Sign in

Amendments › HF 2326

Amendment H-8263 to HF 2326

Relating to real estate brokers, the rental or leasing of real estate, and brokerage agreements, and including effective date and applicability provisions

Never voted on

Filed April 2, 2024 in the House by

What it changes

  1. Page 1, before line 1 by inserting: “DIVISION I REAL ESTATE BROKERS AND THE RENTAL OR LEASING OF REAL ESTATE”
  2. Page 1, line 33, after “This” by inserting “division of this”
  3. Page 1, line 35, after “This” by inserting “division of this”
  4. Page 2, after line 7 by inserting: “DIVISION ___ REAL ESTATE BROKERS AND BROKERAGE AGREEMENTS Sec. ___. Section 543B.56A, subsection 2, paragraph e, if enacted by 2024 Iowa Acts, Senate File 2291, section 7, is amended to read as follows: e. Review the broker’s compensation under the brokerage agreement and conspicuously display a statement that the broker’s compensation, fees, and commission are negotiable and not established by law . Sec. ___. Section 543B.56A, subsection 3, if enacted by 2024 Iowa Acts, Senate File 2291, section 8, is amended to read as follows:
  5. 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 shall not apply to customers attending an open house. Sec. ___. Section 543B.57, subsection 5, Code 2024, is amended to read as follows:
  6. 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. -1- HF 2326.3948.S (1) 90 mb 1/ 2 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.”
  7. Title page, by striking lines 1 and 2 and inserting “An Act relating to real estate brokers, the rental or leasing of real estate, and brokerage agreements, and including effective date and”
  8. By renumbering as necessary. -2- HF 2326.3948.S (1) 90 mb 2/ 2

Official amendment (PDF) · In the Bill Book