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Chapter 17 Iowa Law Exam Questions with 100% Correct Answers | Updated 2024 | Guaranteed Success
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Chapter 17 Iowa Law Exam Questions with 100% Correct Answers | Updated 2024 | Guaranteed Success
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Chapter 17 Iowa Law Exam Questions with100% Correct Answers | Updated 2024 |
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A broker or salesperson that completes a seller's statement of disclosure for an owner
opens themselves up to liability for errors on the statement.
True
False - ✔✔t
What is the recommended limit of radon in a home without the need for a mitigation system?
7 pCi/L
6 pCi/L
5 pCi/L
4 pCi/L - ✔✔4
A transfer between spouses resulting from a decree of dissolution of marriage is excluded
from the seller's disclosure of property condition law.
True
False - ✔✔t
If the auctioneer closes or attempts to close the sale of the property or otherwise engages in acts
defined in the Iowa Code is the Auctioneer subject to discipline by the real estate commission?
Yes
,No - ✔✔yes
Within how many days of commencing work on a project does a contractor or sub-contractor
need to file a notice of commencement with the Secretary of State's office to protect their ability
to file a mechanics lien?
5
10
14
30 - ✔✔10
If a septic tank inspection is made by a homeowner before a sale, are the results of the test
supposed to be given to prospective buyers?
Yes
No - ✔✔yes
A property manager is required by Iowa Code 543B to have a property management contract
in place.
True
False - ✔✔t
A disclosure statement must be amended if the information disclosed is or becomes inaccurate or
misleading or is supplemented unless the information disclosed is based on information of a
public agency, including the state, a political subdivision of the state, or the United States.
True
, False - ✔✔t
If the subcontractor fails to post his notice before the contractor is paid the final payment, does
the subcontractor forfeit his/her right to a mechanics lien?
Yes
No - ✔✔yes
An example of "readily achievable" adjustments a property manager would be required to make
to a unit for a handicapped tenant is which of the following:
Raised toilets
Lowered light switches
Flashing lights on doorbells
All of the above - ✔✔all
An agent has drafted a property management contract with the owner of a property he/she is
going to manage as a rental. The contract contains statements relating to the identification of the
property, the terms and conditions under which the property is to be managed and the manager's
authority, when income is to be transferred to the owner, which expenses the manager is to paid
by the manager, the amount of deposits and prepaid rents, the effective date, and the signatures
of the parties. What important element is missing from the contract?
The length of time of any lease
Who gets the interest from the security deposits
The rate of commission the manager is to be paid
How much the rents are to be - ✔✔The rate of commission the manager is to be paid
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