CHAPTER 12
DISCLOSURE OF RELATIONSHIPS
[Prior to 9/4/02, see 193E—Ch 1]
193E—12.1(543B) Written company policy needed. Every licensed sole-proprietor single broker, firm, partnership, limited liability company, association, or corporation has a written company policy. Regardless of the type or types of agency relationships offered, a written company policy is needed.
	12.1(1) The written company policy identifies and describes the types of real estate brokerage relationships in which the broker and affiliated licensees may engage with seller, landlord, buyer, or tenant as a part of any real estate brokerage business activities.
	12.1(2) In addition, every real estate brokerage that offers representation to both buyers and sellers, and tenants and landlords, also specifically addresses the following:
	a. 	The appointed agent’s policy and brokerage procedures intended to prevent any mishandling of information through both formal and informal sharing of information within the brokerage; and
	b. 	The arrangement of brokerage office space and the personal relationships of affiliated licensees who are representing clients with adverse interests.
	12.1(3) A broker is not obligated to offer or engage in more than one type of brokerage relationship as enumerated in rules 193E—12.3(543B) through 193E—12.5(543B).
[ARC 7774C, IAB 4/17/24, effective 5/22/24]
193E—12.2(543B) Disclosure of agency.
	12.2(1) A licensee cannot represent any party or parties to a real estate transaction or otherwise act as a real estate broker or salesperson unless that licensee makes disclosure to all obligated parties to the transaction identifying which party or parties, if any, that licensee represents in the transaction. Disclosure pursuant to this rule is made by the licensee at the time the licensee provides specific assistance to the client or nonrepresented customer.
	12.2(2) Verbal disclosure needed. The disclosure obligated by subrule 12.2(1) is made verbally by the licensee prior to the licensee’s providing specific assistance to the client or nonrepresented customer. A change in the licensee’s representation that makes the initial verbal disclosure incomplete, misleading, or inaccurate obligates that a new verbal disclosure be made immediately.
	12.2(3) Written disclosure needed. The written disclosure obligated by subrule 12.2(1) is made by the licensee to all parties to a real estate transaction identifying which party the licensee represents in the transaction.
	a. 	The written disclosure is needed to be made to the buyer or tenant prior to any offer, lease, or rental agreement being made or signed by the buyer or tenant, and prior to any offer, lease, or rental agreement being signed or accepted by the seller or landlord.
	b. 	The written disclosure is acknowledged by separate signatures of all parties to the transaction. A change in the licensee’s representation that makes the initial written disclosure incomplete, misleading, or inaccurate obligates that a new verbal disclosure be made which is followed by a new written disclosure signed by all parties to the transaction as soon as practical.
	12.2(4) A licensee representing a buyer or tenant informs the listing broker, the listing agent, or the seller or landlord of the agency relationship in accordance with Iowa Code section 543B.57(5). If the property is not listed, the obligated disclosure is made to the unrepresented seller or landlord.
	12.2(5) The seller or landlord may, in the listing or brokerage agreement, authorize the seller’s or landlord’s broker to disburse part of the broker’s compensation to other brokers, including a buyer’s or tenant’s broker solely representing the buyer or tenant.
	12.2(6) Nothing contained in this rule obligates any buyer or tenant or seller or landlord to pay compensation to a licensee unless the buyer or tenant or seller or landlord has entered into a written listing or brokerage agreement with the broker specifying the compensation terms and conditions, in accordance with Iowa real estate license law and commission rules.
	12.2(7) The obligation of either the seller or landlord or buyer or tenant to pay compensation to a broker does not establish an agency relationship or affect any agency relationship.
	12.2(8) Nothing contained in this rule bars a party from entering into a written listing or brokerage agreement with a broker which contains duties, obligations, and responsibilities that are in addition to those specified in Iowa real estate license law and commission rules.
	12.2(9) A licensee cannot be the agent for both the buyer or tenant without following Iowa Code section 543B.58(1).
	12.2(10) A licensee may work with and establish different types of agency relationships with the same client, in separate transactions. Examples of different agency relationships with the same client in separate transactions include, but are not limited to, the following:
	a. 	A common example includes a licensee acting as a listing or seller’s agent selling a property in one transaction and also working with and representing this same person in another transaction as a buyer’s agent in the purchase of a different property.
	b. 	A licensee may act as a dual agent in either of the separate transactions, or both, with the written permission of the parties to the specific transaction and if the broker or brokerage has a written company policy that includes disclosed dual agency for in-house transactions or same agent transactions.
	c. 	Regardless of the type of agency relationship provided in each transaction, the licensee complies with the criteria of Iowa Code chapter 543B and this rule in establishing the relationships for each separate transaction.
