Iowa RE study guide with Complete
Solutions
A person passes the real estate exam on April 19, 2017. When is the last possible day
to apply for the real estate license? - correct Answer-October 31, 2017
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? - correct Answer-It is up to the
broker
The salesperson's license is due to expire on December 31. The licensee has not taken
the required continuing education courses. What should the licensee do? - correct
Answer-Renew the license in December on inactive; take the courses and then apply
for active status
Who is responsible for keeping track of continuing education requirements - correct
Answer-Each and every licesnsee
All licenses may be renewed without penalty by - correct Answer-December 31
What is the penalty if an to renew a license between January 1 and January 30th -
correct Answer-$25
The RE Commmissions authority to regulate real estate licesnsing procedures is: -
correct Answer-Granted by the legislature of the state.
How many hours of continuing education must a sales person or broker complete every
three years. - correct Answer-36 hours law update, 4 ethics, 24 electives
The Iowa RE commission does not get involved with any dispute over which of the
following - correct Answer-Dispute between brokers over commission dollars
A salesperson living in Des Moines, holds and inactive Iowa salespersons licesnse
which of the following acts may she perform - correct Answer-She cannot list or sell
homes anywhere in Iowa
The purpose of Iowa Law License and Regulations is to - correct Answer-Protect the
public
, A principal role of the RE commission is to - correct Answer-Administer state licensing
requirements
State RE license laws set a minimal level of competence for RE professionals and in
addition - correct Answer-Set ethical and professional standards
To maintain a valid license, a licensee generally needs to - correct Answer-Satisfy
educational requirements for a license renewal
All of the following are specifically exempted from the licensing law requirements except
- correct Answer-Individuals under age 21
Which of the following most correctly states the purpose of license law legislation? -
correct Answer-C. to protect the general public by requiring the people entering the real
estate profession to be adequately
qualified
To be involved in a real estate transaction, which of the following would be completely
exempt from Iowa's licensing laws? - correct Answer-Attorney at law
Which of the following real estate activities would require a person to be licensed? -
correct Answer-A firm that collects a fee in exchange for marketing a property for sale
on behalf of an owner
Who of the following would need a real estate license - correct Answer-A personal
accepting a referral fee
How many classroom hours ae required for a brokers license - correct Answer-60 hours
How long is a brokers license good for - correct Answer-3 years
All of these are part of a brokers license application except for which of the following -
correct Answer-Proof of citizenship
A salesperson may be denied a license for which of the following - correct Answer-
Being convicted of a felony
A salespersons application must include all of the following except - correct Answer-
Three letters of reference
Which of the following is a reason an applicant may be ineligible for an Iowa Real Estate
license - correct Answer-An applicant is not ineligible because of citizenship
To renew a real estate license to active status what must a n agent do - correct Answer-
Complete 36 hours of commission approved education within the last three years
Solutions
A person passes the real estate exam on April 19, 2017. When is the last possible day
to apply for the real estate license? - correct Answer-October 31, 2017
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? - correct Answer-It is up to the
broker
The salesperson's license is due to expire on December 31. The licensee has not taken
the required continuing education courses. What should the licensee do? - correct
Answer-Renew the license in December on inactive; take the courses and then apply
for active status
Who is responsible for keeping track of continuing education requirements - correct
Answer-Each and every licesnsee
All licenses may be renewed without penalty by - correct Answer-December 31
What is the penalty if an to renew a license between January 1 and January 30th -
correct Answer-$25
The RE Commmissions authority to regulate real estate licesnsing procedures is: -
correct Answer-Granted by the legislature of the state.
How many hours of continuing education must a sales person or broker complete every
three years. - correct Answer-36 hours law update, 4 ethics, 24 electives
The Iowa RE commission does not get involved with any dispute over which of the
following - correct Answer-Dispute between brokers over commission dollars
A salesperson living in Des Moines, holds and inactive Iowa salespersons licesnse
which of the following acts may she perform - correct Answer-She cannot list or sell
homes anywhere in Iowa
The purpose of Iowa Law License and Regulations is to - correct Answer-Protect the
public
, A principal role of the RE commission is to - correct Answer-Administer state licensing
requirements
State RE license laws set a minimal level of competence for RE professionals and in
addition - correct Answer-Set ethical and professional standards
To maintain a valid license, a licensee generally needs to - correct Answer-Satisfy
educational requirements for a license renewal
All of the following are specifically exempted from the licensing law requirements except
- correct Answer-Individuals under age 21
Which of the following most correctly states the purpose of license law legislation? -
correct Answer-C. to protect the general public by requiring the people entering the real
estate profession to be adequately
qualified
To be involved in a real estate transaction, which of the following would be completely
exempt from Iowa's licensing laws? - correct Answer-Attorney at law
Which of the following real estate activities would require a person to be licensed? -
correct Answer-A firm that collects a fee in exchange for marketing a property for sale
on behalf of an owner
Who of the following would need a real estate license - correct Answer-A personal
accepting a referral fee
How many classroom hours ae required for a brokers license - correct Answer-60 hours
How long is a brokers license good for - correct Answer-3 years
All of these are part of a brokers license application except for which of the following -
correct Answer-Proof of citizenship
A salesperson may be denied a license for which of the following - correct Answer-
Being convicted of a felony
A salespersons application must include all of the following except - correct Answer-
Three letters of reference
Which of the following is a reason an applicant may be ineligible for an Iowa Real Estate
license - correct Answer-An applicant is not ineligible because of citizenship
To renew a real estate license to active status what must a n agent do - correct Answer-
Complete 36 hours of commission approved education within the last three years
