IRES - Iowa Real Estate Salesperson

Question 1: An Iowa salesperson repeatedly violates the license law but never intends to break any rule, arguing that discipline requires wilful conduct. Under the ground addressing violations of the chapter, why does the repetition alone still expose the licensee?

Intent is always presumed by law

Repetition proves wilfulness automatically

All grounds require no intent

The ground reads wilful or repeated

Question 2: A licensee misses the December renewal deadline but wants the short statutory window during which renewal is still allowed with a possible penalty. This particular grace period, unlike the term itself, lives in the Code. Which authority supplies the thirty-day grace period?

Commission rule 481—2004

Iowa Code section 543B.30

Iowa Code section 543B.28

Commission rule 481 chapter 2006

Question 3: Earnest money on a Dubuque sale is disputed, with no civil action pending and no written agreement between the parties. After proper certified-mail notice, which pairing correctly states how long the broker must wait before disbursing to the buyer versus to the seller?

Thirty days buyer, six months seller

Six months buyer, thirty days seller

Thirty days for either party

Six months for either party

Question 4: Two students argue about what Iowa's statute actually calls wholesaling. One describes the flipping of legal title after a full renovation; the other describes something quite different. Under section 543B.6A, which activity here best fits the statutory definition of wholesaling?

Renovating and reselling for profit

Buying title and selling later

Brokering a lease for commission

Assigning a contract for the equitable interest

Question 5: An unlicensed office employee of an Ames brokerage relays factual details about a current listing to another licensee. Section 543B.7 excludes this from licensure only under a strict limit. Which restriction best captures how narrow this conduit exclusion actually is?

Only information the employer licensee supplied

Only during ordinary business hours

Only with written client consent

Only if no fee is paid

Question 6: An Iowa licensee is convicted of an offense and wonders how quickly to inform the commission about it. Within how many days must the conviction be reported, and what independent consequence follows a failure to report within that window?

Thirty days; only a fine follows

At renewal; a warning follows

Ten days; failure is revocable

Ninety days; suspension follows

Question 7: A person who never held an Iowa real estate licence arranged a property sale and now sues in court to collect the promised sales commission from the seller. Under section 543B.30, what stands in the way of recovering that commission?

The commission was never written down

The seller can simply refuse

The sale did not actually close

The plaintiff was never licensed

Question 8: When a broker discharges a salesperson, an electronic application to inactivate that licensee must reach the commission within a set short period tied to the exact discharge date. Under rule 481 chapter 2006, what is that deadline measured in hours?

Forty-eight hours

Twenty-four hours

Seventy-two hours

Ninety-six hours

Question 9: An investor in Waterloo assigns purchase contracts for a fee while holding only an equitable interest and no legal title, failing to disclose this in writing. Which penalty exposure does Iowa attach to such unlicensed wholesaling of real estate?

Greater of ten thousand or ten percent

A simple misdemeanor only

Two thousand five hundred dollars

No penalty; wholesaling is unregulated

Question 10: A salesperson moves from one Sioux City brokerage to another, and the commission notifies both the releasing and the new affiliating broker of the pending transfer request. Under rule 481 chapter 2006, within how long must both brokers electronically approve it?

Within forty-eight days

Within seventy-two hours

Within thirty days

Within forty-eight hours

Question 11: A person who never held an Iowa licence brokers a sale for a fee and is caught by the commission. Rather than the ordinary licensee penalty, the commission must impose a civil penalty measured by which formula for such unlicensed practice?

Two thousand five hundred dollars

Greater of ten thousand or ten percent

Ten thousand dollars flat

Ten percent of the price

Question 12: A salesperson lets the licence lapse and misses even the thirty-day grace, failing to renew by the midnight January 30 deadline. Under rule 481—2004, for how long after expiration may this person still reinstate rather than requalify entirely from scratch?

Within thirty days only

Within one year of expiration

Reinstatement is no longer possible

Within three years of expiration

Question 13: A study guide flatly states that Iowa maintains no real estate fund of any kind whatsoever. Why is that statement imprecise, even though Iowa genuinely lacks a consumer recovery fund, when describing the funds that Iowa law actually maintains?

A licensing and regulation fund exists

A consumer recovery fund exists

A guaranty fund exists

No funds of any kind exist

Question 14: An exam item asks where Iowa's three-year salesperson licence term actually comes from, noting that section 543B.28 speaks only of vague multiyear intervals as the commission determines. Which authority actually fixes the exact three-year term and the December expiry date?

The statute section 543B.28 itself

The exam bulletin and application

The commission's rule, not the statute

The federal licensing standard

Question 15: An Iowa brokerage firm employs about thirty licensees and must carry errors and omissions coverage meeting the firm annual aggregate for that size. Which minimum aggregate does the rule assign to a firm of eleven through forty licensees?

Two hundred fifty thousand dollars

One million dollars

One hundred thousand dollars

Five hundred thousand dollars

Question 16: A licensee knowingly permits a dual contract, showing the lender only one of the two agreements on a Council Bluffs property. Compared with an ordinary chapter 543B licensing violation, how does section 543B.45 classify the offender's conduct for penalty purposes?

A simple misdemeanor only

A civil penalty of ten thousand

Guilty of a fraudulent practice

A licensing suspension without charges

Question 17: An Iowa broker proposes keeping the interest earned on a client's earnest money as fair compensation for the work of administering the common trust account. Which principle stated in the trust-account statute most directly forbids that broker from doing so?

