As used in this chapter, “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. Sells, exchanges, purchases, rents, or leases real estate.
Terms Used In Iowa Code 543B.3
- Agency: means a relationship in which a real estate broker acts for or represents another by the other person's express authority in a transaction. See Iowa Code 543B.5
- 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
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Listing: is a n agreement between a property owner and another person in which that person holds or advertises the property to the public as being available for sale or lease. See Iowa Code 543B.5
- Negotiate: means to act as an intermediary between the parties to a transaction, and includes any of the following acts:a. See Iowa Code 543B.5
- Person: means an individual, partnership, association, corporation, professional corporation, or professional limited liability company. See Iowa Code 543B.5
- 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 property: include lands, tenements, hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Iowa Code 4.1
- 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
- year: means twelve consecutive months. See Iowa Code 4.12. Lists, offers, attempts, or agrees to list real estate for sale, exchange, purchase, rent, or lease.3. Advertises or holds oneself out as being engaged in the business of selling, exchanging, purchasing, renting, leasing, or managing real estate.4. Negotiates, or offers, attempts, or agrees to negotiate, the sale, exchange, purchase, rental, or lease of real estate.5. Buys, sells, offers to buy or sell, or otherwise deals in options on real estate or improvements on real estate.6. Collects, or offers, attempts, or agrees to collect, rent for the use of real estate.7. Assists or directs in the procuring of prospects, intended to result in the sale, exchange, purchase, rental, or leasing of real estate.8. Assists or directs in the negotiation of any transaction intended to result in the sale, exchange, purchase, rental, or leasing of real estate.9. Prepares offers to purchase or purchase agreements, listing contracts, agency disclosures, real property residential and agricultural rental agreements, real property commercial rental agreements of one year or less, and groundwater hazard statements, including any modifications, amendments, or addendums to these specific documents.