Text: HSB00030 Text: HSB00032 Text: HSB00000 - HSB00099 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 543B.3, Code 2003, is amended by adding 1 2 the following new subsections: 1 3 NEW SUBSECTION. 10. Establishes a pattern of engaging in 1 4 real estate sales, whether or not the real estate is owned by 1 5 the person. A person shall be presumed to have established a 1 6 pattern of engaging in real estate sales if the person engages 1 7 as principal or coprincipal in ten or more transactions during 1 8 any twelve-month period, unless the person is represented by a 1 9 licensed real estate broker or salesperson, or is an owner of 1 10 newly constructed, never-occupied real property. 1 11 NEW SUBSECTION. 11. Auctions real property. 1 12 Sec. 2. Section 543B.7, subsection 1, Code 2003, is 1 13 amended to read as follows: 1 14 1. A person who, as owner, spouse of an owner, general 1 15 partner of a limited partnership, or lessor,or prospective1 16purchaser,or through another engaged by such person on a 1 17 regular full-time basis, buys, sells, manages, or otherwise 1 18 performs any act with reference to property owned, rented, 1 19 leased, or to be acquired by such person. 1 20 Sec. 3. Section 543B.7, subsection 5, Code 2003, is 1 21 amended by striking the subsection. 1 22 Sec. 4. Section 543B.7, Code 2003, is amended by adding 1 23 the following new unnumbered paragraph: 1 24 NEW UNNUMBERED PARAGRAPH. The exclusions to licensure 1 25 provided in this section shall not apply to a person who, in 1 26 the regular course of a business operated in the nature of a 1 27 property management or brokerage business, engages in repeated 1 28 and successive transactions of a like character for 1 29 compensation. The exclusions shall also not be utilized to 1 30 avoid falling within the definition of a real estate broker 1 31 pursuant to section 543B.3 for which a license must be 1 32 obtained pursuant to this chapter. 1 33 EXPLANATION 1 34 This bill provides that the definition of a real estate 1 35 broker for which licensure must be obtained pursuant to Code 2 1 chapter 543B shall include a person who establishes a pattern 2 2 of engaging in real estate sales, whether or not the real 2 3 estate is owned by the person. The bill provides that such a 2 4 pattern shall be presumed to exist if the person engages as 2 5 principal or coprincipal in 10 or more transactions during any 2 6 12-month period, unless the person is represented by a 2 7 licensed real estate broker or salesperson, or is an owner of 2 8 newly constructed, never-occupied real property. The bill 2 9 provides that conducting an auction of real property shall 2 10 also be included within the definition of a real estate 2 11 broker, and deletes a provision that had previously excluded 2 12 specified auctioneer activities from the licensure provisions. 2 13 The bill deletes the status of prospective purchaser from 2 14 the list of persons who qualify for an exception to the 2 15 licensure provisions if they act either directly or through 2 16 another individual engaged by the person to buy, sell, manage, 2 17 or otherwise perform any act with reference to property owned, 2 18 rented, leased, or to be acquired by them. The bill further 2 19 provides that the exclusions contained in Code section 543B.7 2 20 shall not apply to a person who, in the regular course of a 2 21 business operated in the nature of a property management or 2 22 brokerage business, engages in repeated and successive 2 23 transactions of a like character for compensation, and that 2 24 they may not be utilized to avoid falling within the 2 25 definition of a real estate broker. 2 26 LSB 1532HC 80 2 27 rn/cl/14
Text: HSB00030 Text: HSB00032 Text: HSB00000 - HSB00099 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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