Iowa Real Estate Exam Prep

IA Salesperson Practice Exam

Our Iowa Real Estate Exam Preparation guide will have you quickly prepared for your upcoming Salesperson License Exam. We have helped license over 50,000 students with an exam pass rate of over 95%. The practice exam questions and answers were created by industry experts and are constantly updated to Iowa’s licensing requirements. We stand by our real estate practice exams and offer an exam pass guarantee.

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Iowa Sample Practice Real Estate Exam Questions and Answers

Iowa State Section

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Question 1

You must be at least ___ years old to obtain a salesperson license.

A	21
B	18
C	19
D	20

Question 2

What term means "going to the state?"

A	police power
B	escheat
C	Eminent Domain
D	Taxation

Question 2 Explanation:

Escheat is if someone dies and there is no one to inherit or no will the property goes to the state.

Question 3

How many hours are required?

A	12
B	60
C	40
D	24

Question 4

Which of the following would not put a sales person in jeopardy of losing their license in Iowa?

A	Convicted of a felony.
B	Placing an ad claiming to be a broker when they are not one.
C	Depositing their clients' escrow money into a personal account
D	Being authorized to accept and excessive commission.

Question 5

Is Iowa a community property state?

A	Yes
B	No

Question 6

Which of the following isn't part of a deed?

A	novation
B	acknowledgement
C	Habendum
D	Premises

Question 7

In what circumstances, if any, can a broker in Iowa who is serving as an intermediary representing both parties collect compensation from both the buyer and the seller?

A	Only when both buyer and seller have legal representation
B	In most circumstances, except when the buyer and seller are related
C	None; the broker may only collect compensation from one party to a transaction
D	Only when both buyer and seller give informed consent to this arrangement

Question 8

Does Iowa have homestead laws?

A	Yes
B	No

Question 9

Which of the following is not a state that participates in reciprocity with Iowa?

A	Georgia
B	New York
C	Massachusetts
D	Louisiana

Question 10

Does Iowa allow holographic wills?

A	Yes
B	No

Question 11

Standing trees would be considered

A	Personal Property
B	Real property
C	Chattels
D	Emblements

Question 12

What is a holographic will?

A	a will that has been approved by each family member.
B	a standard boiler plate will.
C	a will and testament that has been entirely handwritten and signed by the testator.
D	a will that displays in 3D

Question 13

Does Iowa allow reciprocity with other states?

A	No
B	Yes

Question 14

How soon can a broker receive a commission check after a closing in Iowa?

A	Once the seller agrees to the price.
B	Once the offer sheet is signed.
C	After the transaction is completed and funded.
D	When the Buyer moves in.

Question 15

Whom is responsible for maintaining a habitable property and for complying with local housing and building codes?

A	Agent
B	Lessor
C	Lessee
D	Buyer

Question 16

Which of the following is required for an applicant to receive a Real Estate License?

A	Must have a Bachelors degree
B	Must be 25 or older
C	Must sit and pass the required exam
D	Must have lived in the state for more than a year

Question 17

Does Iowa have dower laws?

A	Yes
B	No

Question 18

Mortgage "discount" points only apply if which of the following conditions are met?

A	The seller has agreed to pay 1% of the closing costs
B	The loan does not close and the buyer owes the lender for services rendered
C	The interest rate on the mortgage loan has been lowered by 2% for each point charged
D	The interest rate on the mortgage loan has been lowered by 1% for each point charged

Question 19

The license law is administered by

A	Commission of Real Estate in Iowa
B	Iowa Real Estate Commission
C	Department of Iowa Real Estate
D	Iowa Department of Real Estate

Question 20

How often is Continuing Education due?

A	Every year
B	Every 3 years
C	Every 4 years
D	Every 2 years

Question 21

Which is not necessary for a valid contract?

A	offer
B	legal object
C	due date
D	acceptance

Question 22

Which of the following is a landlord's option for a tenant not paying rent?

A	shut off the power
B	shutoff the gas
C	lock the tenant out of the apartment
D	unlawful detainer action in court

Question 23

Which tenancies does Iowa allow?

A	Tenancy by the Entirety
B	Neither
C	Joint Tenancy
D	Both

Question 24

What is homestead protection?

A	The estimated value that an asset will have at then end of it's useful life
B	Gradual subsidence of waters, leaving dry land
C	The status provided to a home owner's principal residence that protects the home against judgement up to a specified amount.
D	Net cash remaining to investor after sale of investment property