Iowa Real Estate Practice Exam

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Study for the Iowa Real Estate Test. Study with flashcards and multiple choice questions, each question has hints and explanations. Get ready for your exam!

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Before a salesperson can start working for a new broker, what must happen to their existing license?

It must be returned to the commission within 24 hours
It must be sent to the commission within 72 hours
It does not need to be processed
It must be destroyed

The correct answer is: It must be sent to the commission within 72 hours

Before a salesperson can start working for a new broker, their existing real estate license must be sent to the commission within a specified time frame. This process is essential to ensure that the commission is aware of the change in the salesperson’s employment situation and can maintain an accurate record of license holders. By requiring the license to be sent within 72 hours, the commission can manage and regulate the workforce effectively, preventing unauthorized practice and ensuring compliance with state regulations. This requirement underscores the importance of maintaining current and accurate records regarding who is authorized to represent which broker, which is vital for the integrity of the real estate profession. Without this step, there could be confusion or potential legal issues related to the salesperson's authority to operate under a new broker.