Iowa Real Estate STATE EXAM Flashcards

Iowa Real Estate STATE EXAM Flashcards All licenses may be renewed without penalty byA. April 15B. June 30C. Labor DayD. December 31 D The applicant for a real estate license must furnish the lowa Real Estate Commission with whichof the following?A.Business addressB. Credit reportC. Recent photoD. Home address D A copy of the closing statement in a real estate transaction should be available to the partiesA. The day before the closing.B. At closing.C. Within 48 hoursD. As soon as practical.A 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?A. After the check clearsB. ImmediatelyC. Within two weeksD. Cannot expect it back B Two individuals form a partnership to open a real estate company. Which of the following is correct regarding licensing requirements?A. Both must be licensed brokersB.At least one of them must be a brokerC. If one is a broker, the other must be a salespersonD. They can hire a licensed broker to run the company and neither needs a license B A broker is required to offerA. Any type of agency relationship requested by a client.B. Some form of single and some of dual agency.C. Some form of single agency.D. Any form of agency the broker chooses.D A salesperson, living in Des Moines, holds an inactive Iowa salesman's license. Which of the following acts may she perform?A. List and sell homes in the Des Moines area.B.List and sell commercial property anywhere in Iowa.C. She must choose between residential and commercial activitiesD. She cannot list or sell homes anywhere in Iowa.D An applicant for a real estate license must beA. 18 years of age and a high school graduate.B. 18 years of age and pass the state exam.C. Employed and a resident of Iowa.D.18 years of age and a resident of lowa.B The buyer and the seller are in disagreement as to the disbursement of the earnest money. When can the broker distribute the money?A. When the seller has given written authorization.B. When all parties to the transaction give written releases agreeing to the disposition.C. When the

cooperating broker has given written authorization.D. When the buyer has given written authorization.B Documents, such as leases, listing agreements, and contracts of sale, must be held by the broker forA. At least one year.B. A minimum of five years.C. As long as the broker is in business.D. There is no definite time period.B

What happens to the interest earned on money in a trust account?A. Broker can use the interest to offset service fees.B. Broker may benefit from the interest.C. May be paid to the owner of the funds.D. Can be paid to the state now and then.C The purpose of the Iowa License Law and Regulations is toA. Ensure that brokers get paid.B. Protect the publicC.Provide revenue by issuing various licenses.D. Ensure that out-of-state concerns do not overtake Iowa real estate.B A licensee has listed her parents' home and is assisting them in locating a smaller home. Is this legal?A. No, she should ask another agent to represent her parents to avoid any conflict of interest charges.B. No, she must have written permission from the real estate commissioner.C.Yes, but she needs to disclose her familial relationship only to her brokerD. Yes, if she has written disclosure to all parties concerned D A person has an inactive Iowa real estate salesman's license. Which of the following is required?A. E & O insuranceB. Continuing education every three yearsC.Renewal of inactive license every three yearsD. At least one sales transaction per year C Buyers 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 ofA.tying.B. Steering.C. Good business practices.D. Mutual benefit to both parties.A Of the following options, a broker, receiving a check for earnest money, wouldA. Give it to the owner along with the Agreement of Sale.B. Deposit it immediately in his general checking account.C. Use it to cover expenses on the sale.D. Hold it until the offer has been accepted and then deposit it within 5 days in his escrowaccount.D A 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 placc. To collect the commission, the broker shouldA. Return the commission to buyer and have the buyer make checks to seller and broker.B. Give all the earnest money to the seller, tien bill the seller for the commission.C. Retain $2,000 of the earnest money and remit the balance to the seller.D. Retain $2,000 of the earnest money and remit the balance to the buyer.B Who has the primary responsibility for supervision of a salesperson's personal assistant?A. Licensee who hired

assistantB. Broker who hired licenseeC. Real Estate CommissionD. Office manager of real estate brokerage company A