Iowa Real Estate Exam Prep

IA Salesperson Practice Exam

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Iowa Sample Practice Real Estate Exam Questions and Answers

Iowa State Section

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Question 1

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 2

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

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

Question 3

Does Iowa have homestead laws?

A	No
B	Yes

Question 4

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

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

Question 5

Does Iowa have dower laws?

A	Yes
B	No

Question 6

Does Iowa allow holographic wills?

A	No
B	Yes

Question 7

How many hours are required?

A	40
B	60
C	12
D	24

Question 8

Is Iowa a community property state?

A	No
B	Yes

Question 9

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

A	18
B	19
C	20
D	21

Question 10

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 interest rate on the mortgage loan has been lowered by 2% for each point charged
C	The interest rate on the mortgage loan has been lowered by 1% for each point charged
D	The loan does not close and the buyer owes the lender for services rendered

Question 11

What term means "going to the state?"

A	Taxation
B	police power
C	Eminent Domain
D	escheat

Question 11 Explanation:

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

Question 12

How often is Continuing Education due?

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

Question 13

A Salesperson license fee is

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

Question 14

Which tenancies does Iowa allow?

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

Question 15

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

A	Lessor
B	Buyer
C	Lessee
D	Agent

Question 16

What is a holographic will?

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

Question 17

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 18

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 19

Standing trees would be considered

A	Real property
B	Emblements
C	Chattels
D	Personal Property

Question 20

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

A	Premises
B	novation
C	acknowledgement
D	Habendum

Question 21

Does Iowa allow reciprocity with other states?

A	Yes
B	No

Question 22

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

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

Question 23

Which is not necessary for a valid contract?

A	acceptance
B	due date
C	legal object
D	offer

Question 24

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 25

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

A	Georgia
B	Massachusetts
C	New York
D	Louisiana

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Iowa Real Estate Exam Prep

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