Terms Used In Iowa Code 543B.33

  • Designated broker: means a licensee designated by a real estate brokerage agency to act for the agency in conducting real estate brokerage services. 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
  •  When any real estate salesperson is discharged or terminates employment or association with the real estate broker by whom the salesperson is employed, the real estate broker shall immediately deliver, mail, or electronically submit to the real estate commission a copy of the real estate salesperson’s license on the reverse side of which the designated broker shall set out the date of termination. The designated broker at the time of submitting a copy of the real estate salesperson’s license to the commission shall address a communication to the last known residence address of the real estate salesperson stating that a copy of the license has been delivered, mailed, or electronically submitted to the commission. A copy of the communication to the real estate salesperson shall accompany the copy of the license when submitted to the commission. It is unlawful for any real estate salesperson to perform any of the acts contemplated by this chapter either directly or indirectly under authority of a license from and after the date of receipt of a copy of the license by the commission. The commission shall, upon presentation of evidence by the salesperson that the salesperson has been employed by or is associated with another broker, issue another license for the balance of the current license period showing each change of employment or association. A fee as determined by the commission shall be charged for the issuance of the license. Not more than one license shall be issued to any real estate salesperson for the same period of time.