Iowa Admin. Code r. 193E-13.6

Current through Regsiter Vol. 46, No. 26, June 12, 2024

Rule 193E-13.6 - Licensee acting as a principal

When a licensee is acting in the capacity of a real estate broker, broker associate or salesperson and is also a principal in the sale, lease, rental or exchange of property owned by the licensee, all payments, rent, or security deposits received from the lessee, renter or buyer are deposited into the broker's trust account. The use of the broker's trust account is not needed if all of the following exist:

1. The sale, rental, or exchange is strictly, clearly and completely a "by owner" transaction and there is not a listing or brokerage agreement;

2. No commission or other compensation is paid to or received by the licensee; and

3. The licensee does not function throughout the transaction in any capacity requiring a real estate license.

Iowa Admin. Code r. 193E-13.6

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