§ 543B.1 License mandatory
§ 543B.2 Individual licenses necessary
§ 543B.3 Broker — definition.
§ 543B.4 Real estate — definition.
§ 543B.5 Other definitions
§ 543B.6 Acts constituting dealing in real estate
§ 543B.7 Acts excluded from provisions — prohibited acts — penalties.
§ 543B.8 Real estate commission created — staff.
§ 543B.9 Rules
§ 543B.12 Expenses of members — compensation.
§ 543B.13 Seal — records.
§ 543B.14 Fees and expenses
§ 543B.15 Qualifications
§ 543B.16 Application forms
§ 543B.18 Enforcement of rules
§ 543B.19 License denied — hearing.
§ 543B.20 Examination
§ 543B.21 Nonresident license
§ 543B.22 Nonresident’s place of business.
§ 543B.23 Actions against nonresidents
§ 543B.24 Custody of salesperson’s license.
§ 543B.25 Display of license
§ 543B.27 Fees
§ 543B.28 Expiration of license
§ 543B.29 Revocation or suspension
§ 543B.30 Actions — license as prerequisite.
§ 543B.31 Place of business — branch license.
§ 543B.32 Change of location
§ 543B.33 Salespersons — change of employment or association.
§ 543B.34 Investigations by commission — licensing sanctions — civil penalty.
§ 543B.35 Hearing on charges
§ 543B.36 Attendance of witnesses
§ 543B.37 Fees and mileage
§ 543B.38 Request for witnesses
§ 543B.39 Disobedience to subpoena
§ 543B.40 Depositions
§ 543B.41 Findings of fact
§ 543B.42 List of licensees
§ 543B.43 Penalties
§ 543B.44 Complaints referred to court
§ 543B.45 Dual contracts for sale of real property
§ 543B.46 Trust accounts
§ 543B.47 Insurance requirement
§ 543B.48 Civil penalty amount
§ 543B.49 Injunctive relief
§ 543B.50 Meetings
§ 543B.51 Public members
§ 543B.52 Disclosure of confidential information
§ 543B.53 Application of chapter
§ 543B.54 Real estate education fund
§ 543B.55 Disclosure of relationship
§ 543B.56 Duties of licensees
§ 543B.56A Brokerage agreements — purpose — contents.
§ 543B.57 Confirmation and disclosure of relationship
§ 543B.58 Licensees representing more than one client in a transaction
§ 543B.59 Appointed agents within a firm
§ 543B.60 Licensees providing services in more than one transaction
§ 543B.60A Prohibited practices — business referral disclosures.
§ 543B.61 Violations — real estate commission jurisdiction.
§ 543B.62 Changes in common law duties and liabilities of licensees and parties
§ 543B.63 Licensee not considered subagent
§ 543B.64 Chapter is not limiting

Terms Used In Iowa Code > Chapter 543B

  • adverse fact: means a condition or occurrence that is generally recognized by a competent licensee as resulting in any of the following:
     (1) Significantly and adversely affecting the value of the property. See Iowa Code 543B.5
  • 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
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • 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
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Branch office: means a real estate broker's office other than a principal place of business. See Iowa Code 543B.5
  • Broker associate: means a person who has a broker's license but is licensed under, and employed by or otherwise associated with, another broker as a salesperson. 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
  • 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
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Contract: A legal written agreement that becomes binding when signed.
  • Conviction: A judgement of guilt against a criminal defendant.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Customer: means a consumer who is not being represented by a licensee but for whom the licensee may perform ministerial acts. See Iowa Code 543B.5
  • deed: is a pplied to an instrument conveying lands, but does not imply a sealed instrument; and the words "bond" and "indenture" do not necessarily imply a seal, and the word "undertaking" means a promise or security in any form. See Iowa Code 4.1
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Deposition: An oral statement made before an officer authorized by law to administer oaths. Such statements are often taken to examine potential witnesses, to obtain discovery, or to be used later in trial.
  • 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
  • Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • executor: includes administrator, and the term "administrator" includes executor, where the subject matter justifies such use. See Iowa Code 4.1
  • Felony: A crime carrying a penalty of more than a year in prison.
  • Fiduciary: A trustee, executor, or administrator.
  • 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
  • Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • 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
  • Licensee: means a broker or a salesperson licensed pursuant to this chapter. See Iowa Code 543B.5
  • 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
  • Misdemeanor: Usually a petty offense, a less serious crime than a felony, punishable by less than a year of confinement.
  • Negotiate: means to act as an intermediary between the parties to a transaction, and includes any of the following acts:
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • 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
  • Person: means an individual, partnership, association, corporation, professional corporation, or professional limited liability company. See Iowa Code 543B.5
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
  • Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • property: includes personal and real property. See Iowa Code 4.1
  • Quorum: The number of legislators that must be present to do business.
  • 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
  • real property: include lands, tenements, hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Iowa Code 4.1
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Rule: includes "regulation". See Iowa Code 4.1
  • 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
  • seal: shall include an impression upon the paper alone, or upon wax, a wafer affixed to the paper, or an official stamp of a notarial officer as provided in chapter 9B. See Iowa Code 4.1
  • Signature: includes an electronic signature as defined in section 554D. See Iowa Code 4.1
  • 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
  • Subpoena: A command to a witness to appear and give testimony.
  • Testify: Answer questions in court.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • 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
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
  • Trustee: A person or institution holding and administering property in trust.
  • United States: includes all the states. See Iowa Code 4.1
  • year: means twelve consecutive months. See Iowa Code 4.1