Iowa Real Estate Exam Flashcards

Iowa Real Estate Exam Flashcards In Iowa, property management agreements must be in writing, identify the property, and include The commission to be paid Is a real estate licensee responsible for conducting a property inspection behalf of an exclusive buyer client?No, buyers are responsible for their own inspections In Iowa, how long does a brokerage agreement last?Until closing According to Iowa real estate license law, all of the following would be classified as engaging in the practice of real estate EXCEPT the person who Is selling his or her own property When a salesperson leaves a broker, the broker mustAdvise the real estate commission that the salesperson is no longer with the broker and turn in his license If a broker establishes a trust account to hold money belonging to others, which of the following is correct?A. All checks, deposit slips, and bank statements must include the word "trust" as part of the account nameB. Accounts may be labeled as either "trust" or "escrow"C. The account cannot be in the same bank as the brokers personal checking accountD. The account is non-interest bearing A What should a buyer's agent do with the cash earnest money?Deposit in the selling broker's trust account 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 A dual agency consent agreement should include Statement that representing more than one party may present a conflict of interest How 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 A broker is required to offerAny form of agency the broker chooses.A salesperson living in Des Moines, holds an inactive Iowa salesman's license. Which of the following acts may she perform?cannot list or sell homes anywhere in Iowa Two individuals form a partnership to open a real estate company. Which of the following is correct regarding licensing requirements?A. Both must licensed brokersB. At least one of them must be a brokerC. If one is a broker, the other must be a sales personD. They can hire a licensed broker to run the company and neither needs a license B 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 The amount of commission paid to a broker for selling property is fixed byA. lawB. Iowa real estate commissionC.Agreement of the partiesD. Local board of Realtors C

The licensee helped a buyer write up an offer that was accepted by the seller on Dec 30. The licensee did not renew her license. Under these circumstances, can she be paid a commission when the property sells in January?It is up to the broker Under what circumstances may a salesperson accept an earnest money check from a buyer that cannot immediately be cashed?If it is okay with the seller and the fact has been written in the offer A person passes the real estate exam on April 19, 2017.When is the last possible day to apply for the real estate license?October 31, 2017 The broker has included a protection clause in the listing agreement with the seller. who does the protection clause protect?Principal broker representing the buyer A person has an inactive Iowa real estate salesman's license. Which of the following is required?Renewal of inactive license every three years A buyer backs out of a transaction just before closing and agrees to forfeit the $6,000 of 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 the earnest money to the seller, then bill the seller for commission If a licensee fails to give the buyer a copy of the listing contract, the licensee may be Just doing their normal job Which of the following is true about groundwater hazard statements?A. It cannot be signed by an agentB. It must be signed by the buyerC. It includes dates of mechanical servicesD. Non- compliance with by transferor will result in the transfer not being recorded in court house records D If engaged in the sale and closing of a real estate transaction, which of the following persons are exempt from Iowa's licensing requirementsA. Attorneys at lawB.AppraisersC. Associations, partnerships, and corporationsD. Auctioneer A A licensee representing a seller shall deliver a property disclosure statement to a potential buyer of buyer's agents prior to the Seller accepting a written offer to buy A 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 The 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 T/F Radon has to be disclosed on the Groundwater Hazard Statement F How many licenses must be displayed in a branch office?Two: Designated broker and branch office licenses

Two contracts exist between a buyer and 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 know as Dual contracts and is illegal Which of the following is legal and will not subject an owner-broker to disciplinary action?A. Use of improbably statements in advertisementsB. Habitual intoxicationC.Noncompliance with error and omission insurance requirementsD. Soliciting agents from other real estate agencies D A licenses real estate broker may do all of the following exceptA. Employ a telemarketing company to solicit listingsB. Employ another broker on his/her behalf as a salespersonC. Offer a different commission splits with sales people within the companyD. Establish a commission rate without notifying the local MLS A All of the following are specifically exempted from the licensing law requirements EXCEPTA. Trustees in bankruptcyB. Attorneys-at-lawC. ReceiversD. Individuals under age 21 D After the buyer and seller sign a contract, at a minimum, the broker must Make a progress report thirty days after contract signing if requested The seller's agent would be entitled to compensation from his principal under a(n) Exclusive right to sell listing agreement The purpose of Errors & Omissions Insurance is to Ensure that judgements against licensees will be collectible Who is responsible for a closing when it is completed by an escrow company?The broker Carl's broker's license is revoked by the state commission.Lily, a licensed salesperson working for Carl, must Cease performing real estate services To maintain a valid license, a licensee generally needs toSatisfy educational requirements for a license renewal Which of the following events may happen regarding a disciplinary action involving a real estate licensee?A.License may be temporarily suspended before a hearing if the complaint is very seriousB. Broker's license may be suspended without a hearing when the broker has been indicted on criminal chargesC. Salesperson's license may be automatically revoked for fraudD. License may never be suspended without holding a hearing first D A broker has her license suspended for violating state license law. In such a case, the licenses of her three sales people are Not valid A principal role of the real estate commission is toAdminister state licensing requirements T/F A material adverse fact is not considered confidential information in a dual agency situation T