Iowa Real Estate Practice Exam

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When does a new salesperson's license expire if received on October 6, 2005?

December 31, 2006
December 31, 2007
October 5, 2007
October 6, 2008

The correct answer is: December 31, 2007

In Iowa, a new salesperson's license is valid for a minimum of 24 months from the date of issuance. When a license is issued on October 6, 2005, it will not expire until December 31 of the second full year following issuance. Calculating from October 6, 2005, the first full year ends on October 6, 2006. The second full year concludes on October 6, 2007. Therefore, the expiration date is set for December 31, 2007, marking the end of that calendar year. This timeframe allows the license holder to be licensed for the entirety of the two full years before needing to renew. This renewal process ensures that salespersons remain educated about industry practices and regulations, which is vital for maintaining standards within real estate transactions.