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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What must a broker do if a material error in an advertisement becomes apparent?

Ignore the error
Take corrective measures within 10 calendar days
Notify the consumer about the error
Wait for client feedback before acting

The correct answer is: Take corrective measures within 10 calendar days

When a material error in an advertisement is identified, the responsible action is to take corrective measures within a specified timeframe. In this context, the broker must address the mistake proactively to ensure that consumers are not misled by inaccurate information. This not only demonstrates ethical business practices but also complies with regulations that govern real estate advertising. By taking corrective measures promptly, the broker protects the interests of consumers and maintains the integrity of the real estate profession. This approach also helps to avoid potential legal repercussions that could arise from misleading advertisements. Waiting for client feedback or ignoring the error would not serve the interests of transparency and accountability that are crucial in real estate transactions, and simply notifying the consumer may not suffice without taking action to correct the mistake.