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

This chapter shall not apply to any of the following: 1. A person, limited liability company, or limited partnership who engages in any act under section 543B.3 that is related to the rental or leasing of real estate on behalf of a partnership, limited partnership, corporation, o…

1. A real estate commission is created within the department of inspections, appeals, and licensing. The commission consists of four members licensed under this chapter and one member not licensed under this chapter and who shall represent the general public. Commission members s…

The real estate commission may adopt rules to carry out and administer the provisions of this chapter . The commission may carry on a program of education of real estate practices and matters relating to real estate. The commission shall adopt rules necessary to carry out the pro…

As used in this chapter , unless the context otherwise indicates: 1. “Advertisement” means the attempt by dissemination, solicitation, or circulation to directly or indirectly induce any person to enter into any obligation or acquire any title or interest in land offered for sale…

1. No subdivider shall sell or lease subdivided land, or offer such land for sale or lease, or advertise such land for sale or lease to the public within this state unless the subdivider has filed with the commission an application which shall include an offering statement. No su…

1. There may be omitted from the offering statement any of the information required under section 543C.2, subsection 1 , paragraphs “f” , “i” , and “j” , which the commission may by a properly promulgated rule designate as being unnecessary or inappropriate for the protection of …

1. The commission may request the department of inspections, appeals, and licensing to conduct an investigation and inspection to be made of any subdivided land proposed to be offered for sale or lease in this state pursuant to this chapter . The department of inspections, appeal…

1. Any person, firm, partnership, corporation, company, or association representing in any manner that the state, the commission or any officer thereof has recommended or acquiesced in the recommendation of the purchase of any subdivided land offered for sale or lease, in adverti…

It shall be unlawful for any subdivider to sell or lease, or offer for sale or lease, any subdivided land located without this state except through a real estate broker or salesperson duly licensed in this state. The provision of section 543B.7, subsection 1 , exempting regular e…

1. The attorney general shall prosecute all violations of this chapter . Prosecutions shall be instituted by the attorney general upon the written request of the commission. In all criminal proceedings the attorney general may appear before any court or any grand jury and exercis…

1. Each initial filing made pursuant to section 543C.2 shall be accompanied by a basic filing fee of one hundred dollars, plus twenty-five dollars for every one hundred lots, units, parcels, portions, or interests included in the offering. A registration fee shall be paid with th…

This chapter shall be known and may be cited as the “Iowa Appraisal Standards and Appraiser Certification Law” . 89 Acts, ch 290, §1 CS89, §117B.1 C93, §543D.1 2021 Acts, ch 159, §1

1. An applicant for certification as a real estate appraiser who is not a resident of Iowa shall submit, with the application for certification, an irrevocable consent that service of process upon the applicant may be made by delivery of the process to the secretary of state if, …

1. If, in the determination by the board, another state is deemed to have substantially equivalent certification requirements, an applicant who is certified under the laws of the other state may obtain a certificate as a certified real estate appraiser upon terms and conditions a…

The board may deny the issuance of a certificate as a certified real estate appraiser to an applicant on any of the grounds listed in this chapter or in chapter 272C . 89 Acts, ch 290, §12 CS89, §117B.12 C93, §543D.12

1. Each certified real estate appraiser shall advise the board of the address of the appraiser’s principal place of business. 2. When a certified real estate appraiser changes the appraiser’s principal place of business, the appraiser shall immediately submit an application for a…

A certificate issued under this chapter shall bear the name of the member or names of the members of the board as designated by the board and a certificate number assigned by the board. 89 Acts, ch 290, §14 CS89, §117B.14 C93, §543D.14 2001 Acts, ch 49, §2 ; 2024 Acts, ch 1169, §…

1. a. The title “certified real estate appraiser”, “associate real estate appraiser”, or any other like title shall only be used to refer to individuals who hold the certificate or registration, as applicable, and shall not be used in connection with or as part of the name or sig…

1. As a prerequisite to renewal of a certification, a certified real estate appraiser shall present evidence satisfactory to the board of having met continuing education requirements. 2. The basic continuing education requirement for renewal of certification shall be the completi…

1. The rights of a holder of a certificate as a certified real estate appraiser may be revoked or suspended, or the holder may be otherwise disciplined in accordance with this chapter . The board may investigate the actions of a certified real estate appraiser and may revoke or s…

1. A certified real estate appraiser shall comply with the uniform appraisal standards adopted under this chapter . The reliance of the public in general and of the financial business community in particular on sound, reliable real estate appraisal practices imposes on persons en…

1. A mortgage lender, mortgage broker or originator, real estate broker or salesperson, client, party, appraiser, or any other person with an interest in a real estate transaction or the financing of any loan secured by real estate involving an appraisal assignment shall not impr…

