Iowa Real Estate Exam / Expert Strategies, Review of
Key Quizzes, and Practice Questions for Guaranteed
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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
- (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 - (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? - (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 - (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? - (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 - (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 - (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? - (ANSWER)If it is okay with the
seller and the fact has been written in the offer
Key Quizzes, and Practice Questions for Guaranteed
Success / Newest 2025/2026.
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
- (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 - (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? - (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 - (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? - (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 - (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 - (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? - (ANSWER)If it is okay with the
seller and the fact has been written in the offer
