reglab/statecodes huggingface dataset:
Iowa Administrative Code › Agency 193E - Real Estate Commission › Chapter 7 - Offices and Management › Rule 193E-7.10 - Agency-designated Broker Responsibilities

Current through Register Vol. 47, No. 3, July 24, 2024
The following conditions and circumstances, together with the
				education and experience of licensed and unlicensed employees and independent
				contractors, is considered when determining whether or not the designated
				broker has met the supervisory responsibilities as set forth by Iowa Code
				section 543B.62(3)
"b."
(1) When making a determination, the
			 commission may consider, but is not limited to consideration of, the following:
a. Availability of the designated
			 broker/designee to assist and advise regarding brokerage-related
			 activities;
b. General knowledge of
			 brokerage-related staff activities;
c. Availability of quality training programs
			 and materials to licensed and unlicensed employees and independent
			 contractors;
d. Supervisory
			 policies and practices in the review of competitive market analysis, listing
			 contracts, sales contracts and other contracts or information prepared for
			 clients and customers;
e. Frequency
			 and content of staff meetings;
f.
			 Written company policy manuals for licensed and unlicensed employees and
			 independent contractors;
g. Ratio
			 of supervisors to licensed employees and independent contractors; and
h. Assignment of an experienced licensee to
			 work with new licensees.
Iowa Administrative Code › Agency 193E - Real Estate Commission › Chapter 7 - Offices and Management › Rule 193E-7.11 - Supervision Needed

Current through Register Vol. 47, No. 3, July 24, 2024
An employing or affiliated broker is responsible for providing
				supervision of any salesperson or broker associate employed by or otherwise
				associated with the broker as a representative of the broker. The existence of
				an independent contractor relationship or any other special compensation
				arrangement between the broker and the salesperson or broker associate does not
				relieve either the broker or the salesperson or broker associate of duties,
				obligations or responsibilities obligated by law.
(1) Each salesperson and broker associate
			 keeps the broker fully informed of all activities being conducted on behalf of
			 the broker in accordance with Iowa Code section
			 543B.62(3)
"b."
(2) The
			 activities of a salesperson or broker associate acting as a principal in the
			 sale, lease, rental, or exchange of property owned by the licensee could impact
			 the salesperson's or broker associate's license and the license of the
			 employing or affiliated broker.
a. When a
			 licensee is acting as a principal, the licensee keeps the employing or
			 affiliated broker fully informed of all activities.
b. While this rule does not obligate that a
			 licensee list property owned by the licensee with the employing or affiliated
			 broker, the broker may obligate as a condition of employment or affiliation
			 that the licensee list the property with the employing or affiliated broker or
			 pay a commission.
Iowa Administrative Code › Agency 193E - Real Estate Commission › Chapter 7 - Offices and Management › Rule 193E-7.12 - Commission Controversies

Current through Register Vol. 47, No. 3, July 24, 2024
The commission will not and is not authorized by law to
				consider or conduct hearings involving disputes over fees or commissions
				between cooperating brokers, salespersons, and other brokers.
(1) A former employing or affiliated broker
			 may pay a commission directly to a broker associate or salesperson who is
			 presently assigned to another broker or firm, or whose license is inactive,
			 expired, suspended or revoked, only if the commission was earned while the
			 broker associate or salesperson was actively licensed and assigned to the
			 former broker. Whether or not a commission was earned while the broker
			 associate or salesperson was licensed with the former broker depends upon the
			 licensee's written agreement with the former broker. The commission will not
			 determine whether a commission is earned or whether a commission is to be
			 paid.
(2) If the licensee is
			 presently assigned to another broker or firm, the former broker does not pay
			 the commission to the new employing or affiliated broker or firm.
(3) An Iowa real estate broker may pay a
			 commission or fee to or receive a commission or fee from a nonresident broker
			 who is actively licensed in the broker's resident state but not licensed in
			 Iowa. The nonresident broker takes no part in the listing, showing, negotiating
			 offers or any other functions of a broker in Iowa unless actively licensed in
			 Iowa.
(4) Upon the termination of
			 association or employment with the affiliated broker or firm, the broker
			 associate or salesperson cannot take or use any written listing or brokerage
			 agreements secured during the association or employment. Said listings and
			 brokerage agreements remain the property of the broker or firm and may be
			 canceled only by the broker and the seller, unless the terms of the listing or
			 brokerage agreement state otherwise.
Iowa Administrative Code › Agency 193E - Real Estate Commission › Chapter 7 - Offices and Management › Rule 193E-7.13 - Support Personnel for Licensees; Permitted and Barred Activities

