Iowa Real Estate - Exam Preparation Questions and Answers

Two Individuals form a partnership to open a real estate company. Which of the following is correct regarding licensing requirements? At least one of them must be a broker. 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 preform? She cannot list or sell homes anywhere in Iowa A licensed real estate broker may do all of the following EXCEPT Employ a telemarketing company to solicit listings Which of the following is a requirement to become a licensed agent in Iowa? Complete an application form and forward without a recent photo 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? Yes, because the principal broker had guilty knowledge 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? License may never be suspended without holding a hearing first. 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 dd not take place. To collect the commission, the broker should Give all the earnest money to the seller, then bill the seller for the commission. Under what circumstances may a salesperson accept an earnest money check from a buyer that can not immediately be cashed? If it is okay with the seller and the fact has been written in the offer