Iowa Administrative Code
Agency 193E - Real Estate Commission
Chapter 13 - Trust Accounts and Closings
Rule 193E-13.6 - Licensee Acting as a Principal

Universal Citation: IA Admin Code 193E-13.6

Current through Register Vol. 47, No. 13, December 25, 2024

When a licensee is acting in the capacity of a real estate broker, broker associate or salesperson and is also a principal in the sale, lease, rental or exchange of property owned by the licensee, all payments, rent, or security deposits received from the lessee, renter or buyer are deposited into the broker's trust account. The use of the broker's trust account is not needed if all of the following exist:

1. The sale, rental, or exchange is strictly, clearly and completely a "by owner" transaction and there is not a listing or brokerage agreement;

2. No commission or other compensation is paid to or received by the licensee; and

3. The licensee does not function throughout the transaction in any capacity requiring a real estate license.

Disclaimer: These regulations may not be the most recent version. Iowa may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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