It may work for a while but if there is no actual content on your site, just an iframe, you're going to get a low quality score, maybe too low to have your ads shown.
Best thing to do is copy the affiliate landing page (the HTML, CSS and images) and recreate it on your site. If it has a signup/order form on the main page, replace it with a "Order Now" or some other call to action button which links to the actual affiliate page. Make sure all the links on the page are going to your affiliate link. You can then add some additional header/footer/side bar links to other pages that you create for additional content. This will help make your site look legit and provide content for a better quality score.
Having a single page site will get you flagged quickly.