General Assembly: 77 (1997 Regular GA) - Chapter 82 - Disclosures by real estate licensees


Published: 1997-04-23

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CH.82 LAWS OF THE SEVEN1Y-SEVENTH G.A., 1997 SESSION

CHAPTER 82 DISCLOSURES BY REAL ESTATE LICENSEES

H.F.644

122

AN ACT relating to the relationship between a real estate broker or salesperson and parties to certain real estate transactions and providing an effective date.

Be It Enacted by the General Assembly of the State of Iowa: Section 1. Section 543B.57, subsections 1 and 2, Code 1997, are amended to read as

follows: 1. A licensee shall not represent any party or parties to a transaction or otherwise as a

licensee unless that licensee makes aft atflFmaw;e "'Ritteft !! disclosure to all parties to the transaction identifying which party that person represents in the transaction. The disela SUf'e shall Be aelBla .. vledged By sepat'8te sigaaaues at all paRies ta the tFaftsaetiaft.

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, aF priaF ta aay affeF Being made aF ae eepted By aay party ta a tFaftsaetiaft, wbiehe>.'t'JF is SaafteF. A change in a licensee's represen- tation that makes the initial disclosure incomplete, misleading, or inaccurate requires that a new disclosure be made immediately.

b. For purposes of this section, "specific assistance" means eliciting or accepting confi- dential information about a party's real estate needs, motivation, or financial qualifications~ or eliciting or accepting information involving a proposed or preliminary offer associated with specific real estate. "Specific assistance" does not mean an open house showing, preliminary conversations concerning price range, location, and property styles, or respond- ing to general factual questions concerning properties which have been advertised for sale or lease.

c. A written disclosure is required to be made prior to an offer being made or accepted by any J)!lI1v to a transaction. The written disclosure shall be acknowledged by separate signa- tures of all parties to the transaction prior to any offer being made or accepted by any party to a transaction.

Sec. 2. EFFECTNE DATE. This Act, being deemed of immediate importance, takes ef- fect upon enactment.

Approved April 23, 1997

CHAPTER 83 ELECTIONS IN SPECIAL lAND USE DISTRICTS

S.F.193

AN ACT relating to the election of trustees for special land use districts.

Be It Enacted by the General Assembly of the State of Iowa:

Section 1. Section 303.49, subsections 2, 3, and 4, Code 1997, are amended to read as follows:

2. Following the initial special election, an annual election shall be held aft the seeaftd Taesday at eaeh SeptemBeF at a single polling place within the district'" designated by the

• The words "at a single polling place within the district" erroneously underscored