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

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

Question 2

The license law is administered by

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

Question 3

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

Question 4

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

A	New York
B	Massachusetts
C	Georgia
D	Louisiana

Question 5

Is Iowa a community property state?

A	No
B	Yes

Question 6

Which is not necessary for a valid contract?

A	due date
B	acceptance
C	legal object
D	offer

Question 7

How many hours are required?

A	24
B	12
C	60
D	40

Question 8

Does Iowa allow holographic wills?

A	Yes
B	No

Question 9

What term means "going to the state?"

A	Taxation
B	escheat
C	police power
D	Eminent Domain

Question 9 Explanation:

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

Question 10

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 1% 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 2% for each point charged
D	The seller has agreed to pay 1% of the closing costs

Question 11

How often is Continuing Education due?

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

Question 12

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

A	acknowledgement
B	novation
C	Habendum
D	Premises

Question 13

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

A	Lessee
B	Buyer
C	Lessor
D	Agent

Question 14

Does Iowa allow reciprocity with other states?

A	No
B	Yes

Question 15

What is a holographic will?

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

Question 16

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

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

Question 17

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

A	19
B	21
C	20
D	18

Question 18

Which tenancies does Iowa allow?

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

Question 19

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	Convicted of a felony.
C	Being authorized to accept and excessive commission.
D	Depositing their clients' escrow money into a personal account

Question 20

A Salesperson license fee is

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

Question 21

What is homestead protection?

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

Question 22

Does Iowa have dower laws?

A	Yes
B	No

Question 23

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

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

Question 24

Standing trees would be considered

A	Chattels
B	Personal Property
C	Real property
D	Emblements

Question 25

Does Iowa have homestead laws?

A	No
B	Yes

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