Iowa Real Estate Licensure Exam with
Complete Solutions
5 Bundle of Rights - ANS-Possession, control, enjoyment, exclusion (keep others off
land), disposition (sell, transfer, dispose)
5 Real Estate Classifications - ANS-Residential, Commercial, Agricultural, Industrial,
Special Purpose
Physical Characteristics of Real Property - ANS-Immobility, Indestructibility, Uniqueness
Economic Characteristics of Real Property - ANS-Improvements, Location,
Permanence, Scarcity (supply and demand)
Severance - ANS-Converting real property to personal property
Annexation - ANS-Personal property becoming real property
Real Estate Commissions has authority to .. - ANS-Issue, discipline, suspend or revoke
a license
Real Estate Commission membership - ANS-7 members, appointed by Governor and
approved by Iowa Senate.
2 commission members of the public, remaining 5 one must have a salesperson
license.
3 year terms, not more than 3 terms in lifetime.
Geographically and gender balanced and no two in the same county.
ARELLO - ANS-Association of Real Estate License Law
Caveat Emptor - ANS-Let the buyer beware (prior to MLS)
Internet Data Exchange (IDX) - ANS-Rules allowing listings to be displayed on other
company's websites
If opt out, can't display listings of other companies OR have your listing displayed.
UETA (Uniform Electronic Transactions Act) - ANS-Electronic contract/signatures legal
, 3 Requirements for Independent Contractor - ANS-Real estate license, written contract
that states no employment exists, 90% from commissions not hourly wage
Minimum Service Requirements - ANS-Accept and present all offers, negotiate on
behalf of client, answer questions and counsel client, provide prospective buyers access
to property
Client vs. Customer - ANS-Agency agreement vs no agreement
Federal Trade Commission - ANS-Sets rules for phone solicitation
Procuring Cause - ANS-The chain of events that results in a sale.
Iowa law stipulated an agent must have a signed contract to receive a commission.
Deposit to Trust Account - ANS-Within 5 business days
Listing broker handles earnest money
Anything other than cash or immediate cashable check shall not be accepted as earnest
money
Separate account must be set up for interest earned at parties request
Most Common Antitrust - ANS-Price fixing
Group boycotting
Allocation of customers or markets
Tying agreements
Sherman Antitrust - ANS-Antitrust laws at the federal level to keep competition fair
Conviction up to $1M and 10 years in jail. Fine for corporation up to $100M.
Not tax-deductible
$100,000,000 for corporations
$1,000,000 for individuals - 10 years in prison
Civil penalty-treble damages-2/3 not deductible
Attorney fees in civil court by private individuals
Criminal court - right to vote - loss of license or supervision for up to 10 years
Clayton Act:
Complete Solutions
5 Bundle of Rights - ANS-Possession, control, enjoyment, exclusion (keep others off
land), disposition (sell, transfer, dispose)
5 Real Estate Classifications - ANS-Residential, Commercial, Agricultural, Industrial,
Special Purpose
Physical Characteristics of Real Property - ANS-Immobility, Indestructibility, Uniqueness
Economic Characteristics of Real Property - ANS-Improvements, Location,
Permanence, Scarcity (supply and demand)
Severance - ANS-Converting real property to personal property
Annexation - ANS-Personal property becoming real property
Real Estate Commissions has authority to .. - ANS-Issue, discipline, suspend or revoke
a license
Real Estate Commission membership - ANS-7 members, appointed by Governor and
approved by Iowa Senate.
2 commission members of the public, remaining 5 one must have a salesperson
license.
3 year terms, not more than 3 terms in lifetime.
Geographically and gender balanced and no two in the same county.
ARELLO - ANS-Association of Real Estate License Law
Caveat Emptor - ANS-Let the buyer beware (prior to MLS)
Internet Data Exchange (IDX) - ANS-Rules allowing listings to be displayed on other
company's websites
If opt out, can't display listings of other companies OR have your listing displayed.
UETA (Uniform Electronic Transactions Act) - ANS-Electronic contract/signatures legal
, 3 Requirements for Independent Contractor - ANS-Real estate license, written contract
that states no employment exists, 90% from commissions not hourly wage
Minimum Service Requirements - ANS-Accept and present all offers, negotiate on
behalf of client, answer questions and counsel client, provide prospective buyers access
to property
Client vs. Customer - ANS-Agency agreement vs no agreement
Federal Trade Commission - ANS-Sets rules for phone solicitation
Procuring Cause - ANS-The chain of events that results in a sale.
Iowa law stipulated an agent must have a signed contract to receive a commission.
Deposit to Trust Account - ANS-Within 5 business days
Listing broker handles earnest money
Anything other than cash or immediate cashable check shall not be accepted as earnest
money
Separate account must be set up for interest earned at parties request
Most Common Antitrust - ANS-Price fixing
Group boycotting
Allocation of customers or markets
Tying agreements
Sherman Antitrust - ANS-Antitrust laws at the federal level to keep competition fair
Conviction up to $1M and 10 years in jail. Fine for corporation up to $100M.
Not tax-deductible
$100,000,000 for corporations
$1,000,000 for individuals - 10 years in prison
Civil penalty-treble damages-2/3 not deductible
Attorney fees in civil court by private individuals
Criminal court - right to vote - loss of license or supervision for up to 10 years
Clayton Act:
