Iowa Administrative Code Agency 193E - Real Estate Commission
Iowa Administrative Code – Agency 193E: Real Estate Commission
1. Purpose and Scope of the Real Estate Commission
Agency 193E is the administrative body that regulates real estate practice in Iowa. Its primary purpose is to protect the public by ensuring that real estate professionals comply with ethical standards and legal requirements, maintain competency, and operate fairly.
The Commission sets rules and regulations governing:
Licensing of real estate brokers, salespersons, and firms.
Professional conduct and ethical standards.
Education and continuing education requirements.
Complaint investigation and disciplinary actions.
2. Licensing Requirements
The Commission oversees the licensing process for real estate professionals in Iowa.
Key points include:
Types of Licenses:
Broker license: For individuals who supervise real estate activities and may own real estate firms.
Salesperson license: For agents who work under brokers.
Firm license: For real estate businesses operating in Iowa.
Application Process:
Submission of a completed application form.
Proof of completion of required pre-licensing education.
Passing a licensing examination.
Payment of applicable fees.
Background checks or disclosure of criminal history, if required.
License Renewal:
Licenses must be renewed periodically (often every 1–2 years).
Renewal includes submitting a renewal form, paying fees, and completing continuing education.
3. Education and Continuing Education
The Commission sets standards for pre-licensing education and continuing education (CE) to ensure real estate professionals maintain knowledge of laws, regulations, and best practices.
Pre-licensing education requirements include specific courses covering real estate principles, contracts, finance, and ethics.
Continuing education typically involves completing a certain number of classroom hours or online courses every renewal period.
CE topics often cover changes in real estate laws, ethical practice, fair housing, and transaction procedures.
4. Professional Conduct and Ethics
The rules establish standards of practice for licensees, including:
Acting honestly and fairly in all real estate transactions.
Disclosure of material facts affecting properties.
Avoiding conflicts of interest or properly disclosing them.
Maintaining client confidentiality.
Complying with fair housing laws.
Proper handling of trust funds or escrow accounts.
5. Complaint and Disciplinary Process
The Commission enforces rules by investigating complaints against licensees.
Filing Complaints:
Any member of the public or industry professional can file a complaint.
Complaints must be in writing and provide details of alleged violations.
Investigation:
The Commission reviews complaints, may conduct hearings, and gathers evidence.
Disciplinary Actions:
Possible outcomes include warnings, fines, license suspension, revocation, or probation.
The Commission can also require remedial education or other corrective measures.
6. Rules on Advertising
The Commission regulates advertising practices by real estate licensees to ensure advertisements are:
Truthful and not misleading.
Clearly identify the licensee or brokerage.
Comply with laws prohibiting discriminatory language or practices.
7. Recordkeeping Requirements
Licensees must maintain records of transactions, contracts, and communications for a specified time period (e.g., 3 to 5 years) and make them available for Commission inspection.
8. Meetings and Administration
The rules typically cover how the Commission conducts business, including:
Frequency and notice of meetings.
Quorum and voting requirements.
Public access to Commission records and proceedings.
Rulemaking procedures including public comment.
Summary Table (Simplified):
| Area | Details |
|---|---|
| Purpose | Regulate real estate practice to protect public interest |
| Licenses | Broker, salesperson, and firm licenses |
| Application | Education, exams, background checks, fees |
| Education | Pre-licensing and continuing education requirements |
| Conduct | Ethical standards, disclosures, fair dealing |
| Complaints | Investigation, hearings, disciplinary sanctions |
| Advertising | Truthfulness, identification, no discrimination |
| Recordkeeping | Maintain transaction records for set period |
| Meetings | Rules for Commission governance and public participation |
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