The Iowa Real Estate Commission is investigating broker Cynthia for alleged violations of Iowa Code Chapter 543B. Before the formal hearing, the IREC's investigator subpoenas Cynthia's trust account bank records. Cynthia refuses to produce the records, claiming they are private business documents. Under Iowa law, which of the following best describes the IREC's authority in this situation?
Correct Answer
B) The IREC has subpoena power and may seek enforcement of its subpoena through Iowa district court if Cynthia refuses to comply
Under Iowa Code Chapter 543B, the IREC has investigative subpoena authority to compel production of records relevant to a disciplinary investigation. If a licensee refuses to comply with a valid IREC subpoena, the commission may seek enforcement through the Iowa district court, which can hold the non-complying party in contempt. This is a standard administrative agency investigative power.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
Advertising regulations govern how real estate licensees may market properties and services, requiring truthful, non-deceptive advertising that includes proper identification of the brokerage.
Antitrust violations in real estate occur when competing brokerages or agents engage in practices that restrain trade, reduce competition, or harm consumers through collusion. These violations are governed by the Sherman Antitrust Act and can result in severe penalties.
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