Burley was responsible for bringing the former Tottenham striker to Selhurst Park but he was sacked following the 3-0 defeat to local rivals Millwall on New Year's Day, which was the final straw for Palace, who had slipped to second from bottom in the npower Championship under the Scot's charge.
Former fans' favourite Dougie Freedman was left to take charge against fellow strugglers Preston and he was given an ideal start in the battle of the managerless clubs.
Following a tepid first half in which chances were at a premium, Iversen, who completed his free transfer from Rosenburg on Sunday and was only allowed to play after being given international clearance earlier on Monday, wasted no time in making his mark.
The 34-year-old headed home from Kieron Cadogan's right-wing cross just before the hour mark to give Palace their first win since November.
Iversen's strike deepened Preston's woes, who now find themselves firmly rooted to the bottom of the Championship and seven points shy of safety.