The Iowa Real Estate Commission wishes to adopt a new rule requiring all licensed brokers to maintain electronic trust account records for a minimum of five years. Under Iowa administrative law, which process must the IREC follow to make this rule effective?
Correct Answer
D) The IREC must follow the Iowa Administrative Procedure Act rulemaking process, including public notice and comment periods
The IREC is an administrative agency that promulgates rules under Iowa Administrative Code 193E. Any new rule must follow the Iowa Administrative Procedure Act (Iowa Code Chapter 17A), which requires public notice, an opportunity for public comment, and proper filing with the Iowa Administrative Rules Coordinator before the rule takes effect.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Commingling is the illegal act of mixing client funds with a broker's personal or business operating funds, while conversion is the unauthorized use of client funds for the broker's own benefit. Both are serious violations that can result in license revocation.
Commingling is the illegal act of mixing client trust funds with a broker's personal or business operating funds; conversion is the misappropriation of those funds.
Continuing education (CE) refers to the ongoing coursework that licensed real estate professionals must complete during each renewal cycle to maintain an active license. CE ensures agents stay current with changes in laws, regulations, and industry practices.
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In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
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