Iowa Code r. 193E-13.6 - Licensee acting as a principal
When a licensee is acting in the capacity of a real estate broker, broker associate or salesperson and is also a principal in the sale, lease, rental or exchange of property owned by the licensee, all payments, rent, or security deposits received from the lessee, renter or buyer are deposited into the broker's trust account. The use of the broker's trust account is not needed if all of the following exist:
1. The sale, rental, or exchange is strictly,
clearly and completely a "by owner" transaction and there is not a listing or
brokerage agreement;
2. No
commission or other compensation is paid to or received by the licensee;
and
3. The licensee does not
function throughout the transaction in any capacity requiring a real estate
license.
Notes
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