Senate File 314 - Enrolled Senate File 314 AN ACT RELATING TO THE LICENSE APPLICATION FORM FOR REAL ESTATE BROKERS AND SALESPERSONS, AND BROKERAGE AGREEMENT REQUIREMENTS. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: Section 1. Section 543B.16, Code 2025, is amended by adding the following new subsection: NEW SUBSECTION . 4. The application form prepared or furnished by the real estate commission must allow a person holding a real estate broker license who is applying for a real estate salesperson license, or a person holding a real estate salesperson license who is applying for a real estate broker license, to indicate whether the license being applied for shall become effective upon approval of the application or upon the expiration of the applicant’s current license. Sec. 2. Section 543B.56A, subsection 3, Code 2025, is amended to read as follows: 3. A brokerage agreement must be signed by both the broker and the client prior to the broker listing any property for sale on behalf of a seller, or before showing a property to a buyer, or if no property is shown to a buyer, before making an offer on a property on behalf of a buyer. This subsection The brokerage agreement requirements under this subsection that apply to a buyer shall not apply to customers attending an open

Senate File 314, p. 2 house or auction, to a potential buyer of a property of more than four dwelling units, or to a property that is not intended for human inhabitance . ______________________________ AMY SINCLAIR President of the Senate ______________________________ PAT GRASSLEY Speaker of the House I hereby certify that this bill originated in the Senate and is known as Senate File 314, Ninety-first General Assembly. ______________________________ W. CHARLES SMITHSON Secretary of the Senate Approved _______________, 2025 ______________________________ KIM REYNOLDS Governor