Unit quiz 24 Flashcards
During the discrimination complaint process, if the case is not resolved through mediation, the complaint will be investigated. If the administrative judge finds reasonable cause to believe discrimination occurred, each party has to choose a course of action within how many days?
20 days
They can then proceed in district court, or they can continue with the public hearing process through the Commission.
How many licensees may be affiliated with a real estate office?
unlimited
Any number of licensees, or just one broker, can be affiliated with the office.
On notification that the broker’s personal funds are insufficient to cover the service charges, brokers have up to how many days to correct the deficiency?
15
A broker is allowed to open a trust account with personal funds NOT to exceed what dollar amount?
$500
Which statement is TRUE regarding real estate firms in Iowa?
A) At minimum, a branch office must have a designated broker’s license, a salesperson license, and a branch office license.
B) A real estate office may be managed by someone with either a salesperson or a broker license.
C) Every real estate firm must maintain an office open to the public.
D) Real estate firms must be either corporations or partnerships.
C) Every real estate firm must maintain an office open to the public
The person assigned to supervise a branch office is called the
designated broker
Which of the following examples BEST illustrates how a licensee who uses personal e-mail to advertise or market property belonging to others must provide disclosure on the first or last page of the e-mail?
A) Joe Realtor/Des Moines, IA 50266/515-555-5555/Licensed as a salesperson in Iowa
B) Joe Realtor/licensed as a salesperson in Iowa
C) Joe Realtor/XYZ Realty, Inc./Des Moines, IA 50266
D) Joe Realtor/XYZ Realty, Inc./Des Moines, IA 50266/Licensed as a salesperson in Iowa
D) Joe Realtor/XYZ Realty, Inc./Des Moines, IA 50266/Licensed as a salesperson in Iowa
Legally, where must trust account funds be deposited?
A) Any of these
B) In a federally insured savings association
C) In a federally insured bank
D) In federally insured credit union
A) Any of these
Once requested, failure to remove a For Sale or a For Rent sign in a timely fashion violates a Commission rule. For violating this rule, an agent could be subjected to disciplinary action in the form of a civil penalty and possibly sued under which legal theory?
Undue enrichment
For example, an undeveloped commercial property was listed, and a large sign was placed on the property near a very busy intersection. Then, after the expiration of the listing, the listing agent failed to remove the sign because sign calls were continuing. Because the agent was taking unfair advantage of the seller, the seller could, under the theory of undue enrichment, take legal recourse.
“Affordable 4-bedroom, 2-story, 2½-bath, large great room, and spacious yard. Call 555-5555.” If written by a real estate broker, the Real Estate Commission would consider this a
blind ad.
A married couple listed their home and accepted an offer that had a $2,000 earnest money check. The offer was written on a Monday, and the husband signed it the following Tuesday afternoon. His wife was out of town, however, and could not sign the offer until Friday of the same week. According to trust account rules, what is the latest date that the earnest money may be deposited?
On the following Friday after the wife signed the offer
According to trust account rules, earnest money must be deposited into the broker’s trust account no later than
five banking days after the last signature of acceptance.
Which of the following is a provision of Megan’s Law?
A) Certain sex offenders are prohibited from residing within 2,000 feet of a real estate office.
B) Certain sex offenders, when released from prison, must register where they live with the local authorities.
C) Sex offenders are prohibited from obtaining a real estate license.
D) Real estate licensees are required to discover or disclose the presence of a sex offender in the area.
B) Certain sex offenders, when released from prison, must register where they live with the local authorities.
According to Iowa law, if an offender is 1) required to register in the state of Iowa and 2) has been convicted of an “aggravated offense against a minor,” the offender is prohibited from residing within
2,000 feet of real property comprising a school or child care facility.