Current through Register Vol. 47, No. 3, July 24, 2024
Whenever a licensee affiliated with a broker engages support
				personnel to assist the affiliated licensee in the activities of the real
				estate brokerage business, both the firm or sponsoring broker and the
				affiliated licensee are responsible for supervising the acts or activities of
				the support personnel; however, the affiliated licensee has the primary
				responsibility for supervision. Unless the support person holds a real estate
				license, the support person cannot perform any activities, duties, or tasks of
				a real estate licensee as identified in Iowa Code sections
				543B.3 and
				543B.6 and may perform only
				ministerial duties that do not need discretion or the exercise of the
				licensee's own judgment. Personal assistants are considered support
				personnel.
(1) Individuals actively
			 licensed with one firm or broker cannot work as support personnel for a
			 licensee affiliated with another firm or broker. Individuals with an inactive
			 status license may work as support personnel for a licensee but cannot
			 participate in any activity that needs a real estate license.
(2) Any real estate brokerage firm or broker
			 that allows an affiliated licensee to employ, or engage under an independent
			 contractor agreement, support personnel to assist the affiliated licensee in
			 carrying out brokerage activities complies with the following:
a. Implement a written company policy
			 authorizing the use of support personnel by licensees;
b. Specify in the written company policy,
			 which may incorporate the duties listed in subrule 7.13(4), any duties that the
			 support personnel may perform on behalf of the affiliated licensee;
c. Ensure that the affiliated licensee and
			 the support personnel receive copies of the duties that support personnel may
			 perform.
Iowa Administrative Code › Agency 193E - Real Estate Commission › Chapter 7 - Offices and Management › Rule 193E-7.14 - Information Provided by Nonlicensed Support Personnel Limited

Current through Register Vol. 47, No. 3, July 24, 2024
Nonlicensed support personnel may, on behalf of the employer
				licensee, provide information concerning the sale, exchange, purchase, rental,
				lease, or advertising of real estate only to another licensee. Support
				personnel provides information only to another licensee that has been provided
				to the personnel by the employer licensee either verbally or in
				writing.
Iowa Administrative Code › Agency 193E - Real Estate Commission › Chapter 7 - Offices and Management › Rule 193E-7.15 - Presenting Purchase Agreements

Current through Register Vol. 47, No. 3, July 24, 2024
All written offers to purchase received by a listing broker or
				listing agent are promptly presented to the seller for formal acceptance or
				rejection. The formal acceptance or rejection of the offer is promptly
				communicated to the prospective buyers. Unless there is written agreement
				between the seller and the listing broker directing otherwise, the listing
				broker is obligated to present back-up offers until the transaction has
				closed.
(1) A customer's agent seeking
			 compensation from the listing broker cannot prepare an offer to purchase on the
			 property without first obtaining authorization and agreement from the listing
			 broker.
(2) A real estate licensee
			 cannot induce another to seek to alter, modify, or change another licensee's
			 fee or commission for real estate brokerage services without that licensee's
			 prior written consent.
(3)
			 Immediately upon receiving an offer to purchase signed and dated by the buyer
			 with consideration, if any, the listing agent provides a copy of the offer to
			 purchase to the buyer as a receipt.
(4) A customer's agent or representative
			 cannot negotiate directly or indirectly with a seller or buyer, or landlord or
			 tenant, if the agent knows, or acting in a reasonable manner should have known,
			 that the seller or buyer, or landlord or tenant, has a written unexpired
			 listing or brokerage agreement for services on an exclusive basis.
(5) A listing agent cannot refuse to permit a
			 customer's agent or representative to be present at any step in a real estate
			 transaction including, but not limited to, viewing a property, seeking
			 information about a property, or negotiating directly or indirectly with an
			 agent about a property listed by such agent; and no agent refuses to show a
			 property listed by that agent or otherwise deal with a represented customer who
			 requests that the customer's agent or representative be present at any step in
			 the real estate transaction, except as provided in this subrule.
a. The customer's agent or representative
			 does not have the right to be present at any discussion of confidential matters
			 or evaluation of the offer by the seller and the listing agent.
b. Unless the seller provides written
			 instructions to the listing agent to exclude a customer's agent or
			 representative from being present when the offer is presented, it is not
			 unlawful for the customer's agent or representative to be present.
c. Compliance with this rule does not need or
			 obligate a listing broker to share any commission or to otherwise compensate a
			 customer's agent.
Iowa Administrative Code › Agency 193E - Real Estate Commission › Chapter 7 - Offices and Management › Rule 193E-7.15 - Presenting Purchase Agreements

