Iowa Admin. Code r. 193E-5.7

Current through Register Vol. 47, No. 6, September 18, 2024

Rule 193E-5.7 - Nonresident real estate offices and licenses required

All nonresident applicants for licensure in Iowa shall qualify for and obtain a license pursuant to Iowa Code section 543B.2(2) and rule 193E-7.1(543B).

(1) If the applicant is a broker associate or salesperson of a nonresident broker, the nonresident employing broker must have an Iowa broker license.

(2) If the applicant is employed by or otherwise associated with a nonresident real estate firm as defined in rule 193E-2.1 (543B), that firm must apply and qualify for an Iowa license.

a. No firm as defined in rule 193E-2.1 (543B) may be granted an Iowa license unless at least one member or officer of the firm applies for and is granted an Iowa broker license.

b. Every member or officer of the firm and every employee or associated real estate licensee who acts as a real estate broker, broker associate, or salesperson in Iowa must apply for and be granted an Iowa license.

(3) As provided by Iowa Code section 543B.22, a nonresident broker or firm is not obligated to maintain a definite place of business in Iowa if that broker or firm maintains an active place of business within the resident state or jurisdiction.

Iowa Admin. Code r. 193E-5.7

Adopted by IAB April 17, 2024/Volume XLVI, Number 21, effective 5/22/2024