Terms Used In Iowa Code 543B.1

  • Broker associate: means a person who has a broker's license but is licensed under, and employed by or otherwise associated with, another broker as a salesperson. See Iowa Code 543B.5
  • Person: means an individual, partnership, association, corporation, professional corporation, or professional limited liability company. See Iowa Code 543B.5
  • 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
  • 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
  • Transaction: means the sale, exchange, purchase, or rental of, or the granting or acceptance of an option to sell, exchange, purchase, or rent an interest in real estate. See Iowa Code 543B.5
  •  A person shall not, directly or indirectly, with the intention or upon the promise of receiving any valuable consideration, offer, attempt, agree to perform, or perform any single act as a real estate broker whether as a part of a transaction or as an entire transaction, or represent oneself as a real estate broker, broker associate, or salesperson, without first obtaining a license and otherwise complying with the requirements of this chapter.