Real Estate Broker

About

Real estate brokers and sales persons help clients buy, sell, and rent properties. Although brokers and salespersons do similar work, brokers are licensed to manage their own real estate businesses.

Code Citation IC, Chapter 543B; IAC 193E

Who Applies Any person that engages in any act that constitutes dealing in real estate.

When To Apply Before engaging in any real estate brokering services.

Initial Requirements An applicant must be at least 18 years of age, comply with prelicense education and pass a test. A broker must complete a 60-hour prelicense education course in addition to the required salesperson prelicense courses, and have at least 24 months active licensed salesperson experience prior to the date of application. A person cannot apply to the Commission if he or she has been rejected for licensure under any jurisdiction within the last twelve 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 A license may be denied if a professional license of any kind has been revoked.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 19, \\\\”Requirements for Mandatory Errors and Omissions Insurance\\\\”) A non-resident applicant for a broker license 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 broker exam. The applicant needs to be actively licensed and the license cannot be inactive or expired for more than six months prior to a 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.

Duration Up to three years.

Processing Time Routine applications are usually processed within three to five working days and the license is issued and emailed once payment is received.

Fee Structure Application: $170; Renewal: $170; Exam: $95; Background Check: $51

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

Exam The examination includes questions on basic real estate transactions and laws affecting the sale of property. Examinations are administered daily, Monday through Friday, by appointment only through PSI Exam Services. Exams are offered in Council Bluffs, West Des Moines, and Cedar Rapids. PSI also has remote proctoring available for Iowa exam candidates.

Additional Information None.