Chapter 2 - Brokerage
Personal assistants are permitted to answer questions regarding mortgage financing.
False
Simply talking about the commission your company charges, in a meeting with agents from another company, is not an antitrust violation.
False
Company A is offering a selling bonus of $1,000 to the selling agent. You sell the house and at the closing, the broker for company A gives you a check for the $1000. Who if anyone has violated the law?
Both you & the broker for company A
A broker may opt-out of IDX and still display the listings of other companies on his or her website.
False
A company can require you to buy from them if they sell your house.
False
A licensee employing an assistant can pay that assistant a percentage of their earned commissions.
False
A real estate company must have a physical office in Iowa to meet the minimum services requirements of the law.
False
An Independent Contractor is a real estate salesperson that works for more than one broker.
False
An unlicensed assistant can show a property as long as he or she explains they will have to talk to the broker to make an offer.
False
Even though you are an Independent Contractor, your broker must still withhold income taxes from your commissions.
False
If a salesperson were to transfer from one broker to another, any active listings the salesperson has will transfer to the new broker.
False
It is not necessary for an independent contractor agreement to be in writing.
False
It is permissible for an unlicensed assistant to show a house as long as they make it clear they are working for a licensed agent.
False
It is permissible for brokers to get together and establish a standard commission for certain services.
False
Larry was holding an open house and during the event visited with Bill and Jane and mentioned another home they might be interested in. Bill and Jane went to that house, noticed it was also open and ended up signing an offer to buy with the other agent. Does Larry have a valid case to claim procuring cause?
No
A commission is earned when the agent produces a ready, willing, and able buyer.
True
A commission may still be earned even though a seller and a buyer get together and decide to cancel the deal.
True
A commission may still be earned even though the seller was unable to deliver possession in a reasonable time.
True
A contract may not be denied legal effect or enforceability solely because an electronic record was used in its formation.
True
A licensed assistant is paid by the broker.
True
A personal assistant is permitted to submit data on listings to a multiple listing service.
True
A real estate agent is required to check the Do-Not-Call Registry every 31 days to have any defense of a violation.
True
A salesperson is allowed to contact a person on the Do-Not-Call list if he has had a business inquiry from that person in the past 3 months.
True
An antitrust conviction in Iowa will cost you your real estate license and possibly a high monetary fine.
True
By the late 1960s, MLS's had become the norm in larger cities.
True
Caveat Emptor means "Let the Buyer Beware".
True
IDX stands for Internet Data Exchange.
True
If a spouse refuses to sign a deed it would still be possible for the agent to collect a commission.
True
If you have a commission dispute with another agent you cannot take it to the Iowa Real Estate Commission.
True
Iowa law spells out the minimum services that a broker must provide to a client.
True
It is permissible to receive a small wage, from your broker, as long as it does not exceed 10% of your total income from real estate.
True
Salespeople must not close a transaction unless under the direct supervision of the broker.
True
The National Association of REALTORS® IDX policy established rules allowing other companies to display another company's listings on their web sites.
True
The chain of events that leads to a real estate sale is the procuring cause.
True
The practice of paying referral commissions grew because of the popularity of franchises.
True