Iowa Admin. Code r. 193E-8.3

Current through Register Vol. 47, No. 11, December 11, 2024

Rule 193E-8.3 - Involuntary closing of a corporation, partnership, or association brokerage firm

(1) In the event of an involuntary closing of a brokerage firm as a result of the death or incapacity of one or more of the licensed broker officers, broker partners or broker associates of a real estate corporation, partnership or association in which the affairs of the broker, partnership, corporation or association cannot be carried on, the following steps are necessary for closing the real estate brokerage business:

a. All licensees associated with the firm cease all brokerage activity until their licenses have been transferred to another broker;

b. The executor of the broker's estate, if an attorney, or the legal representative of the firm may conclude pending business; and

c. The administrator or executor of the broker's estate or the legal representative of the broker may follow the procedures established in rule 193E-8.1 (543B) for voluntary closing.

(2) In the event of the death or incapacity of a designated broker for a firm, the affairs of the firm may be carried on by naming a new designated broker. The commission is notified of the change within 72 hours.

Iowa Admin. Code r. 193E-8.3

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