Current through Register Vol. 47, No. 6, September 18, 2024
(1) Prior to entering into a listing or
brokerage agreement, a real estate brokerage notifies a client in writing of
the real estate brokerage's appointed agent policy and those affiliated
licensees in accordance with Iowa Code section
543B.59(1). The
appointed agent disclosure includes, at a minimum, the following provisions:
a. The name of the appointed
agent(s);
b. A statement that the
appointed agent will be representing the client as the client's agent and will
owe the client duties as set forth in Iowa Code section
543B.56(1) and
543B.56(2);
c. A statement that the brokerage may be
representing both the seller and the buyer in connection with the sale or
purchase of real estate;
d. A
statement that other affiliated licensees may be appointed during the term of
the brokerage agreement should the appointed agent not be able to fulfill the
terms of the brokerage agreement or as by agreement between the designated
broker and the client. An appointment of another affiliated licensee or an
additional affiliated licensee does not relieve the first appointed agent of
any of the duties owed to the client. At any time of the appointment of the new
or additional agents, the designated broker complies with the provisions of
this rule; and
e. A provision for
the client to consent or not consent in writing to the appointment.
(2) Implementation of the
appointed agent within a brokerage relationship. Any broker may elect to offer
the appointed agent relationship. The broker cannot implement the use of the
relationship until such time as the broker has fully complied with all Iowa
laws and commission rules.
a. The broker
cannot, without the written consent of the clients, appoint an affiliated
licensee to act as an appointed agent in any transaction involving a written
exclusive single agent or dual agent brokerage agreement that was in effect
prior to the broker's implementing the appointed agent relationship.
b. If the client of an appointed agent wants
to consider a property on which the broker has a prior existing exclusive
single agent or dual agent brokerage agreement, the broker cannot allow the use
of the appointed agent without first obtaining the written consent of that
particular seller or landlord to the appointed agent relationship.
c. If the written consent of the client to
allow the appointed agency relationship is not given or cannot be obtained, the
broker refers the client of the appointed agent to another broker for
representation at least for the purpose of considering such property.
(3) A designated broker cannot be
considered to be a dual agent solely because the designated broker makes an
appointment under this rule, except that any licensee who, with prior written
consent of all parties, personally represents both the seller and buyer or both
the landlord and tenant in a transaction is a dual agent and needs to comply
with the rules governing dual agents.
(4) Appointed agent and designated broker
responsibilities.
a. A designated broker
appointing an affiliated licensee(s) to act as an agent of a client takes
ordinary and necessary care to protect confidential information disclosed by
the client to the appointed agent.
b. An appointed agent may disclose to the
brokerage's designated broker, or a designee specified by the designated
broker, confidential information of a client for the purpose of seeking advice
or assistance for the benefit of the client in regard to a possible
transaction, or to comply with the broker's supervisory duties. Confidential
information is treated as such by the designated broker or other specified
representative of the broker and is not disclosed unless otherwise obligated by
Iowa law and related commission rules or requested or permitted in writing by
the client who originally disclosed the confidential information.
c. If a designated broker elects to use the
appointed agent within a firm authority set forth in Iowa Code section
543B.59, and when the affiliated
licensee appointed also acts in a supervisory capacity under the designated
broker, such as branch managers, sales managers and the like, these appointed
licensees may be treated in the same manner as the designated broker for
purposes of determining dual agency under Iowa Code section
543B.59(2),
only if the designated broker authorizes and provides for such supervisory
positions in the written company policy.
(1)
A designated broker may elect to authorize and appoint an affiliated licensee
in a supervisory capacity to supervise and assist licensees appointed to
exclusively represent a seller or landlord in a transaction.
(2) A designated broker may elect to
authorize and appoint an affiliated licensee in a supervisory capacity to
supervise and assist licensees appointed to exclusively represent a buyer or
tenant in a transaction.
(3) A
licensee in a supervisory capacity that is authorized and appointed to
supervise and assist licensees appointed to represent a seller or landlord, or
buyer or tenant, exclusively, have the same duties, obligations, and
responsibilities as the designated broker.
(4) The use of an authorized appointed agent
does not relieve the designated broker of duties, obligations, and
responsibilities mandated by law or rules.
(5) Licensee's duty to designated broker or
designee. A licensee keeps the brokerage's designated broker or that broker's
designee fully informed of all activities conducted on behalf of the brokerage
and notifies the designated broker or that broker's designee of any other
activities that might impact on the responsibility of the designated broker or
that broker's designee.
