Title XIII, COMMERCE (Ch. 505 - 554I)

1. Except as provided in section 543B.20 an applicant for a real estate broker’s or salesperson’s license must be a person whose application has not been rejected for licensure in this or any other state within twelve months prior to the date of application, and whose real estate…

1. Every applicant for a license shall apply in writing upon blanks prepared or furnished by the real estate commission. The real estate commission shall not require that a recent photograph of the applicant be attached to the application. The real estate commission shall only re…

The real estate commission is expressly vested with the power and authority to make and enforce any and all such reasonable rules connected with the application for any license as shall be deemed necessary to administer and enforce the provisions of this chapter . [C31, 35, §1905…

If the real estate commission, after an application in proper form has been filed with it, accompanied by the proper fee, shall deny a license to the applicant, upon the applicant’s application in writing, and within a period of thirty days of such denial, the applicant shall be …

A partnership, association, corporation, professional corporation, or professional limited liability company shall not be granted a license, unless every member or officer of the partnership, association, corporation, professional corporation, or professional limited liability co…

Examinations for a license shall be given as often as deemed necessary by the real estate commission, but no less than one time per year. Each applicant for a license must pass an examination authorized by the commission and administered by the commission or persons designated by…

A nonresident of this state may be licensed as a real estate broker or a real estate salesperson, upon complying with all requirements of law and with all the provisions and conditions of this chapter relative to resident brokers or salespersons and the filing by the applicant wi…

A nonresident to whom a license is issued upon compliance with all the other requirements of law and provisions of this chapter , is not required to maintain a definite place of business within this state. Provided that the nonresident, if a broker, shall maintain an active place…

Every nonresident applicant, before the issuance of a license, shall file an irrevocable consent that suits and actions may be commenced against such applicant in the proper court of any county of this state in which a cause of action may arise, by the service of any process or p…

The license of a real estate salesperson shall be delivered or mailed to the real estate broker by whom the real estate salesperson is employed and shall be kept in the custody and control of the broker. [C31, 35, §1905-c36; C39, § 1905.33; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77…

An individual licensee or real estate team shall conspicuously display the name of the brokerage immediately preceding or immediately following the individual licensee’s name or real estate team name in any advertising or information made available to the public. 2022 Acts, ch 10…

1. The real estate commission shall set fees for examination and licensing of real estate brokers and real estate salespersons. The commission shall determine the annual cost of administering the examination and shall set the examination fee accordingly. The commission shall set …

Every license shall expire in multiyear intervals as determined by the real estate commission. A person who fails to renew a real estate broker’s or real estate salesperson’s license by the expiration date shall be allowed to do so within thirty days following its expiration, but…

1. A license to practice the profession of real estate broker and salesperson may be revoked or suspended when the licensee is guilty of any of the following acts or offenses: a. Fraud in procuring a license. b. Having made a false statement of material fact on an application for…

As used in this chapter , “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 in any of the following acts: 1. Sells, exchanges, purchases, rents, or leas…

A person engaged in the business or acting in the capacity of a real estate broker or a real estate salesperson within this state shall not bring or maintain any action in the courts of this state for the collection of compensation for services performed as a real estate broker o…

Every real estate broker, except as provided in section 543B.22 , shall maintain a place of business in this state. A real estate broker may maintain more than one place of business within the state and a broker may be the designated broker of more than one branch office within t…

Notice in writing, electronic or otherwise, shall be given to the real estate commission by each licensee of any change of principal business location, whereupon the commission shall issue a new license for the unexpired period upon the payment of a fee established by rule to cov…

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 rea…

1. The real estate commission may upon its own motion and shall upon the verified complaint in writing of any person, if the complaint together with evidence, documentary or otherwise, presented in connection with the complaint makes out a prima facie case, request commission sta…

The real estate commission shall, upon request of the applicant as provided in section 543B.19 , or before revoking any license, set the matter down for a hearing. At least twenty days prior to the date set for the hearing, the commission shall send a written notice to the applic…

In the preparation and conducting of such hearings, the real estate commission shall have power to execute and sign subpoenas to require the attendance and testimony of any witnesses and the producing of any papers or books. The commission may administer oaths, examine witnesses,…

Any witnesses so subpoenaed shall be entitled to the same fees and mileage as is prescribed by law in judicial proceedings in the courts of this state in civil cases. [C31, 35, §1905-c51; C39, § 1905.48; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §117.37 ] C93, §543B.37 Ref…

