Iowa Real Estate Practice Exam

Under what condition can a salesperson close a transaction in Iowa?

1. Without any supervision

2. Under the direct supervision or with permission of the broker

3. With approval from the client only

4. Only after obtaining a special license

The correct answer is: Under the direct supervision or with permission of the broker

A salesperson in Iowa can close a transaction under the condition of direct supervision or with permission from the broker. This requirement is in place to ensure that all real estate transactions are conducted within the established legal framework and ethical standards of the industry. The broker, who has a more comprehensive understanding of the real estate laws and practices, is responsible for ensuring that the salesperson is adhering to all legal and procedural guidelines. This system helps protect consumers and maintain the integrity of the real estate practice in Iowa. The other conditions provided would not fully align with Iowa’s regulatory framework. For instance, closing a transaction without any supervision does not meet the requirements set forth by the real estate commission, while approval from the client alone would not suffice without broker oversight. Similarly, obtaining a special license is not a requirement for salespersons to close transactions, as long as they operate under their broker's guidance.