For older cards that don't use the mac80211 framework:
$ iwconfig
lists network devices. Note the Mode in the second line:
$ sudo iwconfig
wlan0 unassociated Nickname:"<WIFI@REALTEK>"
Mode:Auto Frequency=2.412 GHz Access Point: Not-Associated
Sensitivity:0/0
Retry:off RTS thr:off Fragment thr:off
Encryption key:off
Power Management:off
Link Quality:0 Signal level:0 Noise level:0
Rx invalid nwid:0 Rx invalid crypt:0 Rx invalid frag:0
Tx excessive retries:0 Invalid misc:0 Missed beacon:0
lo no wireless extensions.
eth0 no wireless extensions.
The Ubuntu Documentation says "What we need for a wireless "base-station" or "access-point" is a wireless network card that does "master mode"" which can be set using iwconfig:
$ sudo iwconfig wlan0 mode master
Yields (assuming no errors):
$ sudo iwconfig
wlan0 unassociated Nickname:"<WIFI@REALTEK>"
*--> Mode:Master Frequency=2.412 GHz Access Point: Not-Associated
Sensitivity:0/0
Retry:off RTS thr:off Fragment thr:off
Encryption key:off
Power Management:off
Link Quality:0 Signal level:0 Noise level:0
Rx invalid nwid:0 Rx invalid crypt:0 Rx invalid frag:0
Tx excessive retries:0 Invalid misc:0 Missed beacon:0
lo no wireless extensions.
eth0 no wireless extensions.
The manual states, "If you don’t get an error you’re in business.", which I assume means that if it succeeds and shows "Mode:Master" in iwconfig, then your card can be used as an access-point. (It doesn't say anything about whether failing means you don't have an access-point-capable card. This is just one way to see if you do.)
For new drivers using the mac80211 framework and nl80211 interface, iwconfig does not work and you need to use $ iw list as you stated above. The opposite is true for the older devices. My device is also Realtek, and $ iw list doesn't work with it, because I don't think its driver is mac80211-compatible.