Iowa Code 543B.59 – Appointed agents within a firm
A real estate brokerage agency entering into a brokerage agreement, through a designated broker, may notify a client in writing of those affiliated licensees within the real estate brokerage agency who will be acting as appointed agents of that client to the exclusion of all other affiliated licensees within the real estate brokerage agency.
Terms Used In Iowa Code 543B.59
- 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
- Appointed agent: means that affiliated licensee who is appointed by the designated broker of the affiliated licensee's real estate brokerage agency to act solely for a client of that brokerage agency to the exclusion of other affiliated licensees of that brokerage agency. See Iowa Code 543B.5
- Brokerage: means the business or occupation of a real estate broker. See Iowa Code 543B.5
- Brokerage agreement: means a contract between a broker and a client which establishes the relationship between the parties as to the brokerage services to be performed and contains the provisions required in section 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
- Commission: means the real estate commission as established by chapter 543B. See Iowa Code 543C.1
- 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
- Licensee: means a broker or a salesperson licensed pursuant to this chapter. 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
- Rule: includes "regulation". 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
A real estate brokerage agency and a designated broker are not considered to be dual agents solely because of an appointment under the provisions of this section. However, an affiliated licensee who personally represents both the seller and the buyer in a particular transaction is considered to be a disclosed dual agent and is required to comply with the provisions of this subchapter governing disclosed dual agents.
A client, a real estate brokerage agency, and its appointed agents are deemed to possess only actual knowledge and information at the time the appointed agents are appointed. Knowledge or information is not imparted by operation of law among the clients, the real estate brokerage agency, and its appointed agents.
The commission shall define by rule the methods of appointment and the role of the real estate brokerage agency and the designated broker. The rules must include a requirement that clients be informed as to the real estate brokerage agency’s appointed agent policy and be given written notice of that policy in advance of entering into a brokerage agreement.