Licensing Flashcards
License mandatory
A person can not sell, purchase, rent or lease, list real estate for sale or lease, advertise, negotiate, make deals, collect rent, prepare specific documents, for a fee without a real estate license
Court actions- license a prerequisite
Person can’t not bring action in the courts for collection of compensation without proving that the person was licensed at the time the alleged cause occurred
What are some basic qualifications of a license
Being over 18, people who have convicted crimes must wait 5 years after conviction make full payment in fines to apply, license may be delayed or denied because of child support and or student loan payments
Salesperson license education requirements:
Must pass exam within 12 months of completing a 60 hour course, in addition also doing the 36 hour course
Application for license
1.After getting your passing score you must file an application for license/ proof of education no later than the last working day of the sixth calendar month
2. Needs to finish fbi background check
3.request by affiliating broker must be received by Iowa real estate commissions
Error and omissions insurance requirement
At the time of license application and within 20 days of a commissions request, if not with 30 days of the request you get an automatic suspension
Inactive status=
Not required to carry E&O insurance
Application forms
Applicant must use commission supplied forms, which can’t ask for a recent photo but may ask for a present address and a written statement by the employing broker
Custody of salesperson license
Salespersons license must be delivered to the broker and kept in custody of broker
Broker license qualifications
Needs to complete the 60 hour of pre broker license within 24 months of taking exam
The person must be a real estate salesperson for 24 months
Needs the FBI background check
Corporations, associations, partnerships
One member can be a broker, all the other members must be licensed, active salespersons
Real estate offices and license required
Every broker must have an office that is open to public during business hours
It’s acceptable to have more than one broker working in the same office
The broker can manage more than one office or location
Change of location
Notice must be written and given to real estate commission by each licensee of any change of location. Commission will issue a new license
Salesperson changing brokers
Real estate broker must give the license to commission within 72 hours
What happens if salesperson change brokers while commission was earned while actively licensed
The former broker may still pay that commission to that person
The licensee must inform the commission about location change within how many days
5 working days
How long are license issued
3 years
When does the license expire
License expires on December 31st of the 3rd year license term counting the remaining portion of the year issued
Renewing active status rules:
36 hours of programs during 3 calendar years of the license term
Support personnel: who is responsible for the personal assistant?
The broker and licensee are both responsible for supervising personal assistants, although the licensee has the preliminary responsibility
Can a personal assistant still work if they have an inactive license status
Yes, but can not as a real estate agent
The broker must do the following when it comes to hiring personal assistants
Make a written company policy authorizing the use of a personal assistant and the duties the personnel may perform on behalf of the licensee
