Bills › 90th General Assembly
Relating to real estate brokers and brokerage agreements
Sponsored by the Senate Commerce Committee
Topics:Business & economy
Same legislation: HF 2552
Where it is now
- Done: IntroducedFebruary 8, 2024
- Skipped: SubcommitteeSkipped
- Done: Senate committeeFebruary 8, 2024
- Done: Passes the SenateFebruary 20, 202446–0
- Skipped: House committeeSkipped
- Done: Passes the HouseFebruary 27, 202497–0
- Done: To the GovernorApril 18, 2024
- Done: Signed into lawApril 19, 2024
Signed into law What’s a funnel?
What’s in it
This bill relates to real estate brokers and brokerage agreements. The bill includes in the current definition of a real estate broker a person acting for another for a fee, commission, or other compensation or promise who prepares buyer’s representation agreements, including any modifications, amendments, or addendums. “Buyer’s representation agreement” is defined by the bill. The bill requires a licensee, when providing brokerage services to a client, to treat all parties to a transaction with honesty and good faith, disclose to each party all material adverse facts as laid out in the bill, and to account for all property coming into the possession of the licensee that belongs to any party within a reasonable time.
Read the full explanation
The bill requires the licensee to place the client’s interests ahead of the interests of any other party, disclose to the client all information known by the licensee that is material to the transaction and that is not known by the client or could not be discovered by the client through a reasonably diligent inspection, fulfill any obligation that is within the scope of the brokerage agreement, and diligently exercise reasonable skill and care in providing brokerage services. Under the bill, a brokerage agreement shall specify that a broker shall review the broker’s compensation. Additionally, a brokerage agreement must be signed by both a broker and a client prior to the broker listing any property for sale on behalf of a seller or making an offer on a property on behalf of a buyer.60.
From the explanation printed with the bill as introduced, written by the Legislative Services Agency. Amendments adopted later aren’t reflected. Full bill text · What changed before it passed
Iowa Code it changes
Amends§543B.3§543B.5§543B.56§543B.56A§543B.60
Read from the bill as introduced. Each links to every bill touching that chapter of the Iowa Code. How the Code works
Lobbying
1 for · 0 against · 5 undecided · Who →
Family tree
Where this legislation came from and where it went: earlier tries, the versions it moved through this Assembly, and later bills built on it.
90th General Assembly
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