IA Real Estate study guide
IA Real Estate · Work through your exam, one topic at a time.
The Iowa Real Estate Salesperson license is a state-issued credential administered through the Iowa Department of Inspections, Appeals, & Licensing (DIAL), the department that houses Iowa's professional licensing programs. It is the entry-level license for people who want to conduct real estate brokerage activity in Iowa under the supervision of a licensed broker, and it is typically the first step for someone moving into listing, buyer representation, or property management work. The IA Real Estate study guide has 10 sections and about 3,329 words.
01Real Property Characteristics, Ownership, and Interests
Real property is land plus anything permanently attached to it, described by the bundle of rights: surface, subsurface (mineral), air, and water rights. Personal property becomes a fixture through the classic three-part test - intention of the parties, method of annexation, and adaptation to the realty.
374 words, about 2 min02Encumbrances, Liens, and Transfer of Title
An encumbrance burdens title without necessarily preventing transfer: easements, encroachments, licenses, deed restrictions, party walls, and liens. Distinguish an easement appurtenant (benefits a dominant parcel, runs with the land) from an easement in gross (benefits a person or entity, such as a utility).
351 words, about 2 min03Agency, Brokerage Relationships, and Fiduciary Duties
Agency arises by express agreement, implication, estoppel, or ratification. Iowa practice centers on a written brokerage agreement that identifies the client and the type of relationship - seller's agent (listing broker), buyer's agent, dual agent, or designated agent within a firm.
325 words, about 2 min04Contracts and Contract Law
A valid contract needs offer, acceptance, consideration, capacity, and lawful purpose ; mutual assent must be communicated and unambiguous. A counteroffer terminates the original offer.
328 words, about 2 min05Real Estate Finance, Mortgages, and Lending Practices
A promissory note is the borrower's personal obligation; the mortgage or deed of trust pledges the property as security. In lien-theory states the borrower retains title; in a title-theory state the lender holds legal title until the debt is paid.
307 words, about 2 min06Valuation, Market Analysis, and Pricing
Market value assumes a willing buyer and seller, both informed, no undue pressure, and a reasonable exposure period. The three approaches: sales comparison (most reliable for owner-occupied homes), cost (reproduction or replacement cost minus depreciation - physical deterioration, functional obsolescence, external obsolescence - plus land value; used for new or special-purpose property), and income (capitalization for investment property).
307 words, about 2 min07Property Management and Landlord-Tenant Relations
A property manager acts as the owner's agent: fiduciary duties, a written management agreement (scope, fees, authority to lease and spend, reporting), separate trust accounts for rents and deposits, and no commingling. The manager must know fair housing law, habitability obligations, and the owner's insurance and budget constraints.
323 words, about 2 min08Iowa Real Estate License Law, Rules, and Commission Regulation
Iowa licenses real estate activity under Iowa Code chapter 543B, administered by the Iowa Real Estate Commission through the state's professional licensing bureau. License categories are brokerage (company) , broker , and salesperson ; a salesperson may only act while sponsored by a licensed broker.
337 words, about 2 min09Iowa-Specific Practices, Disclosures, and Required Forms
558A requires a written Seller's Disclosure of Property Condition - delivered to the buyer before a written offer is accepted - covering known defects in structure, mechanical systems, water/sewage, hazardous conditions, and other material matters. Exemptions include new construction never occupied, certain court-ordered and foreclosure transfers, and transfers between co-owners or family members as defined by the statute.
337 words, about 2 min10Settlement, Closing, and Real Estate Mathematics
Closing transfers title and money. Pre-closing work includes the title search/abstract, payoff figures, survey, inspections, and loan documents.
340 words, about 2 min