Current through Register Vol. 47, No. 3, July 24, 2024
All written offers to purchase received by a listing broker or
				listing agent are promptly presented to the seller for formal acceptance or
				rejection. The formal acceptance or rejection of the offer is promptly
				communicated to the prospective buyers. Unless there is written agreement between
				the seller and the listing broker directing otherwise, the listing broker is
				obligated to present back-up offers until the transaction has closed.
(1) A client's broker seeking compensation from
			 another broker will obtain authorization and agreement from the cooperating
			 broker prior to closing of the real estate transaction.
(2) Immediately upon receiving an offer to
			 purchase signed and dated by the buyer with consideration, if any, the listing
			 agent provides a copy of the offer to purchase to the buyer as a
			 receipt.
(3) A customer's agent or
			 representative cannot negotiate directly or indirectly with a seller or buyer, or
			 landlord or tenant, if the agent knows, or acting in a reasonable manner should
			 have known, that the seller or buyer, or landlord or tenant, has a written
			 unexpired listing or brokerage agreement for services on an exclusive
			 basis.
(4) A listing agent cannot
			 refuse to permit a customer's agent or representative to be present at any step
			 in a real estate transaction including, but not limited to, viewing a property,
			 seeking information about a property, or negotiating directly or indirectly with
			 an agent about a property listed by such agent; and no agent refuses to show a
			 property listed by that agent or otherwise deal with a represented customer who
			 requests that the customer's agent or representative be present at any step in
			 the real estate transaction, except as provided in this subrule.
a. The customer's agent or representative does
			 not have the right to be present at any discussion of confidential matters or
			 evaluation of the offer by the seller and the listing agent.
b. Unless the seller provides written
			 instructions to the listing agent to exclude a customer's agent or representative
			 from being present when the offer is presented, it is not unlawful for the
			 customer's agent or representative to be present.
c. Compliance with this rule does not need or
			 obligate a listing broker to share any commission or to otherwise compensate a
			 customer's agent.
Iowa Administrative Code › Agency 193E - Real Estate Commission › Chapter 8 - Closing a Real Estate Business › Rule 193E-8.1 - Closing a Real Estate Firm

Current through Register Vol. 47, No. 3, July 24, 2024
The following steps are necessary for the voluntary closing of
				a real estate brokerage firm. The individual broker or the designated
				broker:
(1) Notifies the commission
			 via electronic application upon closing the firm. The following information may
			 be included:
a. The date the firm closed or
			 will close;
b. The location where
			 records and files will be stored for a minimum of five years; and
c. The name, address, and telephone number of
			 the custodian who will be storing the records and files;
Iowa Administrative Code › Agency 193E - Real Estate Commission › Chapter 8 - Closing a Real Estate Business › Rule 193E-8.2 - Involuntary Closing of a Sole-proprietor Brokerage

Current through Register Vol. 47, No. 3, July 24, 2024
Upon the death or disability of a sole-proprietor broker in
				which the affairs of the broker cannot be carried on, the following steps are
				necessary for closing the real estate brokerage business:
(1) All licensees associated with the broker
			 cease all brokerage activity until their licenses have been transferred to
			 another broker;
(2) The executor or
			 legal representative of the broker's estate, if an attorney or a broker, may
			 conclude pending business; and
(3)
			 The administrator or executor of the broker's estate or the legal
			 representative of the broker may follow the procedures established in rule
			 193E-8.1 (543B) for voluntary
			 closing.
Iowa Administrative Code › Agency 193E - Real Estate Commission › Chapter 8 - Closing a Real Estate Business › Rule 193E-8.3 - Involuntary Closing of a Corporation, Partnership, or Association Brokerage Firm

Current through Register Vol. 47, No. 3, July 24, 2024
(1) In the
			 event of an involuntary closing of a brokerage firm as a result of the death or
			 incapacity of one or more of the licensed broker officers, broker partners or
			 broker associates of a real estate corporation, partnership or association in
			 which the affairs of the broker, partnership, corporation or association cannot
			 be carried on, the following steps are necessary for closing the real estate
			 brokerage business:
a. All licensees
			 associated with the firm cease all brokerage activity until their licenses have
			 been transferred to another broker;
b. The executor of the broker's estate, if an
			 attorney, or the legal representative of the firm may conclude pending
			 business; and
c. The administrator
			 or executor of the broker's estate or the legal representative of the broker
			 may follow the procedures established in rule
			 193E-8.1 (543B) for voluntary
			 closing.
Iowa Administrative Code › Agency 193E - Real Estate Commission › Chapter 9 - Fees › Rule 193E-9.1 - Fees

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Original
			 license or renewal.
Broker license
$170
Additional officer or partner license
$50
Firm license
$170
Branch office license
$50
Trade name license
$50
Salesperson license
$125
(2)
			 Fee for renewal of broker and salesperson license between January 1 and January
			 30 following expiration of license is the regular renewal fee plus $25
			 reinstatement fee.
Broker license
$195
Salesperson license
$150
Reinstatement fee is not applicable to a firm license,
				additional officer license, additional partner license, trade name license, or
				branch office license.
(3)
			 Fee for certification of license is $25.
Iowa Administrative Code › Agency 193E - Real Estate Commission › Chapter 9 - Fees › Rule 193E-9.2 - Refunds and Bad Payments