	12.2(11) An agency relationship disclosure is not needed when the licensee is acting solely as a principal and not as an agent for another or when a written communication from the licensee is a solicitation of business.
	12.2(12) If the seller, landlord, buyer, or tenant rejects representation, or refuses to sign the agency disclosure document, or refuses to sign acknowledging receipt of the disclosure, the licensee notes that fact and includes the date, place, time, and the names of others in attendance on a copy of the agency disclosure document and obtains other documentation establishing delivery of the disclosure and maintains the written documentation, including but not limited to copies of facsimile, restricted delivery certified mail, and other communications, in the transaction file.
	12.2(13) A licensee who is offering real estate brokerage services as an auctioneer makes the written disclosure to the buyer and obtains the acknowledgment of receipt obligated by law and rules, prior to the buyer’s entering into a written purchase agreement for the property. For the purposes of this rule, the identification of the successful bidder constitutes the first meaningful contact with a buyer when specific assistance is provided. After the first meaningful contact, the first practical opportunity to make the necessary disclosures to the buyer depends upon the circumstances. While it is not necessary, it is recommended that licensees disclose in all advertisements and flyers that they are licensed agents representing the seller and, prior to crying the auction, announce that they are licensed real estate agents representing the seller.
	a. 	Disclosure under this rule applies only to the day of the auction.
	b. 	If the licensee provides brokerage services prior to the auction, the disclosure is made either orally or in writing prior to or at the time of specific assistance being provided.
	12.2(14) The licensee retains a copy of the disclosure form signed by the prospective buyer, seller, landlord or tenant, or the documentation and copies as obligated in subrule 12.2(12) as follows:
	a. 	If an offer is accepted, the signed or noted copy is retained by the broker in the closed transaction file for a period of five years from the date of the signature or note.
	b. 	If the offer is not accepted, a signed and noted copy is retained with the rejected offer for a period of five years.
	12.2(15) Failure of a licensee to comply with this rule is prima facie evidence of a violation of Iowa Code section 543B.34(4).
	12.2(16) Failure of a licensee to act consistent with disclosure representations made pursuant to this rule is prima facie evidence of a violation of Iowa Code section 543B.34(4).
	12.2(17) Nothing in this rule affects the validity of title to real property transferred based solely on the reason that any licensee failed to conform to the provisions of this rule.
	12.2(18) A sole-proprietor single broker or firm is not obligated to offer or engage in more than one type of brokerage relationship as enumerated in rules 193E—12.3(543B) through 193E—12.5(543B).
	12.2(19) The licensee offering brokerage services to a person as a buyer’s or tenant’s agent, or who is providing brokerage services to a person as a seller’s or landlord’s agent, discloses in writing to that person the type or types of brokerage relationships the broker and affiliated licensees are offering to that person before entering into a listing or brokerage agreement with that person.
[ARC 7774C, IAB 4/17/24, effective 5/22/24]
193E—12.3(543B) Single agent representing a seller or landlord.
	12.3(1) Duty to seller or landlord. A licensee representing a seller or landlord as an exclusive seller’s agent or an exclusive landlord’s agent have the following duties and obligations:
	a. 	Perform the terms of the written agreement made with the seller or landlord;
	b. 	Exercise reasonable skill and care for the seller or landlord;
	c. 	Promote the interests of the seller or landlord with the utmost care, integrity, honesty, and loyalty, including but not limited to the following:
	(1)	Seeking a price and terms which are acceptable to the seller or landlord, except that the licensee is not obligated to seek additional offers to purchase the property while the property is subject to a contract for sale or to seek additional offers to lease the property while the property is subject to a lease or letter of intent to lease;
	(2)	Presenting all written offers to and from the seller or landlord in a timely manner regardless of whether the property is subject to a contract for sale or lease or a letter of intent to lease, unless it is provided for by the brokerage agreement;
	(3)	Disclosing to the seller or landlord all material adverse facts pursuant to Iowa Code section 543B.56(1);
	(4)	Advising the client to obtain expert advice as to material matters about which the licensee knows but the specifics of which are beyond the expertise of the licensee;
	(5)	Preserving the seller’s or landlord’s confidential information as defined in rule 193E—2.1(543B), unless disclosure is mandated by law or unless failure to disclose such information would constitute fraud or dishonest dealing, including but not limited to the following:
	1.	Information concerning the seller or the landlord that, if disclosed to the other party, could place the seller or landlord at a disadvantage when bargaining;
	2.	That the seller or landlord is willing to accept less than the asking price or lease price for the property;
	3.	What the motivating factors are for the client’s selling or leasing the property;
	4.	That the seller or landlord will agree to sale, lease, or financing terms other than those offered;
	5.	The seller’s or landlord’s real estate needs;
	6.	The seller’s or landlord’s financial information;
	(6)	Accounting in a timely manner for all money and property received;
	(7)	Providing brokerage services to all parties to the transaction honestly and in good faith;
	(8)	Complying with all criteria of Iowa Code chapter 543B and all commission rules and regulations;
	(9)	Complying with any applicable federal, state, or local laws, rules, or ordinances, including fair housing and civil rights statutes and regulations.
