for a branch office license and names a licensed salesperson as the new branch office sales manager. Will the broker receive approval for the branch office?
No, the manager of a branch office must be a broker-associate.
A salesperson is not satisfied with her present real estate company and decides to become associated with another broker. Before the salesperson can begin selling for the new company
the salesperson's existing license must be sent to the commission within 72 hours, and then a new request form must be signed by the new broker and sent to the commission with the proper fee.
Every Iowa real estate office is required to
maintain trust account records for five years after the closing.
An airline pilot, who does not have a real estate license, told a broker about some friends who were looking for a new home. The broker contacted the friends and eventually sold them a house. When may the broker pay the airline pilot for this valuable lead?
It is illegal for the broker to pay the pilot for the lead.
Which of the following is legal and will NOT subject an owner-broker to disciplinary action?
Soliciting agents from other real estate agencies
A broker associate or salesperson that fails to keep the employing broker informed of her real estate-related activities is subject to a maximum civil penalty of
Marketing real estate can be done in a variety of ways. However, Iowa prohibits
the selling of chances.
If a broker is in doubt as to whether funds related to a transaction should be deposited in the trust account, the broker should
deposit the funds in the trust account
An employing broker is responsible for the primary supervision of
salespersons and broker associates who are employed or otherwise associated with the broker as a representative of the broker
A salesperson's license was revoked for representing two parties in a single transaction without the knowledge of both. If the employing broker did not have any guilty knowledge and did not conspire to cover up the incident, the commission will
neither suspend nor revoke the broker's license
A broker accepts a referral fee from an abstracting company for sending them the seller's business. The broker then collects a commission from his seller-client on the same transaction. This action is
permitted as long as the broker discloses the accepted fee to both parties in writing
Which ledger notifies the broker when money requested to be paid out of an account exceeds that which is in the account?
Unless there is a written agreement to the contrary, the interest on the broker's trust account is transferred quarterly to the
state of Iowa.
If a "subject to sale" offer has been accepted but the subject property does not sell within the agreed time frame, the earnest money is normally
returned to the buyer after the seller signs an earnest money release form
Upon the acceptance of his offer, a buyer instructs his dual agent to safeguard his earnest money check, but not to deposit it until the transaction closes. The broker must
deposit it in the broker's trust account within five banking days after the final acceptance signature.
A consensual dual agent writes a $200,000 offer on a personally listed home at 1:00PM. The dual agent then called the seller to set up an appointment to present the offer at 4:00PM. Around 3:00PM, an outside buyer's broker dropped off an offer on the same property for $203,500. The listing company should
call the owner and explain that two offers will be presented, rather than just one.
Real estate brokerage firms that allow affiliated licensees to hire personal assistants must
implement a written policy authorizing the proactive and identifying the duties the assistants can perform
A broker places an ad in the newspaper showing just a P.O. Box number. This kind of advertising is
illegal because the broker is not allowed to advertise without including the regular business name of the the brokerage.
If a material error in an advertisement comes to the attention of the broker, the broker is required to take corrective measures within
10 calendar days.
An Iowa broker must establish a trust account
in an FDIC or NCUA financial institution located in Iowa
A broker pays utility payments, commissions, and salaries from the
business operating account
Concerning the release of earnest money, which of the following is illegal and may result in the broker being disciplined?
A broker withholds a portion of the earnest money after a transaction fails to close to cover the commission that has been earned
The person responsible for supervising a branch office is called the
In order for more than one broker to share the same office, each broker must do all the following EXCEPT
maintain individual fax machines
Every branch office is required to display two branch office licenses: one is in the name of the real estate firm, and the other is in the name of the
broker associate-in-charge of the branch office
The legal period of time that a broker has to send a change of business address to the commission is
5 working days
A real estate broker signed an agency agreement with a tenant who was looking for a building to lease. The broker does NOT charge a fee to the prospective tenant, rather, the broker customarily asks the landlords to pay the commission. The broker tells a landlord that the prospective tenant could probably pay a somewhat higher rent than the landlord was asking. Which of the following statements is TRUE?
The broker's disclosure violated the statutory duties owed tot he tenant.
An employed on-site property manager for Acme Apartments is responsible for negotiating leases for the apartments. In this position, the on-site manager
is exempt from licensing requirements
All of the following are legal descriptions used in Iowa EXCEPT
In Iowa, the prescriptive period to acquire an easement is
Iowa's Groundwater Hazard Statement requires the transferor or their agents to disclose to the Department of Natural Resources information about wells, solid waste disposal sites, hazardous waste sites, underground storage tanks, and
private burial sites
All of the following situations fall under the definition of "real estate" in Iowa EXCEPT
parking a car all day in a person's yard to attend the state fair
Regarding property management accounts,
receipts from property management and rental accounts may be deposited in a trust account separate from the mandated interest-bearing one
The principal meridian mostly used in Iowa is the
fifth principal meridian
A listing agent procured a ready, willing, and able buyer for his seller-client. The sellers accepted the buyer's written offer, then experiences a change of heart and withdrew their acceptance. In this situation, the listing agent's broker
can sue the seller for a commission
Regarding listing agreements, the commission's rules require that the listing agreement
must state the exact fee or percentage the broker will earn.
