Iowa License Law
Iowa IREC rules require a licensee to disclose to a buyer which of the following about a property they personally own?
ANothing, as personal property sales are exempt
BThat they are a licensed real estate professional with an ownership interest in the property✓ Correct
COnly if the property is listed with their employing broker
DOnly if they will earn a commission on the sale
Explanation
Iowa law and IREC rules require licensees to disclose their licensed status and ownership interest when selling property they personally own. This disclosure must be made in writing before a purchase agreement is signed.
Related Iowa Iowa License Law Questions
- Iowa's IREC requires that broker trust account records reconcile the bank balance with the:
- An Iowa licensee who practices real estate with an expired license is subject to:
- How long must Iowa real estate licensees retain transaction records?
- An Iowa licensee who receives earnest money must deposit it in the broker's trust account within how many days?
- Under IREC rules, a broker who operates a real estate business without a physical office must:
- In Iowa, a real estate salesperson must work under the sponsorship of a:
- An Iowa licensee who engages in 'churning' (encouraging clients to buy and sell repeatedly to generate commissions) violates the fiduciary duty of:
- Iowa law requires a real estate broker to keep escrow account records for a minimum of:
Practice More Iowa Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Iowa Quiz →