§ 543b-57

543B.57 Confirmation and disclosure of relationship. 1. A licensee shall not represent any party or parties to a transaction or otherwise as a licensee unless that licensee makes an agency disclosure to the party or parties representedby the licensee. 2. a. The disclosure required in subsection 1 shall be made by the licensee at the time the licensee provides specific assistance to the client. A change in a licensee’s representationthat makes the initial disclosure incomplete, misleading, or inaccurate requires that a newdisclosure be made immediately. b. A written disclosure is required to be made to the client prior to an offer being made or accepted. The written disclosure shall be acknowledged by separate signatures of the partyor parties represented by the licensee prior to any offer being made or accepted by any partyto a transaction. c. For purposes of this section, 'specific assistance' means eliciting or accepting confidential information about a party’s real estate needs, motivation, or financialqualifications, or eliciting or accepting information involving a proposed or preliminaryoffer associated with specific real estate.

rmation about a party’s real estate needs, motivation, or financialqualifications, or eliciting or accepting information involving a proposed or preliminaryoffer associated with specific real estate. 'Specific assistance' does not mean an open houseshowing, preliminary conversations concerning price range, location, and property styles, orresponding to general factual questions concerning properties which have been advertisedfor sale or lease. 3. The written agency disclosure form shall contain all of the following:a. A statement of which party is the licensee’s client or, if the licensee is providing brokerage services to more than one client as provided under section 543B.60, a statementof all persons who are the licensee’s clients. b. A statement of the licensee’s duties to the licensee’s client under section 543B.56, subsections 1 and 2. c. Any additional information that the licensee determines is necessary to clarify the licensee’s relationship to the licensee’s client or customer. 4. This section does not prohibit a person from representing oneself.5. The seller, in the listing agreement, may authorize the seller’s licensee to disburse part of the licensee’s compensation to

r. 4. This section does not prohibit a person from representing oneself.5. The seller, in the listing agreement, may authorize the seller’s licensee to disburse part of the licensee’s compensation to other licensees, including a buyer’s licensee solelyrepresenting the buyer. A licensee representing a buyer shall inform the listing licensee, ifthere is a listing licensee, either verbally or in writing, of the agency relationship before anynegotiations are initiated. The obligation of either the seller or the buyer to pay compensationto a licensee is not determinative of the agency relationship. 95 Acts, ch 17, §3; 97 Acts, ch 82, §1; 2017 Acts, ch 71, §12Referred to in §543B.60, 543B.61 Sat Dec 23 01:45:47 2023 Iowa Code 2024, Section 543B.57 (20, 1)