Partnerships, associations, corporations, professional corporations and professional limited liability companies are required to obtain a real estate firm license with the Iowa Real Estate Commission prior to providing real estate services. To obtain a firm license at least one partner, officer or member must have/obtain an Iowa broker's license. The firm is also required to have current E & O insurance coverage for Iowa transactions.
Every Iowa resident real estate firm or self-employed (sole-proprietor) shall maintain an office for the transaction of business in the state of Iowa, which shall be open to the public during business hours or by appointment. A nonresident Iowa real estate broker or firm is not required to maintain a definite place of business within Iowa, provided the nonresident broker or firm maintains an active place of business within the the state or jurisdiction of domicile as provided in Iowa Code section 543B.22.
When a real estate brokerage firm closes, the principal broker or a designated representative shall follow procedures as provided in 193E-Chapter 8.
Branch Office License Requirements:
A firm branch office license will have the same expiration date as the firm's main license. A broker sole-proprietor branch office license will have the same expiration date as the broker sole-proprietor's main license. Branch office licenses must be renewed to remain active. Branch office applications will provide the name and license number of the responsible broker for that location. A broker can be the responsible broker of more than one office. The address of a branch office can not be changed. If a branch office is closed (relocated) the branch license for that location must be cancelled. Then an application for the new location must be submitted and approved by Commission staff prior to providing real estate services at the new location.
Trade-name License Requirements:
Each broker sole-proprietor or firm when operating under a franchise, trade-name, fictitious name or a DBA may license the franchise, trade-name, fictitious name or DBA with the Commission OR shall clearly reveal in all advertising that the broker or firm is the licensed individual/firm who owns the entity using the franchise, trade-name, ficticious name or DBA. (Exception: A sole-proprietor may use his/her own name.)
Trade-names will have the same expiration date as the sole-proprietor or firm they are assigned to. Trade-names are not required to have E & O insurance coverage. No individual is assigned to a trade-name.