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

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 give informed consent to this arrangement
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 have legal representation

Question 2

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

A	Louisiana
B	Georgia
C	New York
D	Massachusetts

Question 3

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

A	The loan does not close and the buyer owes the lender for services rendered
B	The seller has agreed to pay 1% of the closing costs
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 4

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

A	20
B	19
C	18
D	21

Question 5

A Salesperson license fee is

A	$150
B	$101
C	$100
D	$175

Question 6

Is Iowa a community property state?

A	Yes
B	No

Question 7

What term means "going to the state?"

A	police power
B	Taxation
C	escheat
D	Eminent Domain

Question 7 Explanation:

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

Question 8

How many hours are required?

A	24
B	60
C	12
D	40

Question 9

Does Iowa have dower laws?

A	Yes
B	No

Question 10

Which tenancies does Iowa allow?

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

Question 11

Does Iowa allow reciprocity with other states?

A	Yes
B	No

Question 12

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

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

Question 13

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

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

Question 14

Which is not necessary for a valid contract?

A	legal object
B	offer
C	acceptance
D	due date

Question 15

The license law is administered by

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

Question 16

Does Iowa allow holographic wills?

A	No
B	Yes

Question 17

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

A	Lessor
B	Lessee
C	Buyer
D	Agent

Question 18

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

A	novation
B	Habendum
C	Premises
D	acknowledgement

Question 19

What is homestead protection?

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

Question 20

Standing trees would be considered

A	Personal Property
B	Chattels
C	Emblements
D	Real property

Question 21

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

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

Question 22

What is a holographic will?

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

Question 23

Does Iowa have homestead laws?

A	No
B	Yes

Question 24

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

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