The broker may keep interest

The broker shall not benefit

Interest follows the account holder

Only aggregate interest is barred

Question 18: On a financed purchase, a licensee is aware of two different contracts covering the same property, and the prospective lender is shown only one of them. Under section 543B.45, what single feature turns this arrangement into a prohibited dual contract?

The lender sees only one contract

Two contracts exist at once

The price differs between them

The buyer signed both contracts

Question 19: A wholesaler ignores the written-disclosure duty and knowingly violates Iowa's wholesaling provision on a single residential deal. Section 543B.6A authorizes a civil penalty that mirrors the unlicensed-practice formula. Which measure sets the maximum allowable civil penalty for this particular violation?

A flat two thousand five hundred

A simple misdemeanor fine only

Ten percent of the sale price

Greater of ten thousand or ten percent

Question 20: A lender wants to guarantee it receives any future forfeiture notice on an installment contract in Cedar Rapids by filing a request for notice with the county recorder. Under chapter 656, how long does that recorded request remain valid?

One year, and it is renewable

Five years, and it is renewable

Ten years, then it lapses

Indefinitely until the contract ends

IRES Iowa Real Estate Salesperson - Set 1 - Part 1

Question 1: An Iowa salesperson repeatedly violates the license law but never intends to break any rule, arguing that discipline requires wilful conduct. Under the ground addressing violations of the chapter, why does the repetition alone still expose the licensee?

Question 2: A licensee misses the December renewal deadline but wants the short statutory window during which renewal is still allowed with a possible penalty. This particular grace period, unlike the term itself, lives in the Code. Which authority supplies the thirty-day grace period?

Question 3: Earnest money on a Dubuque sale is disputed, with no civil action pending and no written agreement between the parties. After proper certified-mail notice, which pairing correctly states how long the broker must wait before disbursing to the buyer versus to the seller?

Question 4: Two students argue about what Iowa's statute actually calls wholesaling. One describes the flipping of legal title after a full renovation; the other describes something quite different. Under section 543B.6A, which activity here best fits the statutory definition of wholesaling?

Question 5: An unlicensed office employee of an Ames brokerage relays factual details about a current listing to another licensee. Section 543B.7 excludes this from licensure only under a strict limit. Which restriction best captures how narrow this conduit exclusion actually is?

Question 6: An Iowa licensee is convicted of an offense and wonders how quickly to inform the commission about it. Within how many days must the conviction be reported, and what independent consequence follows a failure to report within that window?

Question 7: A person who never held an Iowa real estate licence arranged a property sale and now sues in court to collect the promised sales commission from the seller. Under section 543B.30, what stands in the way of recovering that commission?

Question 8: When a broker discharges a salesperson, an electronic application to inactivate that licensee must reach the commission within a set short period tied to the exact discharge date. Under rule 481 chapter 2006, what is that deadline measured in hours?

Question 9: An investor in Waterloo assigns purchase contracts for a fee while holding only an equitable interest and no legal title, failing to disclose this in writing. Which penalty exposure does Iowa attach to such unlicensed wholesaling of real estate?

Question 10: A salesperson moves from one Sioux City brokerage to another, and the commission notifies both the releasing and the new affiliating broker of the pending transfer request. Under rule 481 chapter 2006, within how long must both brokers electronically approve it?

Question 11: A person who never held an Iowa licence brokers a sale for a fee and is caught by the commission. Rather than the ordinary licensee penalty, the commission must impose a civil penalty measured by which formula for such unlicensed practice?

Question 12: A salesperson lets the licence lapse and misses even the thirty-day grace, failing to renew by the midnight January 30 deadline. Under rule 481—2004, for how long after expiration may this person still reinstate rather than requalify entirely from scratch?

Question 13: A study guide flatly states that Iowa maintains no real estate fund of any kind whatsoever. Why is that statement imprecise, even though Iowa genuinely lacks a consumer recovery fund, when describing the funds that Iowa law actually maintains?

Question 14: An exam item asks where Iowa's three-year salesperson licence term actually comes from, noting that section 543B.28 speaks only of vague multiyear intervals as the commission determines. Which authority actually fixes the exact three-year term and the December expiry date?

Question 15: An Iowa brokerage firm employs about thirty licensees and must carry errors and omissions coverage meeting the firm annual aggregate for that size. Which minimum aggregate does the rule assign to a firm of eleven through forty licensees?

Question 16: A licensee knowingly permits a dual contract, showing the lender only one of the two agreements on a Council Bluffs property. Compared with an ordinary chapter 543B licensing violation, how does section 543B.45 classify the offender's conduct for penalty purposes?

Question 17: An Iowa broker proposes keeping the interest earned on a client's earnest money as fair compensation for the work of administering the common trust account. Which principle stated in the trust-account statute most directly forbids that broker from doing so?

Question 18: On a financed purchase, a licensee is aware of two different contracts covering the same property, and the prospective lender is shown only one of them. Under section 543B.45, what single feature turns this arrangement into a prohibited dual contract?

Question 20: A lender wants to guarantee it receives any future forfeiture notice on an installment contract in Cedar Rapids by filing a request for notice with the county recorder. Under chapter 656, how long does that recorded request remain valid?

Need Guaranteed Results?