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Text: HF00643                           Text: HF00645
Text: HF00600 - HF00699                 Text: HF Index
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House File 644

Partial Bill History

Bill Text

PAG LIN
  1  1                                          HOUSE FILE 644
  1  2 
  1  3                             AN ACT
  1  4 RELATING TO THE RELATIONSHIP BETWEEN A REAL ESTATE BROKER
  1  5    OR SALESPERSON AND PARTIES TO CERTAIN REAL ESTATE
  1  6    TRANSACTIONS AND PROVIDING AN EFFECTIVE DATE.
  1  7 
  1  8 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 
  1  9 
  1 10    Section 1.  Section 543B.57, subsections 1 and 2, Code
  1 11 1997, are amended to read as follows:
  1 12    1.  A licensee shall not represent any party or parties to
  1 13 a transaction or otherwise as a licensee unless that licensee
  1 14 makes an affirmative written a disclosure to all parties to
  1 15 the transaction identifying which party that person represents
  1 16 in the transaction.  The disclosure shall be acknowledged by
  1 17 separate signatures of all parties to the transaction.
  1 18    2.  a.  The disclosure required in subsection 1 shall be
  1 19 made by the licensee at the time the licensee provides
  1 20 specific assistance to the client, or prior to any offer being
  1 21 made or accepted by any party to a transaction, whichever is
  1 22 sooner.  A change in a licensee's representation that makes
  1 23 the initial disclosure incomplete, misleading, or inaccurate
  1 24 requires that a new disclosure be made immediately.
  1 25    b.  For purposes of this section, "specific assistance"
  1 26 means eliciting or accepting confidential information about a
  1 27 party's real estate needs, motivation, or financial
  1 28 qualifications, or eliciting or accepting information
  1 29 involving a proposed or preliminary offer associated with
  1 30 specific real estate.  "Specific assistance" does not mean an
  1 31 open house showing, preliminary conversations concerning price
  1 32 range, location, and property styles, or responding to general
  1 33 factual questions concerning properties which have been
  1 34 advertised for sale or lease.
  1 35    c.  A written disclosure is required to be made prior to an
  2  1 offer being made or accepted by any party to a transaction.
  2  2 The written disclosure shall be acknowledged by separate
  2  3 signatures of all parties to the transaction prior to any
  2  4 offer being made or accepted by any party to a transaction.
  2  5    Sec. 2.  EFFECTIVE DATE.  This Act, being deemed of
  2  6 immediate importance, takes effect upon enactment.  
  2  7 
  2  8 
  2  9                                                             
  2 10                               RON J. CORBETT
  2 11                               Speaker of the House
  2 12 
  2 13 
  2 14                                                             
  2 15                               MARY E. KRAMER
  2 16                               President of the Senate
  2 17 
  2 18    I hereby certify that this bill originated in the House and
  2 19 is known as House File 644, Seventy-seventh General Assembly.
  2 20 
  2 21 
  2 22                                                             
  2 23                               ELIZABETH ISAACSON
  2 24                               Chief Clerk of the House
  2 25 Approved                , 1997
  2 26 
  2 27 
  2 28                         
  2 29 TERRY E. BRANSTAD
  2 30 Governor
     
Text: HF00643                           Text: HF00645
Text: HF00600 - HF00699                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index
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