Unit quiz 27 Flashcards
Under what circumstances, if any, may the Commission request an informal hearing?
When a violation has occurred that warrants disciplinary action
True or false: Upon completion of its investigation, the Commission may demand that the licensee and the licensee’s employing broker attend an informal, closed-session hearing to negotiate a settlement
False
Upon completion of its investigation, the Commission may request (not demand) that the licensee and the licensee’s employing broker attend an informal, closed-session hearing to negotiate a settlement
If a settlement cannot be reached, the committee may proceed with a formal hearing.
How many days before a formal Commission hearing is the date of the hearing sent by certified mail to a licensee?
20 days
What is the effect on the designated broker’s license if a salesperson commits an unlawful act or violates the license law?
A) Both the broker’s license and the salesperson’s license will be revoked.
B) Only the salesperson’s license will be revoked.
C) Both the broker’s license and the salesperson’s license will be inactive.
D) Only the broker’s license will be revoked.
B) Only the salesperson’s license will be revoked.
Which activity does the Iowa Real Estate Commission NOT have the authority to do?
A) Subpoena books, papers, records, and witnesses
B) Require a mental examination
C) Investigate a licensee upon its own motion
D) Impose a civil penalty not to exceed $5,000
D) Impose a civil penalty not to exceed $5,000
(?) has authority to investigate a licensee upon its own motion; to subpoena books, papers, records, and witnesses; and to require a mental examination.
The Iowa Real Estate Commission has authority to investigate a licensee upon its own motion; to subpoena books, papers, records, and witnesses; and to require a mental examination.
The IREC has the authority to impose a civil penalty not to exceed
$2,500.
The licensee did not request a continuance, nor did the licensee appear for the hearing. What are the consequences?
A hearing is held without the licensee.
The hearing is held without the licensee, who is bound by the decision as though in attendance; the licensee loses the right to cross-examine witnesses and to present a defense.
What is the MOST typical violation under Iowa license law?
A) Serious misdemeanor
B) Simple misdemeanor
C) Negligent misrepresentation
D) Fraudulent practice
B) Simple misdemeanor
Which of the following activities is cause for a Commission investigation?
A) Undisclosed dual agency
B) Depositing money into the broker’s trust account in a timely manner
C) Paying a licensed broker a referral fee
D) Providing requested information to the Commission in a timely manner
A) Undisclosed dual agency
If a licensee’s errors and omissions insurance coverage lapses, the Commission is authorized to
place the licensee’s license on inactive status.
When a designated broker’s license is revoked, what effect does it have on any existing brokerage agreements?
All listings must be canceled.
Upon receipt of the Commission’s order, the suspended or revoked broker must cancel all listings and property management agreements, and sellers and lessors must be apprised of their right to list or lease with someone else. It is illegal to sell or assign listings or management agreements without written authorization of the seller or the lessor.
True or false: It is legal to sell or assign listings or management agreements without written authorization of the seller or the lessor.
False: It is illegal to sell or assign listings or management agreements without written authorization of the seller or the lessor.
After concluding an investigation, the Commission would refuse to conduct a hearing for all of the following reasons EXCEPT
A) the allegation was trivial.
B) the Commission found substantial misrepresentation.
C) there was Insufficient evidence.
D) the Commission lacked jurisdiction.
B) the Commission found substantial misrepresentation.
Which statement is TRUE concerning errors and omissions coverage?
A) The Commission requires proof of errors and omissions insurance before reinstating an expired license that has been inactive for more than 90 days.
B) It protects the general public from loss due to errors.
C) The Commission contracts with an insurance provider for a group policy made available to all licensees.
D) Licensees must submit evidence of compliance every three years.
C) The Commission contracts with an insurance provider for a group policy made available to all licensees.
