The Iowa Real Estate Commission (IREC) has the authority to:
Correct Answer
B) Suspend, revoke, or fine licensees
The Iowa Real Estate Commission (IREC) has disciplinary authority over licensees, including the power to suspend or revoke licenses and impose fines. IREC cannot set commission rates (which are negotiable), imprison individuals (a criminal court function), or approve real estate contracts.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
An agency relationship where the agent agrees to act on behalf of the principal without receiving compensation.
An agency relationship created by the conduct or actions of the parties rather than by a written or oral agreement.
The legal obligation to reveal information that could affect a party's decision to enter into or the terms of a real estate transaction.
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