Section 543B.57 - [Effective 7/1/2024] Confirmation and disclosure of relationship1. A licensee shall not represent any party or parties to a transaction or otherwise as a licensee unless that licensee makes an agency disclosure to the party or parties represented by the licensee.2.a. The disclosure required in subsection 1 shall be made by the licensee at the time the licensee provides specific assistance to the client. A change in a licensee's representation that makes the initial disclosure incomplete, misleading, or inaccurate requires that a new disclosure be made immediately.b. A written disclosure is required to be made to the client prior to an offer being made or accepted. The written disclosure shall be acknowledged by separate signatures of the party or parties represented by the licensee prior to any offer being made or accepted by any party to a transaction.c. For purposes of this section, "specific assistance" means eliciting or accepting confidential information about a party's real estate needs, motivation, or financial qualifications, or eliciting or accepting information involving a proposed or preliminary offer associated with specific real estate. "specific assistance" does not mean an open house showing, preliminary conversations concerning price range, location, and property styles, or responding to general factual questions concerning properties which have been advertised for sale or lease.3. The written agency disclosure form shall contain all of the following:a. A statement of which party is the licensee's client or, if the licensee is providing brokerage services to more than one client as provided under section 543B.60, a statement of all persons who are the licensee's clients.b. A statement of the licensee's duties to the licensee's client under section 543B.56, subsections 1 and 2.c. Any additional information that the licensee determines is necessary to clarify the licensee's relationship to the licensee's client or customer.4. This section does not prohibit a person from representing oneself.5. The seller, in the listing agreement, may authorize the seller's licensee to disburse part of the licensee's compensation to other licensees, including a buyer's licensee solely representing the buyer. A seller may authorize a portion of the proceeds from the sale of real property, or from another source, to pay a buyer's licensee compensation. A licensee representing a buyer shall inform the listing licensee, if there is a listing licensee, either verbally or in writing, of the agency relationship before any negotiations are initiated. The obligation of either the seller or the buyer to pay compensation to a licensee is not determinative of the agency relationship.Amended by 2024 Iowa HF 2326,s 7, eff. 7/1/2024.Amended by 2017 Iowa, ch 71, s 12, eff. 7/1/2017.95 Acts, ch 17, §3; 97 Acts, ch 82, §1Referred to in §543B.60, 543B.61
This section is set out more than once due to postponed, multiple, or conflicting amendments.