Terms Used In Iowa Code 543B.60

  • 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
  • Agency agreement: means a written agreement between a broker and a client which identifies the party the broker represents in a transaction. See Iowa Code 543B.5
  • 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
  • Party: includes a person who seeks to grant or accept an option to buy, sell, or rent an interest in real estate. See Iowa Code 543B.5
 A licensee may provide brokerage services simultaneously to more than one party in different transactions unless the licensee agrees with a client that the licensee is to provide brokerage services only to that client. If the licensee and a client agree that the licensee is to provide brokerage services only to that client, the agency agreement disclosure required under section 543B.57, subsection 1, shall contain a statement of that agreement.