Iowa Real Estate Exam Prep Flashcards

Iowa Real Estate Exam Prep Flashcards 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 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 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 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 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 Who must complete Iowa's mandated Disclosure of Property Condition form?Seller In Iowa, real estate licenses are renewed on or before December 31 of every third year 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 The Iowa Fair Housing Act would prohibit discrimination in the sale of all the following EXCEPT A pontoon boat 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 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) appointed agent The Iowa Real Estate Commission can investigate a licensee for all of the following EXCEPT Profession Competency An applicant for a real estate license in Iowa may be denied a license for being convicted of a felony.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 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

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 Providing information of performing acts that do not create the necessity to discuss agency is referred to in Iowa as ministerial acts In Iowa, applications for any salesperson's real estate license must contain a pass of notice from the testing service "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 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 A housing discrimination charge based on a violation of the Iowa Civil Rights Act must be filed with the Iowa Civil Rights Commission within 180 Days A written, appointed agency agreement with a seller must be determined, and all necessary forms executed prior to entering into a listing agreement 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 Buyer-brokerage agreementsmust be in writing to be enforceable Witnesses subpoenaed by the Iowa Real Estate Commission are entitled to The same fees and mileage as in judicial proceedings for civil cases A real estate commissioner will server for a term ofthree years Which of the following is an example of a ministerial act?Responding to general questions about the price and location of a specific property.When must a seller deliver the Disclosure of Property Condition form to the buyer?Prior to the seller accepting an offer The notice of a commission hearing contains all of the following EXCEPT authorized penalties that the commission may impose 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.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

$2,500

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 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

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 commission seal is used to authenticate the real estate commission's proceedings and copies of paper used in court An owner wants to sell her own house. The owner must inform potential buyers of any known structural problems 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 do nothing 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 The mix of licensed and unlicensed members of the real estate commission is five licensed and two unlicensed 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 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 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 In an agent's license expires on Saturday, December 31, the licensee may renew On Tuesday, January 2, without paying a penalty A licensee has received a notice of a hearing. The licensee must acknowledge receipt of the notice within 10 days In engaged in the sale and closing of a real estate transaction, which of the following persons are exempt from Iowa's licensing requirement?Attorney's-at-law 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 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 After a candidate for a salesperson's license has completed the required pre licensing education, the candidate must pass the state examination within 12 months Disobedience to a real estate commission subpoena is considered Contempt of court

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 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 Who among the following must have a real estate license in Iowa?An auctioneer that closes a farm sale Which of the following is NOT a penalty available to the commission 30 days in jail The members of the Iowa Real Estate Commission are appointed by the Governor, subject to senate approval 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 When a broker gives a listing presentation, a discussion about agency must be made to the seller at the time of specific assistance 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 Which of the following rises to the level of specific assistance?Establishing a listing price range with a seller 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 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 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