Iowa and national Real Estate Exam-
Graded A
Iowa license law-A
two individuals form a partnership to open a real estate company. What is correct
regarding licensing requirements? - ANSWER-At least one of them must be a licensed
broker.
Iowa license law-A
according to Iowa real estate license law, all of the following would be classified as
engaging in the practice of real estate? - ANSWER--for a fee, sells real estate for others
-attempts to sell real estate for anyone subject to receipt of a fee only if successful
-regularly receives compensation for renting property for various landlords
Iowa license law-A
a salesperson, living in Des-Moines, holds an inactive Iowa Salesman's license. Which
of the following acts may she preform? - ANSWER-She cannot list or sell a home
anywhere in Iowa.
Iowa license law-A
a licensed real estate broker may do all of the following - ANSWER--employ another
broker on his/her behalf as a salesperson
-offer different commission splits with salespeople within the company
-establish a commission rate without notifying the local MLS
Iowa License Law-A
which of the following is a requirement to become a licensed agent in Iowa? -
ANSWER-Complete an application form and forward without a recent photo
Iowa License Law-A
a salesperson working for a broker has committed a violation of real estate license law.
His broker was aware of the violation, but did not participate in the illegal activity. Can
the principal broker's license be suspended or revoked? - ANSWER-Yes, because the
principal broker had guilty knowledge
Iowa License Law-A
how soon must the broker deposit the earnest money into the broker's trust account
after an offer to purchase has been made? - ANSWER-Within five banking days of
acceptance of offer
Iowa License Law-A
, which of the following events may happen regarding a disciplinary action involving a real
estate license? - ANSWER-A license may never be suspended without holding a
hearing first.
Iowa License Law-A
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 place. To collect the commission, the broker should: - ANSWER-
Give all of the earnest money to the seller, then bill the seller for the commission.
Iowa License Law-A
under what circumstances may a salesperson accept an earnest money check from a
buyer that can not immediately be cashed? - ANSWER-If it is okay with the seller and
the information has been written into the offer.
Iowa License Law-B
two contracts exist between a buyer and a 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 known as: - ANSWER-Dual contracts and is illegal.
Iowa License Law-B
the broker has included a protection clause in the listing agreement with the seller. Who
does the protection clause protect? - ANSWER-Principal broker representing the seller.
Iowa License Law-B
a person has an inactive Iowa real estate sale's license. Which of the following is
required? - ANSWER-Renewal of inactive every three years.
Iowa License Law-B
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 of: -
ANSWER-Tying.
Iowa License Law-B
the principal broker has set a minimum fee. The salesperson must charge this fee or
more whenever a listing is taken. This action is: - ANSWER-A legal business practice.
Iowa License Law-B
who has the primary responsibility for supervision of a salesperson's personal
assistant? - ANSWER-A licensee who hired assistant.
Iowa License Law-B
the seller's agent would be entitled to compensation from his principal under: -
ANSWER-An exclusive right to sell listing agreement.
Iowa License Law-B
Graded A
Iowa license law-A
two individuals form a partnership to open a real estate company. What is correct
regarding licensing requirements? - ANSWER-At least one of them must be a licensed
broker.
Iowa license law-A
according to Iowa real estate license law, all of the following would be classified as
engaging in the practice of real estate? - ANSWER--for a fee, sells real estate for others
-attempts to sell real estate for anyone subject to receipt of a fee only if successful
-regularly receives compensation for renting property for various landlords
Iowa license law-A
a salesperson, living in Des-Moines, holds an inactive Iowa Salesman's license. Which
of the following acts may she preform? - ANSWER-She cannot list or sell a home
anywhere in Iowa.
Iowa license law-A
a licensed real estate broker may do all of the following - ANSWER--employ another
broker on his/her behalf as a salesperson
-offer different commission splits with salespeople within the company
-establish a commission rate without notifying the local MLS
Iowa License Law-A
which of the following is a requirement to become a licensed agent in Iowa? -
ANSWER-Complete an application form and forward without a recent photo
Iowa License Law-A
a salesperson working for a broker has committed a violation of real estate license law.
His broker was aware of the violation, but did not participate in the illegal activity. Can
the principal broker's license be suspended or revoked? - ANSWER-Yes, because the
principal broker had guilty knowledge
Iowa License Law-A
how soon must the broker deposit the earnest money into the broker's trust account
after an offer to purchase has been made? - ANSWER-Within five banking days of
acceptance of offer
Iowa License Law-A
, which of the following events may happen regarding a disciplinary action involving a real
estate license? - ANSWER-A license may never be suspended without holding a
hearing first.
Iowa License Law-A
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 place. To collect the commission, the broker should: - ANSWER-
Give all of the earnest money to the seller, then bill the seller for the commission.
Iowa License Law-A
under what circumstances may a salesperson accept an earnest money check from a
buyer that can not immediately be cashed? - ANSWER-If it is okay with the seller and
the information has been written into the offer.
Iowa License Law-B
two contracts exist between a buyer and a 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 known as: - ANSWER-Dual contracts and is illegal.
Iowa License Law-B
the broker has included a protection clause in the listing agreement with the seller. Who
does the protection clause protect? - ANSWER-Principal broker representing the seller.
Iowa License Law-B
a person has an inactive Iowa real estate sale's license. Which of the following is
required? - ANSWER-Renewal of inactive every three years.
Iowa License Law-B
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 of: -
ANSWER-Tying.
Iowa License Law-B
the principal broker has set a minimum fee. The salesperson must charge this fee or
more whenever a listing is taken. This action is: - ANSWER-A legal business practice.
Iowa License Law-B
who has the primary responsibility for supervision of a salesperson's personal
assistant? - ANSWER-A licensee who hired assistant.
Iowa License Law-B
the seller's agent would be entitled to compensation from his principal under: -
ANSWER-An exclusive right to sell listing agreement.
Iowa License Law-B
