Iowa and national Real Estate Exam Prep Flashcards

Iowa and national Real Estate Exam Prep Flashcards Iowa License Law-Awhich of the following is a requirement to become a licensed agent in Iowa?Complete an application form and forward without a recent photo Iowa License Law-Call of the following must be disclosed

on the ground water hazard statement:

-underground storage tanks-private burial grounds-hazardous materials Iowa License Law-Aunder what circumstances may a salesperson accept an earnest money check from a buyer that can not immediately be cashed?If it is okay with the seller and the information has been written into the offer.Iowa License Law-Ba licensee has listed her parents' home and is assisting them in locating a smaller home. Is this legal?Yes, if she has a written disclosure to all parties concerned.Iowa license law-Atwo individuals form a partnership to open a real estate company. What is correct regarding licensing requirements?At least one of them must be a licensed broker.Iowa License Law-Bis a real estate licensee responsible for conducting a property inspection on behalf of an exclusive buyer client?No, buyers are responsible for their own inspections.Iowa license law-Aa licensed real estate broker may do all of the following -employ another broker on his/her behalf as a salesperson-offer different commission splits with salespeople within the company-establish a commission rate without notifying the local MLS Iowa License Law-Aa salesperson working for a broker has committed a violation of real estate license law. His broker was aware of the violation, but did not participate in the illegal activity. Can the principal broker's license be suspended or revoked?Yes, because the principal broker had guilty knowledge Iowa License Law-Cin Iowa, how long does a brokerage agreement last?Until closing Iowa License Law-Cthe mission of the real estate

commission is to:

Protect the public.Iowa License Law-CBefore the real estate commission holds a hearing on charges filed against a salesperson by a dissatisfied client, all of the following procedures must be

followed:

-the salesperson must be notified of the charges against the salesperson.-the salespersons broker must be notified of the charges.- a salesperson must be given 20 days written notice of the hearing.Iowa License Law-Aa buyer backs out of a transaction just before closing and agrees to forfeit $6,000 earnest money.The seller agrees that the broker has earned $2,000 even though the closing did not take place. To collect the

commission, the broker should:

Give all of the earnest money to the seller, then bill the seller for the commission.Iowa License Law-Chiw much is the transfer tax in Iowa?No tax on first $500 of sales price: $.80 per $500 after that.Iowa License Law-Da dual agency consent agreement

should include:

A statement that representing more than one party may present a conflict of interest.

Iowa License Law-Ba buyer withdrew his offer before it was accepted. He had used a cashier's check for his earnest money deposit. When can he expect to receive it back?Immediately Iowa License Law-Ca licensee has moved from one Iowa town to another. How soon, if at all, must the licensee inform the real estate commission?Within 5 working days.Iowa License Law-Cregarding the protection clause in a listing agreement, a list of the people to be protected must

be given to:

The seller.Iowa License Law-Ca person passes the Iowa real estate pre-licensing exam on April 19, 2000. When is the last possible day to apply for the real estate license?October 31st, 2000 Iowa License Law-Cthe licensee helped a buyer write up an offer that was accepted by the seller on December 30th.The licensee did not renew her license. Under these circumstances, can she be paid a commission when the property closes in January?It is up to her broker.Iowa license law-Aaccording to Iowa real estate license law, all of the following would be classified as engaging in the practice of real estate?-for a fee, sells real estate for others-attempts to sell real estate for anyone subject to receipt of a fee only if successful-regularly receives compensation for renting property for various landlords Iowa License Law-Din Iowa, who must obtain a real estate license in order to collect a fee?Friend selling a neighbor's house.Iowa License Law-Ba person has an inactive Iowa real estate sale's license. Which of the following is required?Renewal of inactive every three years.Iowa License Law-Bthe principal broker has set a minimum fee. The salesperson must charge this fee or more

whenever a listing is taken. This action is:

A legal business practice.Iowa License Law-Dthe salesperson's license is due to expire on December 31st. The licensee has not taken the required continuing education courses. What should the licensee do?Renew the license in December on inactive; take the required courses and then apply for active status.Iowa License Law-Bwho has the primary responsibility for supervision of a salesperson's personal assistant?A licensee who hired assistant.Iowa License Law-Awhich of the following events may happen regarding a disciplinary action involving a real estate license?A license may never be suspended without holding a hearing first.Iowa License Law-Dthe Iowa Fair Housing Laws cover:-commercial properties-apartment buildings of any size-sales of single family housing Iowa License Law-Dthe application for @ real estate

license must furnish the Iowa real estate commission with:

A recent photo Iowa License Law-Da broker is required to offer: Any for, of agency the broker chooses Iowa License Law-Dwho is responsible for keeping track of continuing education requirements?Each and every licensee.

Iowa License Law-Btwo contracts exist between a buyer

and a seller: one for the actual sale price and a second

contract at an inflated price to be submitted to a lender to

obtain a higher loan amount. This practice is known as:

Dual contracts and is illegal.Iowa license law-Aa salesperson, living in Des-Moines, holds an inactive Iowa Salesman's license. Which of the following acts may she preform?She cannot list or sell a home anywhere in Iowa.Iowa License Law-Dthe buyer and the seller are in disagreement as to the disbursement of the earnest money. When can the broker distribute the money?When all parties to the transaction give written release agreeing to the disposition.Iowa License Law-Bthe broker has included a protection clause in the listing agreement with the seller. Who does the protection clause protect?Principal broker representing the seller.Iowa License Law-Bthe seller's agent would be entitled to

compensation from his principal under:

An exclusive right to sell listing agreement.Iowa License Law-Ca broker did not appear at the hearing called by the real estate commission to deliberate charges filed against the broker by unhappy client. Under these

circumstances, the hearing:

Is held anyway, and the broker will have to live with the results.Iowa License Law-Ahow soon must the broker deposit the earnest money into the broker's trust account after an offer to purchase has been made?Within five banking days of acceptance of offer Iowa License Law-Dagency disclosure is generally

required:

Before specific assistance is provided to the party.Iowa License Law-Bbuyers wish to buy a home listed by broker-a. Broker A refuses to write up the offer unless the buyers list their present home with broker A. This is an

example of:

Tying.Iowa License Law-Dall of the following are considered

confidential information in a dual agency situation:

-the sellers motivation-the buyers special needs-the buyers maximum down payment