Property Management Laws in Iowa
Must Iowa property management companies have a real estate broker's license?
Yes. Key components of property management (renting, leasing and collecting rent) are considered real estate activities under existing Iowa real estate licensing laws. According to statute, if a property manager is going to lease, rent, manage, list, collect rent, procure prospects or negotiate, assist, prepare residential rental agreements, or offer to perform any of those acts, he or she will need a broker's license. A salesperson working under a broker may engage in such activities.
Are there any exceptions to the rule that an Iowa property manager have a broker's license?
Yes. For example, resident managers are exempt.
For more information about these and other Iowa property management requirements and exceptions, please contact the Iowa Real Estate Commission.
Before hiring a property manager to manage your Iowa rental property, you should always check that he or she is licensed appropriately. You can check the license status of Iowa property managers at the Iowa Online License Verification System.
MUST-KNOW INFO FOR PROPERTY MANAGERS:
Iowa Eviction Laws
Evictions are awful - perhaps the worst task property managers must perform. If you're in the business long enough, you'll likely have to go through the eviction process at least once.
Here's a local example of an Iowa eviction: Nobody ever said it's easy being a landlord. Sometimes, it might feel like you're up to your knees in - well, you know. Hopefully, the reality is that you aren't up to your knees in "it," but one landlord in Albia found himself in this exact predicament, literally, when his tenants repeatedly complained of sewage backing up and flooding the basement of the house they were renting.
Must Iowa community association managers have a real estate broker's license?
NO. A broker's license is not required to manage community associations in Iowa.
Iowa Real Estate Broker Licensing Requirements
Iowa real estate broker licensing requirements include:
- Age: must be at least 18 years of age
- Experience: must have had 24 months of active salesperson experience in preceding 24 months
- Education: must successfully complete 72 hours of broker pre-license education
- Trustworthiness: must undergo a criminal history and background check
- Insurance: must provide evidence of errors and omissions insurance
- Exam: must pass the broker exam
- License Fee: $170 (effective for 3 years)
Iowa Real Estate Salesperson Licensing Requirements
Iowa real estate salesperson licensing requirements include:
- Age: must be at least 18 years of age
- Residency: there is no residency or citizenship requirement
- Sponsorship: must be sponsored by a broker after taking the exam; cannot have an inactive license
- Education: must complete the 60-hour pre-license course at an approved school
- Exam: must pass the salesperson exam
- Trustworthiness: must undergo criminal history and background check
- Insurance: must obtain errors and omissions insurance
For more information about these and other licensing requirements please contact the Iowa Real Estate Commission.
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