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Chapter 17 Iowa Law Question and answers rated A+ 2024

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Chapter 17 Iowa Law Question and answers rated A+ 2024 Chapter 17 Iowa Law It is legal, in the case of a large earnest money deposit, for the money to be put into an approved trust account with the interest being paid to the buyer. True False - correct answer t Which of the following is ...

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  • August 30, 2024
  • 23
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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Chapter 17 Iowa Law
It is legal, in the case of a large earnest money deposit, for the money to be
put into an approved trust account with the interest being paid to the buyer.
True
False - correct answer ✔t


Which of the following is not required to have an active real estate license?
A property manager
A person who sells only his neighbors properties
A person who sells time shares
A support person of a licensee who only works open houses. - correct answer
✔A person who sells time shares


After an agreement is signed, in how many days must an earnest money
check be deposited?
10
7
3
5 - correct answer ✔5


How much personal money is a broker allowed to have in the trust account for
maintenance expenses?
$1000
$750
$500
$250 - correct answer ✔$1000

,It is permissible for a licensee to maintain a personal website, advertising only
his or her listings without including the name of the affiliating broker or
company.
True
False - correct answer ✔f


A signed escrow agreement is necessary if money is to remain in a trust
account after the closing to pay for repairs stipulated in the purchase
agreement.
True
False - correct answer ✔t


A salesperson or broker associate must include the name of the affiliating
broker or the company name in any and all advertising.
True
False - correct answer ✔t


Which of the following are auctioneers now forbidden from doing with regards
to the sale of real estate?
Independently showing the property
Explaining a contract
Holding down-payments
All of the above - correct answer ✔all


A broker or salesperson that completes a seller's statement of disclosure for
an owner opens themselves up to liability for errors on the statement.
True

, False - correct answer ✔t


What is the recommended limit of radon in a home without the need for a
mitigation system?
7 pCi/L
6 pCi/L
5 pCi/L
4 pCi/L - correct answer ✔4


A transfer between spouses resulting from a decree of dissolution of marriage
is excluded from the seller's disclosure of property condition law.
True
False - correct answer ✔t


If the auctioneer closes or attempts to close the sale of the property or
otherwise engages in acts defined in the Iowa Code is the Auctioneer subject
to discipline by the real estate commission?
Yes
No - correct answer ✔yes


Within how many days of commencing work on a project does a contractor or
sub-contractor need to file a notice of commencement with the Secretary of
State's office to protect their ability to file a mechanics lien?
5
10
14
30 - correct answer ✔10

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