Iowa Real Estate Exam Prep Questions and answers
Corn stored in a grain bin is considered real property
False
Kitchen cabinets, a furnace, or bathroom appliances are considered real property
after they have been installed as improvements to the home, even though at one
time they were personal property
True
A dishwasher installed in the cabinets does not need to be excluded from the
listing if the owner is planning on taking the washer with them. It can be excluded
on the sales agreement.
False
It is not necessary for a licensee to be under the control of a real estate broker
False
A water well pump would be considered personal property and could be taken
with the seller
False
The sudden replacement of land by a landslide is called Avulsion
True
Riparian water rights are the right enjoyed by landowners located next to lakes
False
Appointees to the Iowa Real Estate Commission must be approved by the Iowa
Senate
True
Littoral rights are rights enjoyed by landowners located next to rivers and
streams
False
Real property is divided into two categories; Physical and economic
True
Landowners can sell air rights or subsurface rights and retain the surface rights
True
A term that has been given to expanding exposure is "Farming." Some good
examples of "Farming" are as followed:
1.) Door knocking in local neighborhood
2.)putting business cards on local business bulletin boards
3.)Joining breakfast clubs, service clubs and other casual organizations
The bundle of rights that accompanies real property ownership include 5 rights
True
The owner of land also owns the rights to the subsurface and the air rights above
the land
True
All licensees have the right to call themselves REALTORS
False
What REALTOR associations must you belong to have the ability to call yourself
a REALTOR?
The local, state and national association
,Is it possible for a licensee to belong to more than one MLS
Yes
No special insurance is necessary for real estate licensees to conduct business
in Iowa
False
A growing corn crop is considered part of the land
True
A salesperson must take additional required courses before a brokers license can
be obtained
True
You need a special real estate license to manage an apartment house
False
ARELLO stands for Association of Real Estate License Law Officials
True
A broker may opt out of IDX and still display the listings of other companies on
his website
False
A commission is earned when the agent produces a ready, willing, and able buyer
True
A commission may still be earned even though a seller and a buyer get together
and decide to cancel the deal
True
A commission may still be earned even though the seller was unable to deliver
possession in a reasonable time
True
A company can require you to buy from them if they sell your house
False
A contract may not be denied legal effect or enforceability solely because an
electronic record was used in its formation.
True
A licensed assistant is paid by the broker
True
A licensee employing an assistant can pay that assistant a percentage of their
earned commissions
False
A personal assistant is permitted to submit data on listings to a MLS
True
A real estate agent is required to check the Do-Not-Call registry every 31 days to
have any defense of a violation
True
A real estate company must have a physical office in Iowa to meet the minimum
services requirements of the law
False
A salesperson is allowed to contact a person on the Do-Not-Call list if he has had
a business inquiry from that person in the past 3 months
True
, An antitrust conviction in Iowa will cost you your real estate license and possibly
a high monetary fine
True
An independent contractor is a real estate salesperson that works for more than
one broker.
False
An unlicensed assistant can show a property as long as he or she explains they
will have to talk to the broker to make an offer
False
By the late 1960s, MLS's had become the norm in larger cities
True
Caveat Emptor means "let the buyer beware"
True
Even though you are an independent contractor your broker must still withhold
income taxes from your commissions
False
IDX stands for internet data exchange
True
Company A is offering a selling bonus of $1,000 to the selling agent. You sell the
house and at the closing, the broker for company A gives you a check for the
$1000. Who if anyone has violated the law?
Both you and the broker for company A
If a salesperson were to transfer from one broker to another, any active listings
the salesperson has will transfer to the new broker.
False
If a spouse refuses to sign a deed it would still be possible for the agent to collect
a commission
True
If you have a commission dispute with another agent you cannot take it to the
Iowa Real Estate Commission
True
Iowa law spells out the minimum services that a borker must provide to a client
True
It is not necessary for an independent contractor agreement to be in writing
False
It is permissible for an unlicensed assistant to show a house as long as they
make it clear they are working for a licensed agent
False
It is permissible for brokers to get together and establish a standard commission
for certain services
False
It is permissible to receive a small wage from your broker as long as it does not
exceed 10% of your total income from real estate
True
Larry was holding an open house and during the event visited with Bill and Jane
and mentioned another home they might be interested in. Bill and Jane went to
Corn stored in a grain bin is considered real property
False
Kitchen cabinets, a furnace, or bathroom appliances are considered real property
after they have been installed as improvements to the home, even though at one
time they were personal property
True
A dishwasher installed in the cabinets does not need to be excluded from the
listing if the owner is planning on taking the washer with them. It can be excluded
on the sales agreement.
