1. A licensee shall not be the agent for both a buyer and a seller to a transaction without obtaining the written consent of both the buyer and the seller. The written consent shall state that the licensee has made a full disclosure of the type of representation the licensee will provide. The consent to multiple representation shall contain a statement of the licensee’s duties under section 543B.56, subsection 1, a statement of the licensee’s duties to the client under section 543B.56, subsection 2, paragraphs “b” and “c”, and a statement that the clients understand the licensee’s duties and consent to the licensee’s providing brokerage services to more than one client.
Terms Used In Iowa Code 543B.58
- Brokerage: means the business or occupation of a real estate broker. See Iowa Code 543B.5
- Brokerage services: means those activities identified in sections 543B. See Iowa Code 543B.5
- Client: means a party to a transaction who has an agency agreement with a broker for brokerage services. See Iowa Code 543B.5
- Licensee: means a broker or a salesperson licensed pursuant to this chapter. See Iowa Code 543B.5
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. 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
2. A consent to multiple representation may contain additional disclosures by the licensee or additional agreements between the licensee and the clients that do not violate any duty of a licensee under this chapter.