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 Iowa Workforce Information NetworkJuly 22, 2014
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License Title: Real Estate Broker

License Description: Real estate brokers represent individuals who want to sell or buy property. They assist in price negotiations between buyers and sellers; may engage in property management services, determine market values, and assist in marketing new construction projects; may arrange meetings between buyers and sellers; and, assist in obtaining loans to finance purchases and do title searches. They manage their own office, are responsible to supervise all licensees assigned to them, and may specialize in commercial, farm, and industrial, or residential real estate.

Authorizing Statute: Code of Iowa, Chapter 543B; Iowa Administrative Code, 193E, Chapter 6

Requirements for License:An applicant must be at least 18 years of age, pass a test, complete a 72-hour prelicense education course, and have at least 24 months active licensed salesperson experience prior to the date of application. (See 543.15)

A person cannot apply to the Commission if he or she has been rejected for licensure under any jurisdiction within the last six months or has had a real estate license revoked within the last two years. A past felony and other criminal records will be considered in the licensing process. A license may be denied if a professional license of any kind has been revoked. (See 543.15)

All licensees must carry errors and omissions insurance covering all activities contemplated under Iowa Code, Chapter 543B. (See 543B.47 and IAC 193E, Chapter 6, "Requirements for Mandatory Errors and Omissions Insurance")

A non-resident applicant for these positions may be licensed by complying with all requirements of Iowa law. An applicant licensed in another state may qualify under current rules to take the state portion only of the appropriate exam. The applicant needs to be actively licensed and the license cannot be inactive or expired for more than six months prior to successful examination.

Iowa has specific reciprocity agreements with individual states that have agreed to grant licenses to Iowa licensees on the same basis as Iowa will grant a license to their licensees. Applicants should contact the state that they are licensed in to obtain licensing requirements and to determine if that state has reciprocity with Iowa. Non-resident licensees may contact the Iowa Real Estate Commission at 515-281-5910 to obtain additional Iowa information and to determine if Iowa has reciprocity with the person's state. All applicants will be required to submit a certification of their license from the other state, to verify periods of active licensure and to verify that no current charges are pending and to document that there have been no past disciplinary actions taken.

Thirty-six hours of continuing education are required triennially for license renewal.

Fees:
Application: $170
Duration: Three years
Renewal: $170
Exam: $94


Examination:
When:The examination, which is more comprehensive for brokers than for real estate salespersons, includes questions on basic real estate transactions and laws affecting the sale of property. Examinations are Monday through Friday, by appointment only through PSI Examination Service (PSI). Exams are offered in Council Bluffs, West Des Moines, and Cedar Rapids.
Where:Exams are offered in Council Bluffs, West Des Moines, and Cedar Rapids

License Authority:
Iowa Real Estate Commission
Professional Licensing & Regulation Division
Iowa Department of Commerce

1920 SE Hulsizer
Ankeny IA 50021
Phone: 5152817363


 
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