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Fees remitted with an application for
			 license will be refunded if the commission finds the applicant is not qualified
			 for a license.
(2) Fees will not be
			 refunded for the unexpired term of a license that has been issued and is in
			 effect.
(3) A fee remitted in error
			 will be refunded if it is received as a separate check. If not received as a
			 separate check, a fee remitted in error will be refunded if a written request
			 is received within 30 days of receipt of the fee.
(4) Payment of a fee with a bad payment is
			 prima facie evidence of a violation of Iowa Code section
			 543B.29(1)  or
			 543B.34(8)  or
			 both.
(5) If a bad payment is
			 received for an original license, the application for license is deemed
			 incomplete and the license null and void.
(6) If a bad payment is received for renewal
			 of a license, the application is deemed incomplete and the license issued for
			 the new term is deemed null and void. If a replacement payment is not received
			 by the commission by the date of expiration of the license (December 31), the
			 appropriate reinstatement fee is added to the unpaid renewal fee.
Iowa Administrative Code › Agency 193E - Real Estate Commission › Chapter 10 - Advertising › Rule 193E-10.1 - Advertising

Current through Register Vol. 47, No. 3, July 24, 2024
A broker cannot advertise to sell, buy, exchange, rent, or
				lease property in a manner indicating that the offer is being made by a private
				party not engaged in the real estate business, and no real estate advertisement
				can show only a post office box number, telephone number or street address.
				Every licensee, when advertising real estate, will use the licensed business
				name or the name under which the broker is licensed, and affirmatively and
				unmistakably indicate that the party is a real estate licensee and not a
				private party. Each broker when operating under a franchise or trade name other
				than the broker's own name may license the franchise or trade name with the
				commission, or clearly reveal in all advertising that the broker is the
				licensed individual who owns the entity using the franchise or trade
				name.
(1) Advertising includes all
			 forms of identification, representation, promotion and solicitation
			 disseminated in any manner and by any means of communication to the public for
			 any purpose related to licensed real estate activity. Forms of advertising
			 include, but are not limited to, real estate brokerage checks, letterhead,
			 email, signs, websites, social media and business cards.
(2) Real estate advertising cannot be
			 misleading or deceptive or intentionally misrepresent any property, terms,
			 values, or policies and services of the brokerage.
(3) All advertising is conducted under the
			 supervision of the broker. The broker ensures the accuracy of the information
			 and, upon becoming aware of a material error or an advertisement that is in
			 violation of this chapter or Iowa Code chapter 543B, the broker promptly
			 corrects the error or problem within ten calendar days.
(4) A licensed firm advertising or marketing
			 on a website or social media account that is either owned by or controlled by
			 the licensed firm includes the following data on each page of the site on which
			 the firm's advertisement or information appears:
a. The firm or tradename as registered with
			 the commission (abbreviations are not permitted);
b. The city and state in which the firm's
			 main office is located; and
c. The
			 states in which the firm holds a real estate brokerage license.
Iowa Administrative Code › Agency 193E - Real Estate Commission › Chapter 10 - Advertising › Rule 193E-10.2 - Advertising Under Own Name

Current through Register Vol. 47, No. 3, July 24, 2024
Salespersons and broker associates are barred from advertising
				under their own names unless they are the owners of the property they are
				advertising for sale, rent, lease or exchange, and on which no brokerage fees
				are to be paid. The sale is completely a "for sale by owner" transaction. The
				property cannot be listed or advertised in any way that would make it appear to
				be listed with a brokerage. The affiliated licensee cannot function in any
				capacity that needs a real estate license, and the licensee is responsible for
				all advertising conducted on the licensee's own behalf.
Iowa Administrative Code › Agency 193E - Real Estate Commission › Chapter 10 - Advertising › Rule 193E-10.3 - Signs on Property

Current through Register Vol. 47, No. 3, July 24, 2024
Placing a sign on any property offering it for sale, rent,
				lease, or exchange without the written consent of the owner is not considered
				in the best interest of the general public.
(1) When a listing expires, unless a new
			 written listing or extension is obtained, the licensee immediately ceases
			 advertising and active marketing of the property. The licensee makes every
			 reasonable effort to remove signs as quickly as possible.
(2) The licensee makes every reasonable
			 effort to remove signs from the property after the transaction is closed. Sold
			 signs and other signs are not left on properties without the written consent of
			 the new owner of record.
Iowa Administrative Code › Agency 193E - Real Estate Commission › Chapter 11 - Brokerage Agreements and Listings › Rule 193E-11.1 - Listing Brokerage Agreements