1. A certified real estate appraiser shall retain for five years, originals or true copies of all written contracts engaging the appraiser’s services for real estate appraisal work and all reports and supporting data assembled and formulated for use by the appraiser or the associ…

As used in this chapter , unless the context otherwise requires: 1. “Appraisal” or “real estate appraisal” means an analysis, opinion, or conclusion relating to the nature, quality, value, or utility of specified interests in, or aspects of, identified real estate. An appraisal m…

1. A person shall not assist a certified real estate appraiser in the development or reporting of an appraisal assignment that is required by this chapter , or by federal or state law, rule, or policy to be performed by a certified real estate appraiser, unless the person meets o…

1. If, as the result of a complaint or otherwise, the board believes that a person has engaged, or is about to engage, in an act or practice that constitutes or will constitute a violation of this chapter , the board may make application to the district court for an order enjoini…

1. a. Subject to paragraphs “b” and “c” , the board may require a national criminal history check through the federal bureau of investigation for applicants for certification or registration, or for persons certified or registered under this chapter , if needed for credibility, t…

1. The director shall supervise the board and manage the board’s budget and retained fees. The director may exercise all authority conferred upon the board under this chapter and shall have access to all records and information to which the board has access. In supervising the bo…

1. The purpose of this chapter is to establish standards for real estate appraisals and a procedure for the mandatory certification of real estate appraisers performing appraisals for federally related transactions, the voluntary certification of real estate appraisers performing…

1. A real estate appraiser examining board is established within the department of inspections, appeals, and licensing. The board consists of five members, one of whom shall be a public member and four of whom shall be certified real estate appraisers. 2. The governor shall appoi…

1. The board shall adopt rules establishing uniform appraisal standards and appraiser certification requirements and other rules necessary to administer and enforce this chapter and its responsibilities under chapter 272C , subject to the director’s supervision and authority unde…

1. The board shall establish and collect fees for certification, examination, reexamination, renewal of certification, and delinquency at an amount necessary to pay the administrative costs of sustaining the board and implementing this chapter . The fees shall include, but are no…

Applications for original certification, renewal certification, and examinations shall be made to the board through the board’s electronic system. 89 Acts, ch 290, §7 CS89, §117B.7 C93, §543D.7 2003 Acts, ch 43, §1 ; 2024 Acts, ch 1169, §37

An original certification as a certified real estate appraiser shall not be issued to a person who has not demonstrated through an examination that the person possesses the following knowledge and understanding: 1. Appropriate knowledge of technical terms commonly used in or rela…

The board shall determine what real estate appraisal or real estate appraisal review experience and what education shall be required to provide appropriate assurance that an applicant for certification is competent to perform the certified appraisal work which is within the scope…

This chapter shall be known and may be cited as the “Iowa Appraisal Management Company Registration and Supervision Act” . 2016 Acts, ch 1124, §1, 32

1. The director shall by rule establish fees for registration, renewal, reinstatement, and such additional fees as are reasonably necessary for the administration of this chapter . The fees shall be established in consideration of the costs of administering this chapter and the a…

1. The following individuals shall not have had a license or certificate to act as an appraiser refused, denied, canceled, revoked, or surrendered in lieu of revocation in any state for a substantive reason, but may have had a license or certificate to act as an appraiser refused…

1. An appraisal management company shall direct all appraisers it requests to perform appraisal assignments involving real estate located in this state to comply with the uniform standards of professional appraisal practice, including the competency rule. 2. An appraisal manageme…

1. An appraisal management company shall maintain a detailed record of each service request the appraisal management company receives involving real estate located in this state and the identity of the appraiser who performs the appraisal assignment. All such records shall be mai…

1. An appraisal management company registered under this chapter shall take all reasonable steps to assure that appraisals are conducted independently and free from inappropriate influence or coercion pursuant to the appraisal independence standards established under section 129E…

An appraisal management company registered under this chapter , or an employee, owner, director, controlling person, or other agent of an appraisal management company, shall not do any of the following: 1. Require an appraiser to indemnify an appraisal management company or hold …

An appraisal management company registered under this chapter shall be issued a unique registration number and shall include its registration number in any record, such as an engagement letter, order, or agreement, in which the appraisal management company contracts with an appra…

1. After notice and hearing, the director may revoke, suspend, or refuse to issue, renew, or reinstate a registration; reprimand, censure, or limit the scope of practice of any registrant; impose a civil penalty not to exceed ten thousand dollars per violation; require remedial a…

1. If, as the result of a complaint or otherwise, the director believes that a person has engaged, or is about to engage, in an act or practice that constitutes or will constitute a violation of this chapter , the director may make application to the district court for an order e…

1. The director shall require that an appraisal management company be covered by a surety bond in the amount of twenty-five thousand dollars. 2. The surety bond shall be in a form as prescribed by the director. The director may, pursuant to rule, determine requirements for such s…