Listings based on a "net price" to the seller are
illegal in Iowa regardless of agreement
The sellers told the broker that they wanted to clear $50,000 when they sold their house. The broker accepted the listing and sold it for $100,000. The broker gave $50,000 to the sellers and kept $50,000. The broker
accepted an illegal net listing
A seller signs a listing agreement with a broker. The agreement contains the following clause: "If the property has not been sold after six months from the date of this signing, this agreement will automatically renew itself for an additional six months." Based on these facts, the agreement is
illegal in Iowa because of the automatic renewal clause
In a listing agreement, which of the following is legal?
Not including the broker's protection clause
Upon obtaining a listing, a broker or licensed salesperson is obligated to
give the seller a legible copy of the written listing agreement
All of the following agreements must be in writing EXCEPT a(n)
In Iowa, to fulfill the legal minimum, how many witnesses must sign in the presence of a person making a will?
In order to enforce a protective clause, the broker
must define the protection period in the original listing agreement
In a listing agreement, the protective clause protects the
A broker can extend all of the following through MLS EXCEPT
A flat-fee broker has agreed to list a home for $3,000. The flat-fee broker does not offer compensation to outside brokers. An outside broker is working with a buyer-client who wants to make an offer on the flat-fee broker's listings. The buyer's broker has signed a buyer's agreement that state that the buyer is obligated to pay a 3.5% finder's fee. The buyer writes a full-price offer and demands that the seller pay the additions 3.5% for the buyer's commission obligation to the broker. In this situation
the buyer's agent must call the listing agent and obtain written permission before approaching the seller with the buyer's commission payment demands.
An arrangement in which a licensee conditions the sale of a lot to a buyer with the right to list their existing home is known as
Upon termination of employment with his broker, a salesperson asked a seller to cancel her listing and re-list it with the saleperson's new broker. This activity is
unlawful because the agent is not allowed to take listings
The homestead tax credit granted by Iowa law to a homeowner is
The purpose of homestead is to
protect a person's equity in his or her home
In Iowa, the county official who records deeds is the
How long must a tax-sale purchaser wait before starting action to obtain title to the land if there is no redemption of the property?
One year form the date of the tax sale
The transfer tax levied by the state on the property owner is based on the
In Iowa, real estate taxes become a lien for the previous fiscal year on
In Iowa, a property owner can pay the previous fiscal year's real estate tax in two equal installments. To avoid being delinquent, the second half payment must be made by the end of
Property taxes in Iowa become delinquent on
October 1 and April 1
The fiscal year in Iowa is
July 1 through June 30
Calculate the state transfer tax on a property that sells for $250,000.
Calculate the state transfer tax on a property that sells for $100,000.
In Iowa, to establish a "marketable record title," an unbroken chain of title must be established for a period of at LEAST
In Iowa, the Department of Revenue and Financing requires the buyer or seller to make a declaration of Value Statement about all the following EXCEPT
disclosure of any known or discovered environmental hazards
When is a salesperson allowed to close a transaction?
Under the direct supervision or with permission of the broker
The listing broker authorizes the selling broker to handle to closing. Who is ultimately responsible for proper accounting?
If requested, and after the acceptance of an offer, a broker is required to furnish a detailed progress report to the buyer and/or seller
at reasonable intervals
Dual contracts for the sale of real property refer to
two accepted offers by the same buyer on the same property
What happens if the closing takes place and the Groundwater Hazard Statement is NOT signed?
The deed may not be recorded
If the seller is not available to sign the Groundwater Hazard Statement, who may sign instead?
A buyer's agent showed an outside firm's listing that offered to pay the selling firm 3% commission. The buyer's agent then presented an offer on the same property demanding that the seller pay a 3.5% commission to the selling firm. In this situation, they byre agent's demands are
legitimate only if the listing agent gave the buyer's agent prior written consent to alter the original commission structure.
A broker lists a vacant parcel of land for $10,000, and the owner of the property agrees to pay a 10% commission. The broker finds a buyer who submits, with a full price offer, an earnest money check for $1,000. At closing, the seller tells the broker to keep the deposited earnest money in lieu of the 10% commission due to the broker. In this situation the broker
must promptly withdraw the $1,000 and transfer it to the broker's business account.
Iowa's replacement for title insurance is known as
A broker going out of business wants to sell his listings to another company and is
eligible to do so with the written consent of all parties to the listing agreement
THIS SET IS OFTEN IN FOLDERS WITH...
Iowa Real Estate Terms
Unit 26: Iowa Agency Overview
Class 1 - Unit 11: Listing Agreements & Buyer Repr…
RE Sample Exam 1
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