Chapter 17 Lowa Law 2024/2025 Exam
Questions with 100% Correct Answers |
Latest Update
It is legal, in the case of a large earnest money deposit, for the money to be
put into an approved trust account with the interest being paid to the buyer.
True
False - 🧠ANSWER ✔✔t
Which of the following is not required to have an active real estate license?
A property manager
A person who sells only his neighbors properties
A person who sells time shares
A support person of a licensee who only works open houses. - 🧠ANSWER
✔✔A person who sells time shares
After an agreement is signed, in how many days must an earnest money
check be deposited?
1
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
,10
7
3
5 - 🧠ANSWER ✔✔5
How much personal money is a broker allowed to have in the trust account
for maintenance expenses?
$1000
$750
$500
$250 - 🧠ANSWER ✔✔$1000
It is permissible for a licensee to maintain a personal website, advertising
only his or her listings without including the name of the affiliating broker or
company.
True
False - 🧠ANSWER ✔✔f
2
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
,A signed escrow agreement is necessary if money is to remain in a trust
account after the closing to pay for repairs stipulated in the purchase
agreement.
True
False - 🧠ANSWER ✔✔t
A salesperson or broker associate must include the name of the affiliating
broker or the company name in any and all advertising.
True
False - 🧠ANSWER ✔✔t
Which of the following are auctioneers now forbidden from doing with
regards to the sale of real estate?
Independently showing the property
Explaining a contract
Holding down-payments
All of the above - 🧠ANSWER ✔✔all
A broker or salesperson that completes a seller's statement of disclosure
for an owner opens themselves up to liability for errors on the statement.
3
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
, True
False - 🧠ANSWER ✔✔t
What is the recommended limit of radon in a home without the need for a
mitigation system?
7 pCi/L
6 pCi/L
5 pCi/L
4 pCi/L - 🧠ANSWER ✔✔4
A transfer between spouses resulting from a decree of dissolution of
marriage is excluded from the seller's disclosure of property condition law.
True
False - 🧠ANSWER ✔✔t
If the auctioneer closes or attempts to close the sale of the property or
otherwise engages in acts defined in the Iowa Code is the Auctioneer
subject to discipline by the real estate commission?
Yes
No - 🧠ANSWER ✔✔yes
4
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
Questions with 100% Correct Answers |
Latest Update
It is legal, in the case of a large earnest money deposit, for the money to be
put into an approved trust account with the interest being paid to the buyer.
True
False - 🧠ANSWER ✔✔t
Which of the following is not required to have an active real estate license?
A property manager
A person who sells only his neighbors properties
A person who sells time shares
A support person of a licensee who only works open houses. - 🧠ANSWER
✔✔A person who sells time shares
After an agreement is signed, in how many days must an earnest money
check be deposited?
1
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
,10
7
3
5 - 🧠ANSWER ✔✔5
How much personal money is a broker allowed to have in the trust account
for maintenance expenses?
$1000
$750
$500
$250 - 🧠ANSWER ✔✔$1000
It is permissible for a licensee to maintain a personal website, advertising
only his or her listings without including the name of the affiliating broker or
company.
True
False - 🧠ANSWER ✔✔f
2
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
,A signed escrow agreement is necessary if money is to remain in a trust
account after the closing to pay for repairs stipulated in the purchase
agreement.
True
False - 🧠ANSWER ✔✔t
A salesperson or broker associate must include the name of the affiliating
broker or the company name in any and all advertising.
True
False - 🧠ANSWER ✔✔t
Which of the following are auctioneers now forbidden from doing with
regards to the sale of real estate?
Independently showing the property
Explaining a contract
Holding down-payments
All of the above - 🧠ANSWER ✔✔all
A broker or salesperson that completes a seller's statement of disclosure
for an owner opens themselves up to liability for errors on the statement.
3
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
, True
False - 🧠ANSWER ✔✔t
What is the recommended limit of radon in a home without the need for a
mitigation system?
7 pCi/L
6 pCi/L
5 pCi/L
4 pCi/L - 🧠ANSWER ✔✔4
A transfer between spouses resulting from a decree of dissolution of
marriage is excluded from the seller's disclosure of property condition law.
True
False - 🧠ANSWER ✔✔t
If the auctioneer closes or attempts to close the sale of the property or
otherwise engages in acts defined in the Iowa Code is the Auctioneer
subject to discipline by the real estate commission?
Yes
No - 🧠ANSWER ✔✔yes
4
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
