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!

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What must brokerage firms do if they allow licensees to hire personal assistants?

Notify the state regulatory board
Implement a written policy outlining duties
Require assistants to have a real estate license
Limit the number of assistants hired

The correct answer is: Implement a written policy outlining duties

Brokerage firms that permit licensees to hire personal assistants are required to implement a written policy outlining the duties of these assistants. This policy serves several vital purposes: it ensures clarity regarding the roles and responsibilities of personal assistants, establishes guidelines that comply with legal regulations, and helps maintain professional standards within the firm. By having a written policy, brokerage firms can also delineate the tasks that assistants are permitted to perform, thereby mitigating risks associated with unauthorized activities that could arise from unclear job roles. Having this policy in place not only protects the brokerage firm and its licensees from potential legal repercussions but also standardizes practices across the firm. This avoids misunderstandings about the scope of work expected from personal assistants and reinforces accountability. While the other options may seem relevant in different scenarios, they do not address the critical need for a structured framework governing the operation of personal assistants within a brokerage setting.