543B.56A Brokerage agreements — purpose — contents.
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 professional opinions and assistance imposes on real estate licensees certain obligations both to their clients and to the public. The purpose of this section is also to assist in ensuring that licensees’ obligations are met including licensees’ exercising sound independent business judgment, striving to continuously improve professional business skills and knowledge in the industry, promoting sound and informative real estate reporting, and exercising the highest fiduciary duties to clients and the public.
2. A brokerage agreement shall specify that the broker shall, at a minimum, do all of the following:
a. Accept delivery of and present to the client offers and counteroffers to buy, sell, rent, lease, or exchange the client’s property or the property the client seeks to purchase or lease.
b. Assist the client in developing, communicating, negotiating, and presenting offers or counteroffers until a rental agreement, lease, exchange agreement, offer to buy or sell, or purchase agreement is signed and all contingencies are satisfied or waived and the transaction is completed.
c. Answer the client’s questions relating to the brokerage agreements, listing agreements, offers, counteroffers, notices, and contingencies.
d. Provide prospective buyers access to listed properties.
2005 Acts, ch 40, §2; 2011 Acts, ch 73, §4
Referred to in §543B.5, 543B.61
Structure Iowa Code
Chapter 543B - REAL ESTATE BROKERS AND SALESPERSONS
Section 543B.1 - License mandatory.
Section 543B.2 - Individual licenses necessary.
Section 543B.3 - Broker — definition.
Section 543B.4 - Real estate — definition.
Section 543B.5 - Other definitions.
Section 543B.6 - Acts constituting dealing in real estate.
Section 543B.7 - Acts excluded from provisions — prohibited acts — penalties.
Section 543B.8 - Real estate commission created — staff.
Section 543B.12 - Expenses of members — compensation.
Section 543B.13 - Seal — records.
Section 543B.14 - Fees and expenses.
Section 543B.15 - Qualifications.
Section 543B.16 - Application forms.
Section 543B.18 - Enforcement of rules.
Section 543B.19 - License denied — hearing.
Section 543B.20 - Examination.
Section 543B.21 - Nonresident license.
Section 543B.22 - Nonresident’s place of business.
Section 543B.23 - Actions against nonresidents.
Section 543B.24 - Custody of salesperson’s license.
Section 543B.25 - Display of license.
Section 543B.28 - Expiration of license.
Section 543B.29 - Revocation or suspension.
Section 543B.30 - Actions — license as prerequisite.
Section 543B.31 - Place of business — branch license.
Section 543B.32 - Change of location.
Section 543B.33 - Salespersons — change of employment or association.
Section 543B.34 - Investigations by commission — licensing sanctions — civil penalty.
Section 543B.35 - Hearing on charges.
Section 543B.36 - Attendance of witnesses.
Section 543B.37 - Fees and mileage.
Section 543B.38 - Request for witnesses.
Section 543B.39 - Disobedience to subpoena.
Section 543B.40 - Depositions.
Section 543B.41 - Findings of fact.
Section 543B.42 - List of licensees.
Section 543B.44 - Complaints referred to court.
Section 543B.45 - Dual contracts for sale of real property.
Section 543B.46 - Trust accounts.
Section 543B.47 - Insurance requirement.
Section 543B.48 - Civil penalty amount.
Section 543B.49 - Injunctive relief.
Section 543B.51 - Public members.
Section 543B.52 - Disclosure of confidential information.
Section 543B.53 - Application of chapter.
Section 543B.54 - Real estate education fund.
Section 543B.55 - Disclosure of relationship.
Section 543B.56 - Duties of licensees.
Section 543B.56A - Brokerage agreements — purpose — contents.
Section 543B.57 - Confirmation and disclosure of relationship.
Section 543B.58 - Licensees representing more than one client in a transaction.
Section 543B.59 - Appointed agents within a firm.
Section 543B.60 - Licensees providing services in more than one transaction.
Section 543B.60A - Prohibited practices — business referral disclosures.
Section 543B.61 - Violations — real estate commission jurisdiction.
Section 543B.62 - Changes in common law duties and liabilities of licensees and parties.