	12.3(2) Duty to a buyer or tenant. A licensee acting as an exclusive seller’s or exclusive landlord’s agent discloses to any customer all material adverse facts actually known by the licensee pursuant to Iowa Code section 543B.56.
	a. 	The licensee owes no duty to conduct an independent inspection of the property for the benefit of the buyer or tenant and owes no duty to independently verify the accuracy or completeness of any statement made by the seller or landlord or any independent inspector, unless the licensee knows or has reason to believe the information is not accurate.
	b. 	Nothing in this rule precludes the obligation of a buyer or tenant from the responsibility of protecting the buyer’s or the tenant’s own interest by means of, but not limited to, inspecting the physical condition of the property and verifying important information.
	c. 	A seller or landlord may agree in writing with an exclusive seller’s or exclusive landlord’s agent that other designated brokers may be retained or compensated as subagents, and any broker acting as a subagent on the seller’s or landlord’s behalf is an agent with the same obligations and responsibilities to the seller or landlord as the primary broker of the seller or landlord.
	d. 	A real estate brokerage engaged by a seller or landlord in a real estate transaction may provide assistance to an unrepresented buyer or tenant by performing such acts as preparing offers and conveying those offers to the seller or landlord and providing information and assistance concerning professional services not related to real estate brokerage services.
	12.3(3) Alternative properties. The licensee may show alternative properties not owned by the seller or landlord to prospective buyers or tenants and may list competing properties for sale or lease without breaching any duty or obligation to the seller or landlord.
[ARC 7774C, IAB 4/17/24, effective 5/22/24]
193E—12.4(543B) Single agent representing a buyer or tenant.
	12.4(1) Duty to buyer or tenant. A licensee representing a buyer or tenant as an exclusive buyer’s or an exclusive tenant’s agent have the same duties and obligations as mentioned in subrule 12.3(1).
	a. 	Perform the terms of any written agreement made with the client;
	b. 	Exercise reasonable skill and care for the client;
	c. 	Promote the interests of the client with the utmost good faith, loyalty, and fidelity, including but not limited to the following:
	(1)	Seeking a property at a price and terms which are acceptable to the buyer or tenant, except that the licensee is not obligated to seek other properties while the client is a party to a contract to purchase property, or to a lease or letter of intent to lease, unless it is provided for by the brokerage agreement;
	(2)	Presenting all written offers to and from the client in a timely manner regardless of whether the client is already a party to a contract to purchase property or is already a party to a contract or letter of intent to lease;
	(3)	Disclosing to the buyer or tenant material adverse facts concerning the property and the transaction that are actually known by the licensee, pursuant to Iowa Code section 543B.56;
	(4)	Advising the buyer or tenant to obtain expert advice on material matters about which the licensee knows but the specifics of which are beyond the expertise of the licensee;
	(5)	Preserving the buyer’s or tenant’s confidential information as defined in rule 193E—2.1(543B), unless disclosure is mandated by law or unless failure to disclose such information would constitute fraud or dishonest dealing, including but not limited to the following:
	1.	Information concerning the buyer or the tenant that, if disclosed to the other party, could place the client at a disadvantage when bargaining;
	2.	That the buyer or tenant is willing to pay more than the asking price or lease price for the property;
	3.	What the motivating factors are for the party’s buying or leasing the property;
	4.	That the buyer or tenant will agree to sale, lease, or financing terms other than those offered;
	5.	The buyer’s or tenant’s real estate needs;
	6.	The buyer’s or tenant’s financial qualifications;
	(6)	Accounting in a timely manner for all money and property received;
	(7)	Providing brokerage services to all parties to the transaction honestly and in good faith;
	(8)	Complying with all criteria of Iowa Code chapter 543B and all commission rules;
	(9)	Complying with any applicable federal, state, or local laws, rules, and ordinances, including fair housing and civil rights statutes and regulations.
