Iowa Admin. Code r. 193E-12.1

Current through Register Vol. 47, No. 13, December 25, 2024

Rule 193E-12.1 - Written company policy needed

Every licensed sole-proprietor single broker, firm, partnership, limited liability company, association, or corporation has a written company policy. Regardless of the type or types of agency relationships offered, a written company policy is needed.

(1) The written company policy identifies and describes the types of real estate brokerage relationships in which the broker and affiliated licensees may engage with seller, landlord, buyer, or tenant as a part of any real estate brokerage business activities.

(2) In addition, every real estate brokerage that offers representation to both buyers and sellers, and tenants and landlords, also specifically addresses the following:

a. The appointed agent's policy and brokerage procedures intended to prevent any mishandling of information through both formal and informal sharing of information within the brokerage; and

b. The arrangement of brokerage office space and the personal relationships of affiliated licensees who are representing clients with adverse interests.

(3) A broker is not obligated to offer or engage in more than one type of brokerage relationship as enumerated in rules 193E-12.3 (543B) through 193E-12.5 (543B).

Iowa Admin. Code r. 193E-12.1

Adopted by IAB April 17, 2024/Volume XLVI, Number 21, effective 5/22/2024