Any party to any hearing before the real estate commission shall have the right to the attendance of witnesses in the party’s behalf at such a hearing upon making a request thereof to the commission and designating the person or persons sought to be subpoenaed. [C31, 35, §1905-c5…

In case of a disobedience to a subpoena the real estate commission may invoke the aid of any court of competent jurisdiction or judge thereof in requiring the attendance and testimony of witnesses and the production of papers; and such court may issue an order requiring the perso…

As used in this chapter , “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. [C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §1…

The testimony may be taken by deposition as in civil cases, and any person may be compelled to appear and depose in the same manner as witnesses may be compelled to appear and testify as provided in this chapter . [C31, 35, §1905-c54; C39, § 1905.51; C46, 50, 54, 58, 62, 66, 71, …

If the majority of the real estate commission shall determine that any applicant is not qualified to receive a license, a license shall not be granted to such applicant, and if the commission shall determine that any licensee is guilty of a violation of any of the provisions of t…

The real estate commission shall at least annually prepare a list of the names and addresses of all licensees licensed by it under this chapter , and of all persons whose licenses have been suspended or revoked within one year; together with other information relative to the enfo…

Any person found guilty of violating a provision of sections 543B.1 through 543B.24 and sections 543B.27 through 543B.41 in a first offense shall be guilty of a simple misdemeanor. [C31, 35, §1905-c59; C39, § 1905.56; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §117.43 ] C93…

The real estate commission may refer a complaint for violation of section 543B.1 before any court of competent jurisdiction. The commission may also take the necessary legal steps through the proper legal officers of this state to enforce the provisions of and collect the penalti…

1. A person licensed under this chapter shall not knowingly make, issue, deliver, receive, or permit the use of two or more written or oral contracts for the purpose of sale concerning the same parcel of real estate one of which is not made known to the prospective lender or loan…

1. Each real estate broker who is in the practice of depositing funds in a trust account shall maintain a common trust account in a federally insured depository institution for the deposit of all down payments, earnest money deposits, or other trust funds received by the broker o…

1. The real estate commission shall adopt rules requiring as a condition of licensure that all real estate licensees, except those who hold inactive licenses, carry errors and omissions insurance covering all activities contemplated under this chapter . The rules shall provide fo…

Notwithstanding section 272C.3 , licensee discipline may include a civil penalty not to exceed two thousand five hundred dollars per violation. 2002 Acts, ch 1031, §4 Referred to in §543B.49

1. In addition to the penalty and complaint provisions of sections 543B.43 , 543B.44 , and 543B.48 , an injunction may be granted through an action in district court to prohibit a person from engaging in an activity which violates the provisions of section 543B.1 . The court shal…

As used in this chapter , unless the context otherwise requires: 1. “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. 2. “Agency disclosure” means a written disclosure between a bro…

The real estate commission shall meet as necessary at the location of the commission’s principal office and shall elect a chairperson annually. A majority of the members of the commission shall constitute a quorum. [C75, 77, 79, 81, §117.50 ] 88 Acts, ch 1158, §24 C93, §543B.50 2…

The public members of the real estate commission shall be allowed to participate in administrative, clerical, or ministerial functions incident to giving the examination, but shall not determine the content of the examination or determine the correctness of the answers. [C75, 77,…

1. The commission shall not disclose information relating to the following: a. The contents of the examination. b. The examination results other than final score except for information about the results of an examination which is given to the person who took the examination. 2. A…

The provisions of this chapter which require successful completion of a real estate education course before being licensed as a real estate salesperson shall not apply to the issuance of new licenses pursuant to section 543B.28 . [C77, 79, 81, §117.53 ; 81 Acts, ch 54, §24 ] C93,…

The real estate commission shall adopt rules requiring that each real estate broker or salesperson in a real estate transaction disclose in writing the broker’s or salesperson’s agency relationship with the buyer or seller in the transaction. 90 Acts, ch 1126, §3 C91, §117.55 C93…

1. Duties to all parties in a transaction. In providing brokerage services to a client to a transaction, a licensee shall do all of the following: a. Treat all parties to a transaction with honesty and good faith. b. Disclose to each party all material adverse facts that the lice…

1. The purpose of this section is to promote the protection of the public by establishing minimum standards reasonably expected by the public in reliance upon the professional work product of real estate licensees. The reliance of the public and business community on sound profes…

1. A licensee shall not represent any party or parties to a transaction or otherwise as a licensee unless that licensee makes an agency disclosure to the party or parties represented by the licensee. 2. a. The disclosure required in subsection 1 shall be made by the licensee at t…

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…