Iowa Real Estate Exam Verified Answers

Iowa Real Estate Exam Verified Answers Two individuals form a partnership to open a real estate company. Which of the following is correct regarding licensing requirements? A. Both must licensed brokers B. At least one of them must be a broker C. If one is a broker, the other must be a sales person D. They can hire a licensed broker to run the company and neither needs a license ️B According to Iowa real estate license law, all of the following would be classified as engaging in the practice of real estate EXCEPT the person who ️Is selling his or her own property A salesperson living in Des Moines, holds an inactive Iowa salesman's license. Which of the following acts may she perform? ️cannot list or sell homes anywhere in Iowa A licenses real estate broker may do all of the following except A. Employ a telemarketing company to solicit listings B. Employ another broker on his/her behalf as a salesperson C. Offer a different commission splits with sales people within the company D. Establish a commission rate without notifying the local MLS ️A How soon must the broker deposit the earnest money into the broker's trust account after an offer to purchase has been made? ️Within five banking days of acceptance of offer Which of the following events may happen regarding a disciplinary action involving a real estate licensee? A. License may be temporarily suspended before a hearing if the complaint is very serious B. Broker's license may be suspended without a hearing when the broker has been indicted on criminal charges C. Salesperson's license may be automatically revoked for fraud D. License may never be suspended without holding a hearing first ️D A buyer backs out of a transaction just before closing and agrees to forfeit the $6,000 of earnest money. The seller agrees that the broker has earned $2,000 even though the closing did not take place. To collect the commission, the broker should ️Give all the earnest money to the seller, then bill the seller for commission Under what circumstances may a salesperson accept an earnest money check from a buyer that cannot immediately be cashed? ️If it is okay with the seller and the fact has been written in the offer Two contracts exist between a buyer and seller: one for the actual sale price and a second contract at an inflated price to be submitted to a lender to obtain a higher loan amount. This practice is know as ️Dual contracts and is illegal The broker has included a protection clause in the listing agreement with the seller. who does the protection clause protect? ️Principal broker representing the buyer A person has an inactive Iowa real estate salesman's license. Which of the following is required? ️Renewal of inactive license every three years The principal broker has set a minimum fee. The salesperson must charge this fee or more whenever a listing is taken. This action is ️A legal business practice The seller's agent would be entitled to compensation from his principal under a(n) ️Exclusive right to sell listing agreement 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? ️Immediately Is a real estate licensee responsible for conducting a property inspection behalf of an exclusive buyer client? ️No, buyers are responsible for their own inspections In Iowa, how long does a brokerage agreement last? ️Until closing A person passes the real estate exam on April 19, 2017. When is the last possible day to apply for the real estate license? ️October 31, 2017 Iowa's Groundwater Hazard Statement requires the transferor or their agents to disclose to the Department of Natural Resources information about wells, solid waste disposal sites, hazardous waste sites, underground storage tanks, and ️Private burial sites T/F Radon has to be disclosed on the Groundwater Hazard Statement ️F 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? ️It is up to the broker T/F A material adverse fact is not considered confidential information in a dual agency situation ️T A dual agency consent agreement should include ️Statement that representing more than one party