Iowa Salesperson Pre-License Class Final Exam Questions and Answers

Fee Simple Absolute title has limitations. What are they? All of the above A couple decided to sell their acreage which they had owned for 10 years. After being told they would have to have their septic tank inspected they proceeded with the inspection. The inspection report revealed that the septic system needed $10,000 in repairs. The couple decided not to proceed with the listing and wait a few years. Do they still need to make the repairs to the septic system? Yes Which of the following is not specific assistance? The price being asked for a house The four most common violations of anti-trust are tie-in agreements, price-fixing, group boycotting, and allocation of customers or markets. True Which of the following is not covered in the Equal Credit Opportunity Act? Sexual Orientation After you have determined the depreciated value of the improvements in the cost approach, you need to add in the value of the land. True Depreciation is caused by age, function, and the environment. True The Iowa Attorney General has the authority to bring an action against you for an anti-trust violation. True A landlord shall not demand or receive as a security deposit an amount or value in excess of two months' rent. True Using a capitalization rate is the prepared system of appraisers when appraising commercial income property. True An easement for a utility company is typically what kind of easement? Easement in Gross In the process of a foreclosure sale of real estate which lien is paid first? Mortgage Lien With regard to agency, all the following are considered ministerial acts except: Discussing the motives of the seller