Current through Register Vol. 47, No. 3, July 24, 2024
All listing agreements are in writing, properly identifying the
				property and containing all of the terms and conditions under which the
				property is to be sold, including the price, the commission to be paid, the
				signatures of all parties concerned and a definite expiration date. The
				agreement contains no provision requiring a party signing the listing to notify
				the broker of the listing party's intention to cancel the listing after such
				definite expiration date. An exclusive agency or exclusive right to sell
				listing clearly indicates that it is such an agreement. A legible copy of every
				written listing agreement or other written authorization is given to the owner
				of the property by a licensee as soon as the signature of the owner is
				obtained.
(1) A licensee cannot
			 solicit or enter into a listing or brokerage agreement with an owner if the
			 licensee knows or has reason to know that the owner has a written unexpired
			 exclusive agency or exclusive right to sell listing agreement to the property
			 with another broker, unless the owner initiates the discussion and the licensee
			 has not directly or indirectly solicited the listing or brokerage agreement.
a. However, if the owner initiates the
			 discussion, the licensee may negotiate and enter into a listing or brokerage
			 agreement that will take effect after the expiration of the current
			 listing.
b. If the owner initiates
			 the discussion, the licensee may inform the owner that the owner needs to allow
			 the current listing to expire or obtain a mutually acceptable cancellation from
			 the listing broker before any further discussion can take place.
Iowa Administrative Code › Agency 193E - Real Estate Commission › Chapter 11 - Brokerage Agreements and Listings › Rule 193E-11.1 - Listing Brokerage Agreements

Current through Register Vol. 47, No. 3, July 24, 2024
All listing agreements are in writing, properly identifying the
				property and containing all of the terms and conditions under which the property
				is to be sold, including the price, the commission to be paid, the signatures of
				all parties concerned and a definite expiration date. The agreement contains no
				provision requiring a party signing the listing to notify the broker of the
				listing party's intention to cancel the listing after such definite expiration
				date. An exclusive agency or exclusive right to sell listing clearly indicates
				that it is such an agreement. A legible copy of every written listing agreement
				or other written authorization is given to the owner of the property by a
				licensee as soon as the signature of the owner is obtained.
(1) A licensee cannot solicit or enter into a
			 listing or brokerage agreement with an owner if the licensee knows or has reason
			 to know that the owner has a written unexpired exclusive agency or exclusive
			 right to sell listing agreement to the property with another broker, unless the
			 owner initiates the discussion and the licensee has not directly or indirectly
			 solicited the listing or brokerage agreement.
a. However, if the owner initiates the
			 discussion, the licensee may negotiate and enter into a listing or brokerage
			 agreement that will take effect after the expiration of the current
			 listing.
b. If the owner initiates
			 the discussion, the licensee may inform the owner that the owner needs to allow
			 the current listing to expire or obtain a mutually acceptable cancellation from
			 the listing broker before any further discussion can take place.
Iowa Administrative Code › Agency 193E - Real Estate Commission › Chapter 11 - Brokerage Agreements and Listings › Rule 193E-11.2 - Enforcing a Protective Clause

Current through Register Vol. 47, No. 3, July 24, 2024
To enforce a protective clause beyond the expiration of an
				exclusive listing contract, there is a provision for the protective clause in
				the listing contract which establishes a definite protection period. In writing
				and prior to the expiration of the listing, the broker furnishes to the listing
				party the names and available contact information of persons to whom the
				property was presented during the active term of the listing and for whom
				protection is sought. Delivery is by personal service with written
				acknowledgment of receipt, or by both regular mail and certified mail, return
				receipt requested.
Iowa Administrative Code › Agency 193E - Real Estate Commission › Chapter 11 - Brokerage Agreements and Listings › Rule 193E-11.3 - Brokerage Agreements

Current through Register Vol. 47, No. 3, July 24, 2024
All brokerage agreements are written and cannot be assigned,
				sold, or otherwise transferred to another broker without the express written
				consent of all parties to the original agreement, unless the terms of the
				agreement state otherwise. Upon termination of association or employment with
				the principal broker, the affiliated broker associate or salesperson cannot
				take or use any written brokerage agreements secured during the association or
				employment. Said brokerage agreements remain the property of the principal
				broker and may be canceled only by the broker and the client.
(1) Every written brokerage agreement
			 includes, at a minimum, the criteria set forth in Iowa Code section
			 543B.57 and the following
			 provisions:
a. All listing contracts and all
			 brokerage agency contracts contain a statement disclosing the brokerage policy
			 on cooperating with and compensating other brokerages whether the brokerage is
			 acting as subagent or the other parties' agent in the sale, lease, rental, or
			 purchase of real estate, including whether the brokerage intends to share the
			 compensation with other brokerages. Such disclosure serves to inform the client
			 of any policy that would limit the participation of any other brokerage;
			 and
b. All listing contracts and
			 all brokerage agency contracts comply with Iowa real estate law and commission
			 rules including, but not limited to, rules
			 193E-11.1 (543B) and
			 193E-11.4 (543B) and
			 193E-Chapter 15.
Iowa Administrative Code › Agency 193E - Real Estate Commission › Chapter 11 - Brokerage Agreements and Listings › Rule 193E-11.3 - Brokerage Agreements

