Iowa SF 314: A bill for an act relating to the license application form for real estate brokers and salespersons, and brokerage agreement requirements.

Bill Text

Senate
File
314
-
Enrolled

Senate
File
314

AN
ACT

RELATING
TO
THE
LICENSE
APPLICATION
FORM
FOR
REAL
ESTATE
BROKERS

AND
SALESPERSONS,
AND
BROKERAGE
AGREEMENT
REQUIREMENTS.

BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:

Section
1.
Section
543B.16,
Code
2025,
is
amended
by
adding

the
following
new
subsection:

NEW
SUBSECTION

.
4.
The
application
form
prepared
or

furnished
by
the
real
estate
commission
must
allow
a
person

holding
a
real
estate
broker
license
who
is
applying
for
a
real

estate
salesperson
license,
or
a
person
holding
a
real
estate

salesperson
license
who
is
applying
for
a
real
estate
broker

license,
to
indicate
whether
the
license
being
applied
for

shall
become
effective
upon
approval
of
the
application
or
upon

the
expiration
of
the
applicant’s
current
license.

Sec.
2.
Section
543B.56A,
subsection
3,
Code
2025,
is

amended
to
read
as
follows:

3.
A
brokerage
agreement
must
be
signed
by
both
the
broker

and
the
client
prior
to
the
broker
listing
any
property
for

sale
on
behalf
of
a
seller,
or
before
showing
a
property
to
a

buyer,
or
if
no
property
is
shown
to
a
buyer,
before
making
an

offer
on
a
property
on
behalf
of
a
buyer.
This
subsection

The

brokerage
agreement
requirements
under
this
subsection
that

apply
to
a
buyer
shall
not
apply
to
customers
attending
an
open

Senate
File
314,
p.
2

house
or
auction,
to
a
potential
buyer
of
a
property
of
more

than
four
dwelling
units,
or
to
a
property
that
is
not
intended

for
human
inhabitance

.

______________________________

AMY
SINCLAIR

President
of
the
Senate

______________________________

PAT
GRASSLEY

Speaker
of
the
House

I
hereby
certify
that
this
bill
originated
in
the
Senate
and

is
known
as
Senate
File
314,
Ninety-first
General
Assembly.

______________________________

W.
CHARLES
SMITHSON

Secretary
of
the
Senate

Approved
_______________,
2025
______________________________

KIM
REYNOLDS

Governor