Iowa License Law
In Iowa, an unlicensed assistant working for a real estate broker may legally:
AHost open houses and answer questions about the property
BNegotiate purchase terms with buyers
CPerform clerical tasks such as scheduling appointments and preparing paperwork✓ Correct
DProvide price opinions to buyers
Explanation
Unlicensed assistants may perform clerical and administrative tasks that do not require a license — such as scheduling appointments, filing paperwork, and answering the phone. Activities requiring a license (showing homes, negotiating, providing opinions of value) require licensure.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
State-Specific Concepts
License Law
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