Iowa Admin. Code r. 193E-7.1

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

Rule 193E-7.1 - Real estate offices and licenses needed

(1) Every Iowa resident real estate firm or self-employed broker maintains an office as provided in Iowa Code section 543B.31.

A nonresident Iowa real estate broker or firm is not obligated to maintain a definite place of business within Iowa as provided in Iowa Code section 543B.22.

(2) Sharing office space. It is acceptable for more than one broker to operate in an office at the same address if each broker maintains all records and trust accounts separate from all the others. Each broker operates under a business name, which clearly identifies the broker as an individual within the group of brokers.

(3) Branch office. A licensed Iowa real estate firm or sole-proprietor broker maintaining a branch office displays a commission-issued branch office license in that location. The branch office license is issued in the name of the firm or sole-proprietor broker and includes the license number and the physical address of the branch office. The branch office license is issued at a reduced fee and has the same expiration date of the primary license.

(4) When a real estate brokerage firm closes, the principal broker or a designated representative follows procedures as provided in 193E-Chapter 8.

(5) A licensed officer of a corporation or partnership may be licensed as an officer or partner of more than one corporation or partnership. The main or primary license for which the full license fee was paid is maintained in active status to keep any additional licenses that were issued at a reduced fee active and in effect. A broker officer licensed to more than one corporation or partnership may be the designated broker of more than one corporation or partnership.

Continuing education is needed only for renewal of the main or primary license.

(6) When a branch office closes, notice in writing, electronically or otherwise, shall be given to the commission.

(7) Each actively licensed broker associate and salesperson is licensed under a broker.

(8) A broker associate or salesperson may not be licensed under more than one broker during the same period of time.

Iowa Admin. Code r. 193E-7.1

Amended by IAB December 6, 2017/Volume XL, Number 12, effective 1/10/2018

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