Iowa Real Estate Practice Exam

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Study for the Iowa Real Estate Exam. Utilize flashcards and multiple-choice questions, complete with hints and explanations for each query. Prepare effectively for your exam!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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If an owner wants to sell her own house, what must she do regarding disclosing property issues?

Provide a warranty to potential buyers
Must inform potential buyers of any known structural problems
Obtain an inspection report
Use a licensed real estate agent to list the property

The correct answer is: Must inform potential buyers of any known structural problems

In the context of selling a home, the owner has a legal and ethical obligation to disclose any known issues with the property, particularly those that could significantly affect its value or the safety of the occupants. This includes structural problems, such as issues with the foundation, roof, plumbing, or electrical systems. Transparency in these matters helps ensure that potential buyers are fully informed about the condition of the property, allowing them to make educated decisions regarding their purchase. While providing a warranty to potential buyers, obtaining an inspection report, or using a licensed real estate agent can be beneficial practices, they are not mandatory steps that directly relate to the owner's obligation to disclose known problems. The owner's responsibility to inform buyers of known issues stands apart as a fundamental requirement in real estate transactions to promote fair practices and protect consumers.