Iowa Real Estate Practice Exam

A partnership or corporation in Iowa will be granted a license only if:

1. Only one member has a broker's license

2. All members have real estate degrees

3. At least one member has a real estate license

4. Every member and/or officer actively participating has a broker's or salesperson's license

The correct answer is: Every member and/or officer actively participating has a broker's or salesperson's license

The requirement that every member and/or officer actively participating in a partnership or corporation must have a broker's or salesperson's license reflects the regulatory framework aimed at ensuring that all agents involved are properly qualified and capable of adhering to the standards and regulations of the real estate profession. This licensing requirement is crucial for maintaining professional integrity, protecting consumer interests, and ensuring compliance with real estate laws. Having all members and officers licensed signifies that they have met the necessary educational and experiential qualifications, thereby fostering a knowledgeable and competent team capable of providing professional real estate services. This structure minimizes the risks associated with untrained individuals engaging in real estate activities, leading to a more reliable and accountable practice in the field. The other options do not accurately address the broader requirement that emphasizes active participation and licensing for all involved members in a corporate or partnership structure. Consequently, the correct choice underscores the importance of comprehensive licensing in maintaining standards within the industry.