Senate Study Bill 3115 - Introduced SENATE FILE _____ BY (PROPOSED COMMITTEE ON STATE GOVERNMENT BILL BY CHAIRPERSON SMITH) A BILL FOR An Act relating to the designation of real estate teams and the 1 display of real estate licenses. 2 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 3 TLSB 6154XC (3) 89 es/rn

S.F. _____ Section 1. Section 543B.5, Code 2022, is amended by adding 1 the following new subsection: 2 NEW SUBSECTION . 019. “Real estate team” means two or 3 more licensee’s assigned to the same broker working together 4 to provide real estate brokerage services and representing 5 themselves to the public as a team. 6 Sec. 2. NEW SECTION . 543B.25 Display of license. 7 An individual licensee or real estate team shall 8 conspicuously display the name of the brokerage immediately 9 following the individual licensee’s name or real estate team 10 name in any advertising or information made available to the 11 public. 12 EXPLANATION 13 The inclusion of this explanation does not constitute agreement with 14 the explanation’s substance by the members of the general assembly. 15 This bill relates to the designation of real estate team and 16 the display of real estate licenses. 17 The bill defines “real estate team” to mean a group of two 18 or more licensees working together under the same real estate 19 broker and representing themselves as a team. 20 The bill provides that if a licensee or real estate team is 21 assigned to the same broker, the licensee or team shall display 22 the name of the brokerage immediately following the name of the 23 licensee or team in advertising materials or other publicly 24 available information. 25 -1- LSB 6154XC (3) 89 es/rn 1/ 1