1. A license to practice the profession of real estate broker and salesperson may be revoked or suspended when the licensee is guilty of any of the following acts or offenses:

 a. Fraud in procuring a license.
 b. Having made a false statement of material fact on an application for a real estate broker’s or salesperson’s license, or having caused to be submitted, or having been a party to preparing or submitting any false application for such license.
 c. Professional incompetency.
 d. Knowingly making misleading, deceptive, untrue, or fraudulent representations in the practice of the profession or engaging in unethical conduct or practice harmful or detrimental to the public. Proof of actual injury need not be established.
 e. Habitual intoxication or addiction to the use of drugs.
 f. Conviction of an offense included in section 543B.15, subsection 3. For purposes of this section, “conviction” means a conviction for an indictable offense and includes the court’s acceptance of a guilty plea, a deferred judgment from the time of entry of the deferred judgment until the time the defendant is discharged by the court without entry of judgment, or other finding of guilt by a court of competent jurisdiction. A copy of the record of conviction, guilty plea, deferred judgment, or other finding of guilt is conclusive evidence.

 (1) A licensed real estate broker or salesperson shall notify the commission of the licensee’s conviction of an offense included in section 543B.15, subsection 3, paragraph “a”, within ten days of the conviction. Notification of a conviction for an offense which is classified as a felony shall result in the immediate suspension of a license pending the outcome of a hearing conducted pursuant to section 543B.35 to determine the nature of the disciplinary action, if any, the commission will impose on the licensee. The hearing shall be conducted within thirty days of the licensee’s notification to the commission, and the commission’s decision shall be provided to the licensee no later than thirty days following the hearing. The failure of the licensee to notify the commission of the conviction within ten days of the date of the conviction is sufficient grounds for revocation of the license.
 (2) The commission, when considering the revocation or suspension of a license pursuant to this paragraph “f”, shall consider the nature of the offense; any aggravating or extenuating circumstances which are documented; the time lapsed since the conduct or conviction; the rehabilitation, treatment, or restitution performed by the licensee; and any other factors the commission deems relevant. Character references may be required but shall not be obtained from licensed real estate brokers or salespersons.
 g. Fraud in representations as to skill or ability.
 h. Use of untruthful or improbable statements in advertisements.
 i. Willful or repeated violations of the provisions of this chapter.
 j. Noncompliance with insurance requirements under section 543B.47.
 k. Noncompliance with the trust account requirements under section 543B.46.
 l. Revocation of any professional license held by the licensee in this or any other jurisdiction.

Terms Used In Iowa Code 543B.29

  • Commission: means the real estate commission as established by chapter 543B. See Iowa Code 543C.1
  • Conviction: A judgement of guilt against a criminal defendant.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Licensee: means a broker or a salesperson licensed pursuant to this chapter. See Iowa Code 543B.5
  • Party: includes a person who seeks to grant or accept an option to buy, sell, or rent an interest in real estate. See Iowa Code 543B.5
  • Person: means an individual, partnership, association, corporation, professional corporation, or professional limited liability company. See Iowa Code 543B.5
  • Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
  • property: includes personal and real property. See Iowa Code 4.1
  • real estate: means real property wherever situated, and includes any and all leaseholds or any other interest or estate in land, and business opportunities which involve any interest in real property. See Iowa Code 543B.4
  • real estate broker: means a person acting for another for a fee, commission, or other compensation or promise, whether it be for all or part of a person's time, and who engages directly or indirectly in any of the following acts:
 1. See Iowa Code 543B.3
  • Record: means the same as defined in section 554D. See Iowa Code 554E.1
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Salesperson: means a person who is licensed under, and employed by or otherwise associated with, a real estate broker, as a selling, renting, or listing agent or representative of the broker. See Iowa Code 543B.5
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
    •  2. The revocation of a broker’s license shall automatically suspend every license granted to any person by virtue of the person’s employment by the broker whose license has been revoked, pending a change of employer and the issuance of a new license. The new license shall be issued upon payment of a fee in an amount determined by the commission based upon the administrative costs involved, if granted during the same license period in which the original license was granted.
     3. A real estate broker or salesperson who is an owner or lessor of property or an employee of an owner or lessor may have the broker’s or salesperson’s license revoked or suspended for violations of this section or section 543B.34, except section 543B.34, subsection 1, paragraphs “d”, “e”, “f”, and “i”, with respect to that property.
     4. A real estate broker’s or salesperson’s license shall be revoked following three violations of this section or section 543B.34 within a three-year period.
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