	12.4(2) Duty to a seller or landlord. A licensee acting as an exclusive buyer’s or an exclusive tenant’s agent discloses to any customer all material adverse facts actually known by the licensee, pursuant to Iowa Code section 543B.56.
	a. 	The licensee owes no duty to conduct an independent investigation of the buyer’s or tenant’s financial condition for the benefit of the seller or landlord and owes no duty to verify the accuracy or completeness of any statement made by the buyer or tenant or any independent source, unless the licensee knows or has reason to believe the information is not accurate.
	b. 	Nothing in this rule limits the obligation of a seller or landlord from the responsibility of protecting the seller’s or landlord’s own interest by means of, but not limited to, verifying information concerning or provided by the buyer or tenant.
	c. 	A buyer or tenant may agree in writing with a buyer’s or tenant’s agent that other designated brokers may be retained or compensated as subagents, and any broker acting as a subagent on the buyer’s or tenant’s behalf is a single agent with the same obligations and responsibilities to the buyer or tenant as the primary broker of the buyer or tenant.
	d. 	A real estate brokerage engaged by a buyer or tenant in a real estate transaction may provide assistance to an unrepresented seller or landlord by performing such acts as preparing offers and conveying those offers to the buyer or tenant and providing information and assistance concerning professional services not related to real estate brokerage services.
	12.4(3) Competing buyers or tenants. The licensee may show properties in which the buyer or tenant is interested to other prospective buyers or tenants, may assist other competing buyers or tenants, and may enter into brokerage service agreements with other competing buyers or tenants without breaching any duty or obligation to the buyer or tenant.
[ARC 7774C, IAB 4/17/24, effective 5/22/24]
193E—12.5(543B) Disclosed dual agent.
	12.5(1) A brokerage which has a company policy that permits disclosed dual agency for in-house transactions provides a disclosed dual agency consent agreement to the client or prospective client prior to engaging in any activities of a dual agent. If any seller, landlord, buyer, or tenant rejects dual agency, or refuses to sign consent to dual agency, the licensee cannot act as a dual agent. The dual agency consent agreement complies with Iowa law and commission rules including, but not limited to, the criteria to inform the prospective clients that they are not obligated to consent to dual agency representation as provided by subrule 12.5(2).
	a. 	A licensee may act as a dual agent only with the informed consent of all parties to the transaction. The informed consent is evidenced by a written agreement pursuant to Iowa law and commission rules.
	b. 	A dual agent is an agent for both the seller and buyer or the landlord and tenant and has the duties and obligations needed for a single agent representing a seller or landlord and for a single agent representing a buyer or tenant, unless otherwise provided for in this rule.
	c. 	A dual agent discloses to the client all material adverse facts concerning the property that are actually known by the licensee, pursuant to Iowa Code section 543B.56.
	d. 	A dual agent cannot disclose to one client confidential information about the other client and preserves a seller’s or a landlord’s, or a buyer’s or a tenant’s, confidential information as defined in rule 193E—2.1(543B), unless disclosure is mandated by law, or failure to disclose such information would constitute fraud or dishonest dealing, or disclosure is authorized by express instruction. A dual agent does not terminate the dual agency relationship by making the disclosures mandatory or permitted by the dual agency consent agreement. Confidential information includes the same information as 193E—subrule 12.3(1) or 12.4(1).
	e. 	In any transaction, a licensee may withdraw from representing a client who has not consented to a disclosed dual agency at any time prior to the existence of the dual agency, which is prior to discussing any seller’s or landlord’s property with a potential buyer or tenant and prior to discussing any potential buyer or tenant with a seller or landlord, when both the seller or landlord and the buyer or tenant are represented by and are clients of the licensee.
	(1)	All withdrawals are made in writing and acknowledged by the separate signatures of the clients.
	(2)	Such withdrawal does not prejudice the ability of the licensee to continue to represent the other client in the transaction or limit the licensee from representing the client in other transactions not involving a dual agency.