Current through Register Vol. 47, No. 3, July 24, 2024
All brokerage agreements are written and cannot be assigned,
				sold, or otherwise transferred to another broker without the express written
				consent of all parties to the original agreement, unless the terms of the
				agreement state otherwise. Upon termination of association or employment with the
				principal broker, the affiliated broker associate or salesperson cannot take or
				use any written brokerage agreements secured during the association or
				employment. Said brokerage agreements remain the property of the principal broker
				and may be canceled only by the broker and the client.
(1) Every written brokerage agreement includes,
			 at a minimum, the criteria set forth in Iowa Code section 543B.57 and the
			 following provisions:
a. All brokerage
			 agreements contain a statement disclosing the brokerage policy on cooperating
			 with and compensating other brokerages or the other parties' agent in the sale,
			 lease, rental, or purchase of real estate, including whether the brokerage
			 intends to share the compensation with other brokerages and any other method for
			 negotiating compensation for another party's broker. Such disclosure serves to
			 inform the client of any policy that would limit the participation of any other
			 brokerage; and
b. All listing
			 contracts and all brokerage agency contracts comply with Iowa real estate law and
			 commission rules including, but not limited to, rules 193E-11.1 (543B) and
			 193E-11.4 (543B) and 193E-Chapter 15.
Iowa Administrative Code › Agency 193E - Real Estate Commission › Chapter 11 - Brokerage Agreements and Listings › Rule 193E-11.4 - Terms or Conditions

Current through Register Vol. 47, No. 3, July 24, 2024
A licensee cannot write, prepare or otherwise use a contract
				containing terms or conditions that would violate real estate laws in Iowa Code
				chapter 543B or commission rules.
The broker is responsible to ensure that all preprinted
				documents and forms used are in compliance with these rules.
Iowa Administrative Code › Agency 193E - Real Estate Commission › Chapter 11 - Brokerage Agreements and Listings › Rule 193E-11.5 - Distribution of Executed Instruments

Current through Register Vol. 47, No. 3, July 24, 2024
Upon execution of any instrument in connection with a real
				estate transaction, a licensee, as soon as practicable, delivers a legible copy
				of the original instrument to each of the parties thereto. It is the
				responsibility of the licensee to prepare sufficient copies of such instruments
				to satisfy this criteria. The broker retains copies for five
				years.
Iowa Administrative Code › Agency 193E - Real Estate Commission › Chapter 11 - Brokerage Agreements and Listings › Rule 193E-11.6 - Rebates and Inducements

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A
			 licensee cannot pay a commission, any part of a commission, or valuable
			 consideration to an unlicensed third party for performing brokerage functions
			 or engaging in any activity that needs a real estate license. Referral fees or
			 finder's fees paid to unlicensed third parties for performing brokerage
			 activities, or engaging in any activity that needs a real estate license, are
			 barred.
(2) In a listing contract,
			 the broker is principal party to the contract. The broker may, with proper
			 disclosure, pay a portion of the commission earned to an unlicensed seller or
			 landlord that is a principal party to the listing contract. This will be deemed
			 a reduction in the amount of the earned commission.
(3) A licensee may present a gratuitous gift,
			 such as flowers or a door knocker, to the buyer or tenant subsequent to closing
			 and not promised or offered as an inducement to buy or lease. The permission
			 and disclosure criteria of rule
			 193E-11.3 (543B) do not apply as
			 long as any client relationship has terminated.
(4) A licensee may present free gifts, such
			 as prizes, money, or other valuable consideration, to a potential party to a
			 transaction or lease, prior to that party's signing a contract to purchase or
			 lease and not promised or offered as an inducement to buy or lease. It is the
			 licensee's responsibility to ensure that the promotion is in compliance with
			 other Iowa laws, such as gaming regulations. The permission and disclosure
			 criteria of rule 193E-11.3 (543B) do not apply as
			 long as no client relationship has been established with the buyer or
			 lessee.
(5) The offering by a
			 licensee of a free gift, prize, money, or other valuable consideration as an
			 inducement is free from deception and does not serve to distort the true value
			 of the real estate service being promoted.
(6) A licensee may make donations to a
			 charity, or other not-for-profit organization, for each listing or closing, or
			 both, that the licensee has during a specific time period. The receiving entity
			 may be selected by the licensee or by a party to the transaction. The
			 contribution may be in the name of the licensee or in the name of a party to
			 the transaction. Contributions are permissible only if the following conditions
			 are met:
a. There are no limitations placed on
			 the payment;
b. The donation is for
			 a specific amount;
c. The receiving
			 entity does not act or participate in any manner that would need a
			 license;
d. The licensee exercises
			 reasonable care to ensure that the organization or fund is a bona fide
			 nonprofit;
e. The licensee
			 exercises reasonable care to ensure that the promotional materials clearly
			 explain the terms under which the donation will be made; and
f. All necessary disclosures are
			 made.
Iowa Administrative Code › Agency 193E - Real Estate Commission › Chapter 11 - Brokerage Agreements and Listings › Rule 193E-11.6 - Rebates and Inducements

