Iowa Real Estate Practice Exam

What is the required frequency for a broker to furnish progress reports to buyers or sellers after an offer is accepted?

1. Only upon request

2. Daily

3. At reasonable intervals

4. Weekly

The correct answer is: At reasonable intervals

The correct answer highlights the expectation for brokers to communicate effectively with their clients throughout the transaction process. By stating that brokers must furnish progress reports "at reasonable intervals," it acknowledges the importance of keeping buyers and sellers informed without imposing an unrealistic expectation for constant updates. This requirement ensures that clients feel engaged and aware of ongoing developments while also allowing brokers the flexibility to determine the appropriate frequency of updates based on the specific circumstances of each transaction. Reasonable intervals depend on the activity level of the real estate market, the complexity of the transaction, and the preferences of the clients. Recognizing that progress reports are essential in real estate transactions, this choice helps maintain transparency, which fosters trust and satisfaction among clients. The intervals do not need to be rigid but should align with significant developments or shifts in the transaction process to provide clients with meaningful and timely information.