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Iowa Real Estate Exam Question and answers rated A+ 2024

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Iowa Real Estate Exam Question and answers rated A+ 2024 Iowa Real Estate Exam 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 on...

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  • August 30, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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Iowa Real Estate Exam
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 - correct answer ✔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 -
correct answer ✔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? - correct answer
✔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 - correct
answer ✔A


How soon must the broker deposit the earnest money into the broker's trust
account after an offer to purchase has been made? - correct answer ✔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 - correct
answer ✔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 - correct answer ✔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? - correct answer ✔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 - correct answer ✔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? - correct answer ✔Principal
broker representing the buyer

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