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A licensee cannot
			 pay a commission, any part of a commission, or valuable consideration to an
			 unlicensed third party for performing brokerage functions or engaging in any
			 activity that needs a real estate license. Referral fees or finder's fees paid to
			 unlicensed third parties for performing brokerage activities, or engaging in any
			 activity that needs a real estate license, are barred.
(2) In a brokerage agreement, the broker is
			 principal party to the contract. The broker may, with proper disclosure, pay a
			 portion of the commission earned to an unlicensed seller, landlord, buyer, or
			 tenant that is a principal party to the brokerage agreement. This will be deemed
			 a reduction in the amount of the earned commission.
(3) A licensee may present a gratuitous gift,
			 such as flowers or a door knocker, to the buyer or tenant subsequent to closing
			 and not promised or offered as an inducement to buy or lease. The permission and
			 disclosure criteria of rule 193E-11.3 (543B) do not apply as long as any client
			 relationship has terminated.
(4) A
			 licensee may present free gifts, such as prizes, money, or other valuable
			 consideration, to a potential party to a transaction or lease, prior to that
			 party's signing a contract to purchase or lease and not promised or offered as an
			 inducement to buy or lease. It is the licensee's responsibility to ensure that
			 the promotion is in compliance with other Iowa laws, such as gaming regulations.
			 The permission and disclosure criteria of rule 193E-11.3 (543B) do not apply as
			 long as no client relationship has been established with the buyer or
			 lessee.
(5) The offering by a
			 licensee of a free gift, prize, money, or other valuable consideration as an
			 inducement is free from deception and does not serve to distort the true value of
			 the real estate service being promoted.
(6) A licensee may make donations to a charity,
			 or other not-for-profit organization, for each listing or closing, or both, that
			 the licensee has during a specific time period. The receiving entity may be
			 selected by the licensee or by a party to the transaction. The contribution may
			 be in the name of the licensee or in the name of a party to the transaction.
			 Contributions are permissible only if the following conditions are met:
a. There are no limitations placed on the
			 payment;
b. The donation is for a
			 specific amount;
c. The receiving
			 entity does not act or participate in any manner that would need a
			 license;
d. The licensee exercises
			 reasonable care to ensure that the organization or fund is a bona fide
			 nonprofit;
e. The licensee exercises
			 reasonable care to ensure that the promotional materials clearly explain the
			 terms under which the donation will be made; and
f. All necessary disclosures are
			 made.
Iowa Administrative Code › Agency 193E - Real Estate Commission › Chapter 11 - Brokerage Agreements and Listings › Rule 193E-11.7 - New Construction

Current through Register Vol. 47, No. 3, July 24, 2024
A contract with a builder to construct or attach personal
				property or other type of structure to land and thereby produce an improvement
				to real estate is a real estate transaction. A licensee makes written
				disclosure revealing that the licensee and the licensee's broker or brokerage
				firm will receive a commission, compensation, or valuable consideration for its
				efforts in the transaction, as obligated by paragraph
				11.3(6)
"d."
Written disclosure is necessary regardless of the
				type of representation provided by the licensee or if the licensee provides no
				representation.
Iowa Administrative Code › Agency 193E - Real Estate Commission › Chapter 12 - Disclosure of Relationships › Rule 193E-12.1 - Written Company Policy Needed

Current through Register Vol. 47, No. 3, July 24, 2024
Every licensed sole-proprietor single broker, firm,
				partnership, limited liability company, association, or corporation has a
				written company policy. Regardless of the type or types of agency relationships
				offered, a written company policy is needed.
(1) The written company policy identifies and
			 describes the types of real estate brokerage relationships in which the broker
			 and affiliated licensees may engage with seller, landlord, buyer, or tenant as
			 a part of any real estate brokerage business activities.
(2) In addition, every real estate brokerage
			 that offers representation to both buyers and sellers, and tenants and
			 landlords, also specifically addresses the following:
a. The appointed agent's policy and brokerage
			 procedures intended to prevent any mishandling of information through both
			 formal and informal sharing of information within the brokerage; and
b. The arrangement of brokerage office space
			 and the personal relationships of affiliated licensees who are representing
			 clients with adverse interests.
Iowa Administrative Code › Agency 193E - Real Estate Commission › Chapter 12 - Disclosure of Relationships › Rule 193E-12.2 - Disclosure of Agency

