543B.62 Changes in common law duties and liabilities of licensees and parties.
1. Except as provided in subsection 2, the duties of a licensee specified in this chapter or in rules adopted pursuant to this chapter supersede any fiduciary duties of a licensee to a party to a transaction based on common law principles of agency to the extent that those common law fiduciary duties are inconsistent with the duties specified in this chapter or rules adopted pursuant to this chapter.
2. This section shall not be construed to modify a licensee’s duty under common law as to negligent or fraudulent misrepresentation of material information.
3. a. A licensee who is providing brokerage services to a client and who retains another licensee to provide brokerage services to that client is not liable for misrepresentation made by the other licensee, unless the retaining licensee knew or should have known of the other licensee’s misrepresentation or the other licensee is repeating a misrepresentation made to the other licensee by the retaining licensee.
b. A broker is responsible for supervising a salesperson or broker associate employed by or otherwise associated with the broker as a representative of the broker. The existence of an independent contractor relationship or any other special compensation arrangement between the broker and the salesperson or broker associate does not relieve the broker, salesperson, or broker associate of the duties and responsibilities established by this chapter. A salesperson or broker associate shall keep the employing broker fully informed of all activities being conducted on behalf of the broker and any other activities that might impact on the broker’s responsibilities. However, the failure of the salesperson or broker associate to keep the employing broker fully informed does not relieve the broker of the duties and responsibilities established by this chapter.
95 Acts, ch 17, §8
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.