False
It is not necessary for a licensee to be under the control of a real estate broker
False
A water well pump would be considered personal property and could be taken
with the seller
False
The sudden replacement of land by a landslide is called Avulsion
True
Riparian water rights are the right enjoyed by landowners located next to lakes
False
Appointees to the Iowa Real Estate Commission must be approved by the Iowa
Senate
True
Littoral rights are rights enjoyed by landowners located next to rivers and
streams
False
Real property is divided into two categories; Physical and economic
True
Landowners can sell air rights or subsurface rights and retain the surface rights
True
A term that has been given to expanding exposure is "Farming." Some good
examples of "Farming" are as followed:
1.) Door knocking in local neighborhood
2.)putting business cards on local business bulletin boards
3.)Joining breakfast clubs, service clubs and other casual organizations
The bundle of rights that accompanies real property ownership include 5 rights
True
The owner of land also owns the rights to the subsurface and the air rights above
the land
True
All licensees have the right to call themselves REALTORS
False
What REALTOR associations must you belong to have the ability to call yourself
a REALTOR?
The local, state and national association
,Is it possible for a licensee to belong to more than one MLS
Yes
No special insurance is necessary for real estate licensees to conduct business
in Iowa
False
A growing corn crop is considered part of the land
True
A salesperson must take additional required courses before a brokers license can
be obtained
True
You need a special real estate license to manage an apartment house
False
ARELLO stands for Association of Real Estate License Law Officials
True
A broker may opt out of IDX and still display the listings of other companies on
his website
False
A commission is earned when the agent produces a ready, willing, and able buyer
True
A commission may still be earned even though a seller and a buyer get together
and decide to cancel the deal
True
A commission may still be earned even though the seller was unable to deliver
possession in a reasonable time
True
A company can require you to buy from them if they sell your house
False
A contract may not be denied legal effect or enforceability solely because an
electronic record was used in its formation.
True
A licensed assistant is paid by the broker
True
A licensee employing an assistant can pay that assistant a percentage of their
earned commissions
False
A personal assistant is permitted to submit data on listings to a MLS
True
A real estate agent is required to check the Do-Not-Call registry every 31 days to
have any defense of a violation
True
A real estate company must have a physical office in Iowa to meet the minimum
services requirements of the law
False
A salesperson is allowed to contact a person on the Do-Not-Call list if he has had
a business inquiry from that person in the past 3 months
True
, An antitrust conviction in Iowa will cost you your real estate license and possibly
a high monetary fine
True
An independent contractor is a real estate salesperson that works for more than
one broker.
False
An unlicensed assistant can show a property as long as he or she explains they
will have to talk to the broker to make an offer
False
By the late 1960s, MLS's had become the norm in larger cities
True
Caveat Emptor means "let the buyer beware"
True
Even though you are an independent contractor your broker must still withhold
income taxes from your commissions
False
IDX stands for internet data exchange
True
Company A is offering a selling bonus of $1,000 to the selling agent. You sell the
house and at the closing, the broker for company A gives you a check for the
$1000. Who if anyone has violated the law?
Both you and the broker for company A
If a salesperson were to transfer from one broker to another, any active listings
the salesperson has will transfer to the new broker.
False
If a spouse refuses to sign a deed it would still be possible for the agent to collect
a commission
True
If you have a commission dispute with another agent you cannot take it to the
Iowa Real Estate Commission
True
Iowa law spells out the minimum services that a borker must provide to a client
True
It is not necessary for an independent contractor agreement to be in writing
False
It is permissible for an unlicensed assistant to show a house as long as they
make it clear they are working for a licensed agent
False
It is permissible for brokers to get together and establish a standard commission
for certain services
False
It is permissible to receive a small wage from your broker as long as it does not
exceed 10% of your total income from real estate
True
Larry was holding an open house and during the event visited with Bill and Jane
and mentioned another home they might be interested in. Bill and Jane went to
