Unit quiz 23 Flashcards
Commissioners are appointed by the governor for three years and allowed to serve no more than how many consecutive terms?
3
How many years of real estate experience are required to become a licensed member of the Real Estate Commission?
5
Who among the following is NOT exempt from having to hold a real estate license to conduct real estate business in Iowa?
A) Someone requesting a referral fee for sending a prospective buyer to an agent
B) An owner of the property
C) Anyone employed by the owner of the property on a regular full-time basis
D)Resident apartment managers who must live on the premises as a condition of employment
A) Someone requesting a referral fee for sending a prospective buyer to an agent
True or false: In Iowa, it is ok for a licensee to contract for a fee with a nonlicensee for leads or referrals.
False
In Iowa, it is unlawful for a licensee to contract for a fee with a nonlicensee for leads or referrals.
The mission of the Iowa Real Estate Commission (IREC) is to
protect the public.
Licensure agreements that exist between Iowa and other states that have licensing requirements similar to Iowa’s and where similar recognitions and courtesies are extended to each other are called reciprocity agreements. To become eligible for such a license, an out-of-state licensee is NOT required to
A) sign an affidavit indicating familiarity with Iowa’s license law.
B) notify the Commission if the nonresident’s license is either revoked or suspended in the licensee’s home state.
C) post a surety bond.
D) sign an irrevocable consent that lawsuits may be brought against the licensee in the proper court of any Iowa county.
C) post a surety bond
When a licensee is discharged from a real estate firm, the firm’s broker must deliver or mail the discharged person’s license to the Commission within
72 hours of the discharge date
An unlicensed personal assistant would be prohibited from performing which activity?
A) Assembling documents for closing
B) Independently showing a buyer properties for sale
C) Having keys made
D) Placing For Sale signs on a property
B) Independently showing a buyer properties for sale
How many years does a commissioner serve during a term on the Iowa Real Estate Commission (IREC)?
3
Under which of the following circumstances are licensees allowed by Commission rule to sell their own property “by owner”?
A) Participation by the licensee’s broker
B) Earnest money given directly to the owner/licensee
C) Brokerage fees to be paid to the licensee’s broker
D) Licensee performs only minor functions as a licensee during the transaction
B) Earnest money given directly to the owner/licensee
What is the ratio of the seven-member Real Estate Commission?
Five licensed and two unlicensed
