Iowa Administrative Code
Agency 193E - Real Estate Commission
Chapter 8 - Closing a Real Estate Business
Rule 193E-8.3 - Involuntary Closing of a Corporation, Partnership, or Association Brokerage Firm
Universal Citation: IA Admin Code 193E-8.3
Current through Register Vol. 47, No. 6, September 18, 2024
(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.
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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