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A licensee cannot represent any party or
			 parties to a real estate transaction or otherwise act as a real estate broker
			 or salesperson unless that licensee makes disclosure to all obligated parties
			 to the transaction identifying which party or parties, if any, that licensee
			 represents in the transaction. Disclosure pursuant to this rule is made by the
			 licensee at the time the licensee provides specific assistance to the client or
			 nonrepresented customer.
(2) Verbal
			 disclosure needed. The disclosure obligated by subrule 12.2(1) is made verbally
			 by the licensee prior to the licensee's providing specific assistance to the
			 client or nonrepresented customer. A change in the licensee's representation
			 that makes the initial verbal disclosure incomplete, misleading, or inaccurate
			 obligates that a new verbal disclosure be made immediately.
(3) Written disclosure needed. The written
			 disclosure obligated by subrule 12.2(1) is made by the licensee to all parties
			 to a real estate transaction identifying which party the licensee represents in
			 the transaction.
a. The written disclosure is
			 needed to be made to the buyer or tenant prior to any offer, lease, or rental
			 agreement being made or signed by the buyer or tenant, and prior to any offer,
			 lease, or rental agreement being signed or accepted by the seller or
			 landlord.
b. The written disclosure
			 is acknowledged by separate signatures of all parties to the transaction. A
			 change in the licensee's representation that makes the initial written
			 disclosure incomplete, misleading, or inaccurate obligates that a new verbal
			 disclosure be made which is followed by a new written disclosure signed by all
			 parties to the transaction as soon as practical.
Iowa Administrative Code › Agency 193E - Real Estate Commission › Chapter 12 - Disclosure of Relationships › Rule 193E-12.2 - Disclosure of Agency

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A licensee cannot
			 represent any party or parties to a real estate transaction or otherwise act as a
			 real estate broker or salesperson unless that licensee makes disclosure to all
			 obligated parties to the transaction identifying which party or parties, if any,
			 that licensee represents in the transaction. Disclosure pursuant to this rule is
			 made by the licensee at the time the licensee provides specific assistance to the
			 client or nonrepresented customer.
(2) Verbal disclosure needed. The disclosure
			 obligated by subrule 12.2(1) is made verbally by the licensee prior to the
			 licensee's providing specific assistance to the client or nonrepresented
			 customer. A change in the licensee's representation that makes the initial verbal
			 disclosure incomplete, misleading, or inaccurate obligates that a new verbal
			 disclosure be made immediately.
(3)
			 Written disclosure needed. The written disclosure obligated by subrule 12.2(1) is
			 made by the licensee to all parties to a real estate transaction identifying
			 which party the licensee represents in the transaction.
a. The written disclosure is needed to be made
			 to the buyer or tenant prior to any offer, lease, or rental agreement being made
			 or signed by the buyer or tenant, and prior to any offer, lease, or rental
			 agreement being signed or accepted by the seller or landlord.
b. The written disclosure is acknowledged by
			 separate signatures of all parties to the transaction. A change in the licensee's
			 representation that makes the initial written disclosure incomplete, misleading,
			 or inaccurate obligates that a new verbal disclosure be made which is followed by
			 a new written disclosure signed by all parties to the transaction as soon as
			 practical.
Iowa Administrative Code › Agency 193E - Real Estate Commission › Chapter 12 - Disclosure of Relationships › Rule 193E-12.3 - Single Agent Representing a Seller or Landlord

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Duty to seller or
			 landlord.
A licensee representing a seller or landlord as an exclusive
			 seller's agent or an exclusive landlord's agent have the following duties and
			 obligations:
a. Perform the terms of the
			 written agreement made with the seller or landlord;
b. Exercise reasonable skill and care for the
			 seller or landlord;
c. Promote the
			 interests of the seller or landlord with the utmost care, integrity, honesty,
			 and loyalty, including but not limited to the following:
(1) Seeking a price and terms which are
			 acceptable to the seller or landlord, except that the licensee is not obligated
			 to seek additional offers to purchase the property while the property is
			 subject to a contract for sale or to seek additional offers to lease the
			 property while the property is subject to a lease or letter of intent to
			 lease;
(2) Presenting all written
			 offers to and from the seller or landlord in a timely manner regardless of
			 whether the property is subject to a contract for sale or lease or a letter of
			 intent to lease, unless it is provided for by the brokerage
			 agreement;
(3) Disclosing to the
			 seller or landlord all material adverse facts pursuant to Iowa Code section
			 543B.56(1);
(4) Advising the client to obtain expert
			 advice as to material matters about which the licensee knows but the specifics
			 of which are beyond the expertise of the licensee;
(5) Preserving the seller's or landlord's
			 confidential information as defined in rule
			 193E-2.1 (543B), unless
			 disclosure is mandated by law or unless failure to disclose such information
			 would constitute fraud or dishonest dealing, including but not limited to the
			 following:
1. Information concerning the
			 seller or the landlord that, if disclosed to the other party, could place the
			 seller or landlord at a disadvantage when bargaining;
2. That the seller or landlord is willing to
			 accept less than the asking price or lease price for the property;
3. What the motivating factors are for the
			 client's selling or leasing the property;
4. That the seller or landlord will agree to
			 sale, lease, or financing terms other than those offered;
5. The seller's or landlord's real estate
			 needs;
6. The seller's or
			 landlord's financial information;
(6) Accounting in a timely manner for all
			 money and property received;
(7)
			 Providing brokerage services to all parties to the transaction honestly and in
			 good faith;
(8) Complying with all
			 criteria of Iowa Code chapter 543B and all commission rules and
			 regulations;
(9) Complying with any
			 applicable federal, state, or local laws, rules, or ordinances, including fair
			 housing and civil rights statutes and regulations.