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

Which tenancies does Iowa allow?

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

Question 2

Does Iowa allow reciprocity with other states?

A	Yes
B	No

Question 3

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

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

Question 4

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

A	The interest rate on the mortgage loan has been lowered by 2% for each point charged
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 1% for each point charged
D	The seller has agreed to pay 1% of the closing costs

Question 5

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	Placing an ad claiming to be a broker when they are not one.
D	Being authorized to accept and excessive commission.

Question 6

The license law is administered by

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

Question 7

Standing trees would be considered

A	Emblements
B	Personal Property
C	Real property
D	Chattels

Question 8

A Salesperson license fee is

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

Question 9

Is Iowa a community property state?

A	Yes
B	No

Question 10

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	Only when both buyer and seller have legal representation
D	None; the broker may only collect compensation from one party to a transaction

Question 11

How often is Continuing Education due?

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

Question 12

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

A	18
B	19
C	20
D	21

Question 13

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

A	novation
B	Premises
C	Habendum
D	acknowledgement

Question 14

Does Iowa have homestead laws?

A	Yes
B	No

Question 15

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

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

Question 16

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

A	Buyer
B	Lessor
C	Agent
D	Lessee

Question 17

Does Iowa allow holographic wills?

A	Yes
B	No

Question 18

Which is not necessary for a valid contract?

A	due date
B	offer
C	acceptance
D	legal object

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

Does Iowa have dower laws?

A	Yes
B	No

Question 21

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

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

Question 22

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

A	Massachusetts
B	New York
C	Georgia
D	Louisiana

Question 23

What term means "going to the state?"

A	Eminent Domain
B	escheat
C	Taxation
D	police power

Question 23 Explanation:

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

Question 24

How many hours are required?

A	60
B	24
C	12
D	40

Question 25

What is a holographic will?

A	a standard boiler plate will.
B	a will that displays in 3D
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.