	12.5(2) A dual agency consent agreement:
	a. 	Fairly and accurately describes the type of representation the licensee will provide each client;
	b. 	Contains a statement of the licensee’s duties under Iowa Code section 543B.56(1);
	c. 	Contains a statement of the licensee’s duties under Iowa Code section 543B.56(2);
	d. 	Informs the clients that representing more than one party to a transaction may present a conflict of interest;
	e. 	Informs the clients that they are not obligated to consent to dual agency;
	f. 	Provides additional information that the licensee determines is necessary to clarify the licensee’s relationship with each client, including any changes from prior types of representation;
	g. 	Describes the confidential information a dual agent will not disclose to one client about the other client; and
	h. 	Includes a statement that the clients understand the licensee’s duties and consent to the licensee’s providing brokerage services to more than one client.
	12.5(3) No particular disclosure language is needed. The commission recommends use of the following sample language to satisfy the mandatory disclosure regarding conflict of interest:
Representing more than one party to a transaction can create a conflict of interest since both clients may rely upon the broker’s advice and the clients’ respective interests may be adverse to each other. Broker will endeavor to be impartial between seller and buyer and will not represent the interest of either the seller or buyer to the exclusion or detriment of the other.
	12.5(4) Potential dual agency agreement. A brokerage which has a company policy that permits disclosed dual agency for in-house transactions and that elects to use a potential dual agency agreement provides the agreement to the client or prospective client prior to engaging in any activities of a dual agent. Such consent agreement complies with Iowa law and commission rules.
	a. 	The potential dual agency agreement should be provided to the seller or landlord prior to entering into a listing agreement or a contract for seller or landlord brokerage services.
	b. 	The potential dual agency agreement should be provided to the buyer or tenant prior to entering into a buyer or tenant agency agreement or a contract for buyer or tenant brokerage services.
	c. 	If the parties to a proposed transaction or contract have agreed in writing to potential dual agency, a dual agency consent disclosure is presented to the buyer or tenant prior to the buyer’s or tenant’s signing an offer to purchase or a rental or lease agreement. The buyer or tenant may accept or reject dual agency at this point in the transaction.
	d. 	If the parties to a proposed transaction or contract have agreed in writing to potential dual agency, a dual agency consent disclosure is presented to the seller or landlord prior to the seller’s or landlord’s signing or accepting an offer to purchase or a rental or lease agreement. The seller or landlord may accept or reject dual agency at this point in the transaction.
	e. 	If the parties to a proposed transaction or contract have agreed in writing to potential dual agency, the obligated subsequent dual agency consent disclosure is property-specific and complies with Iowa law and commission rules.
[ARC 7774C, IAB 4/17/24, effective 5/22/24]
193E—12.6(543B) Appointed agents within a brokerage. Iowa Code section 543B.59 authorizes a designated broker to elect to appoint in writing one or more different licensees affiliated with the broker to act as agent to represent exclusively different clients in the same transaction, to the exclusion of all other affiliated licensees within the real estate brokerage. A licensee cannot disclose, except to the licensee’s designated broker, information made confidential by request or instructions of the client the licensee is representing or otherwise confidential by statute or rule, except information allowed by this chapter or mandated to be disclosed by law.
	12.6(1) The designated broker may want to include in the written company policy some or all of the appointed agents within the brokerage and may want to include the procedure by which the appointment of the agent or agents is made.
	12.6(2) The designated broker may decide that since both seller and buyer, or landlord and tenant, brokerage relationships are being offered to consumers by the broker’s company, only the affiliated licensee who, on behalf of the designated broker, entered into the listing agreement with the seller or leasing agreement with the landlord will represent the seller or landlord as that client’s agent. In that scenario, all other licensees affiliated with the designated broker will represent buyers or tenants as their agents in any transactions dealing with the subject property.
	12.6(3) If any seller, landlord, buyer, or tenant who is a client of the broker refuses to sign and consent to the appointed agent within the brokerage appointed by that same broker for the other party to the transaction, then the broker and licensees affiliated with the broker cannot act as an appointed agent for that other party.
[ARC 7774C, IAB 4/17/24, effective 5/22/24]
193E—12.7(543B) Appointed agent procedures and disclosure.
