Licensing

Question 1

License mandatory

Answer 1

A person can not sell, purchase, rent or lease, list real estate for sale or lease, advertise, negotiate, make deals, collect rent, prepare specific documents, for a fee without a real estate license

Question 2

Court actions- license a prerequisite

Answer 2

Person can’t not bring action in the courts for collection of compensation without proving that the person was licensed at the time the alleged cause occurred

Question 3

What are some basic qualifications of a license

Answer 3

Being over 18, people who have convicted crimes must wait 5 years after conviction make full payment in fines to apply, license may be delayed or denied because of child support and or student loan payments

Question 4

Salesperson license education requirements:

Answer 4

Must pass exam within 12 months of completing a 60 hour course, in addition also doing the 36 hour course

Question 5

Application for license

Answer 5

1.After getting your passing score you must file an application for license/ proof of education no later than the last working day of the sixth calendar month
2. Needs to finish fbi background check
3.request by affiliating broker must be received by Iowa real estate commissions

Question 6

Error and omissions insurance requirement

Answer 6

At the time of license application and within 20 days of a commissions request, if not with 30 days of the request you get an automatic suspension

Question 7

Inactive status=

Answer 7

Not required to carry E&O insurance

Question 8

Application forms

Answer 8

Applicant must use commission supplied forms, which can’t ask for a recent photo but may ask for a present address and a written statement by the employing broker

Question 9

Custody of salesperson license

Answer 9

Salespersons license must be delivered to the broker and kept in custody of broker

Question 10

Broker license qualifications

Answer 10

Needs to complete the 60 hour of pre broker license within 24 months of taking exam

The person must be a real estate salesperson for 24 months

Needs the FBI background check

Question 11

Corporations, associations, partnerships

Answer 11

One member can be a broker, all the other members must be licensed, active salespersons

Question 12

Real estate offices and license required

Answer 12

Every broker must have an office that is open to public during business hours
It’s acceptable to have more than one broker working in the same office
The broker can manage more than one office or location

Question 13

Change of location

Answer 13

Notice must be written and given to real estate commission by each licensee of any change of location. Commission will issue a new license

Question 14

Salesperson changing brokers

Answer 14

Real estate broker must give the license to commission within 72 hours

Question 15

What happens if salesperson change brokers while commission was earned while actively licensed

Answer 15

The former broker may still pay that commission to that person

Question 16

The licensee must inform the commission about location change within how many days

Answer 16

5 working days

Question 17

How long are license issued

Answer 17

3 years

Question 18

When does the license expire

Answer 18

License expires on December 31st of the 3rd year license term counting the remaining portion of the year issued

Question 19

Renewing active status rules:

Answer 19

36 hours of programs during 3 calendar years of the license term

Question 20

Support personnel: who is responsible for the personal assistant?

Answer 20

The broker and licensee are both responsible for supervising personal assistants, although the licensee has the preliminary responsibility

Question 21

Can a personal assistant still work if they have an inactive license status

Answer 21

Yes, but can not as a real estate agent

Question 22

The broker must do the following when it comes to hiring personal assistants

Answer 22

Make a written company policy authorizing the use of a personal assistant and the duties the personnel may perform on behalf of the licensee