Iowa Code 543B.57 – Confirmation and disclosure of relationship
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Terms Used In Iowa Code 543B.57
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- property: includes personal and real property. See Iowa Code 4.1
543B.57 Confirmation and disclosure of relationship.
1. 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 § 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 § 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 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.
95 Acts, ch 17, §3; 97 Acts, ch 82, §1; 2017 Acts, ch 71, §12
Referred to in §543B.60, 543B.61
1. 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 § 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 § 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 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.
95 Acts, ch 17, §3; 97 Acts, ch 82, §1; 2017 Acts, ch 71, §12
Referred to in §543B.60, 543B.61