	12.7(1) Prior to entering into a listing or brokerage agreement, a real estate brokerage notifies a client in writing of the real estate brokerage’s appointed agent policy and those affiliated licensees in accordance with Iowa Code section 543B.59(1). The appointed agent disclosure includes, at a minimum, the following provisions:
	a. 	The name of the appointed agent(s);
	b. 	A statement that the appointed agent will be representing the client as the client’s agent and will owe the client duties as set forth in Iowa Code section 543B.56(1) and 543B.56(2);
	c. 	A statement that the brokerage may be representing both the seller and the buyer in connection with the sale or purchase of real estate;
	d. 	A statement that other affiliated licensees may be appointed during the term of the brokerage agreement should the appointed agent not be able to fulfill the terms of the brokerage agreement or as by agreement between the designated broker and the client. An appointment of another affiliated licensee or an additional affiliated licensee does not relieve the first appointed agent of any of the duties owed to the client. At any time of the appointment of the new or additional agents, the designated broker complies with the provisions of this rule; and
	e. 	A provision for the client to consent or not consent in writing to the appointment.
	12.7(2) Implementation of the appointed agent within a brokerage relationship. Any broker may elect to offer the appointed agent relationship. The broker cannot implement the use of the relationship until such time as the broker has fully complied with all Iowa laws and commission rules.
	a. 	The broker cannot, without the written consent of the clients, appoint an affiliated licensee to act as an appointed agent in any transaction involving a written exclusive single agent or dual agent brokerage agreement that was in effect prior to the broker’s implementing the appointed agent relationship.
	b. 	If the client of an appointed agent wants to consider a property on which the broker has a prior existing exclusive single agent or dual agent brokerage agreement, the broker cannot allow the use of the appointed agent without first obtaining the written consent of that particular seller or landlord to the appointed agent relationship.
	c. 	If the written consent of the client to allow the appointed agency relationship is not given or cannot be obtained, the broker refers the client of the appointed agent to another broker for representation at least for the purpose of considering such property.
	12.7(3) A designated broker cannot be considered to be a dual agent solely because the designated broker makes an appointment under this rule, except that any licensee who, with prior written consent of all parties, personally represents both the seller and buyer or both the landlord and tenant in a transaction is a dual agent and needs to comply with the rules governing dual agents.
	12.7(4) Appointed agent and designated broker responsibilities.
	a. 	A designated broker appointing an affiliated licensee(s) to act as an agent of a client takes ordinary and necessary care to protect confidential information disclosed by the client to the appointed agent.
	b. 	An appointed agent may disclose to the brokerage’s designated broker, or a designee specified by the designated broker, confidential information of a client for the purpose of seeking advice or assistance for the benefit of the client in regard to a possible transaction, or to comply with the broker’s supervisory duties. Confidential information is treated as such by the designated broker or other specified representative of the broker and is not disclosed unless otherwise obligated by Iowa law and related commission rules or requested or permitted in writing by the client who originally disclosed the confidential information.
	c. 	If a designated broker elects to use the appointed agent within a firm authority set forth in Iowa Code section 543B.59, and when the affiliated licensee appointed also acts in a supervisory capacity under the designated broker, such as branch managers, sales managers and the like, these appointed licensees may be treated in the same manner as the designated broker for purposes of determining dual agency under Iowa Code section 543B.59(2), only if the designated broker authorizes and provides for such supervisory positions in the written company policy.
	(1)	A designated broker may elect to authorize and appoint an affiliated licensee in a supervisory capacity to supervise and assist licensees appointed to exclusively represent a seller or landlord in a transaction.
	(2)	A designated broker may elect to authorize and appoint an affiliated licensee in a supervisory capacity to supervise and assist licensees appointed to exclusively represent a buyer or tenant in a transaction.
	(3)	A licensee in a supervisory capacity that is authorized and appointed to supervise and assist licensees appointed to represent a seller or landlord, or buyer or tenant, exclusively, have the same duties, obligations, and responsibilities as the designated broker.
	(4)	The use of an authorized appointed agent does not relieve the designated broker of duties, obligations, and responsibilities mandated by law or rules.
	12.7(5) Licensee’s duty to designated broker or designee. A licensee keeps the brokerage’s designated broker or that broker’s designee fully informed of all activities conducted on behalf of the brokerage and notifies the designated broker or that broker’s designee of any other activities that might impact on the responsibility of the designated broker or that broker’s designee.
[ARC 7774C, IAB 4/17/24, effective 5/22/24]
These rules are intended to implement Iowa Code chapters 17A, 272C and 543B.
[Filed 8/9/02, Notice 6/26/02—published 9/4/02, effective 10/9/02]
[Filed ARC 7774C (Notice ARC 7453C, IAB 1/10/24), IAB 4/17/24, effective 5/22/24]