- An out-of-state licensee may enter state but perform no licensed services within the state.
- An out-of-state licensee may receive part of a commission or fee from Iowa licensee. - An out-of-state licensee could likely bring a lawsuit for a lawfully earned commission.
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ReciprocitySubject to *: Arkansas, Georgia, Louisiana, Massachusetts, Minnesota, Mississippi, North Dakota, West Virginia. * Must be a Resident, received their ORIGINAL LICENSE from this State, and will have their Iowa license in the same real estate company. |
Specific to Iowa- Brokers must license their FIRM in Iowa. - Mandatory E&O coverage is necessary (RISC) https://www.risceo.com/states/iowa/ - Mandatory Trust Account Necessary (see Trust Account Manual below) |
Reverse ReciprocityThese states specifically mention Iowa in their Reciprocity: Arkansas, Illinois, Louisiana, Massachusetts, Minnesota, Montana, North Dakota, Oklahoma, West Virginia These States recognize any other State licenses but may have additional requirements: Alaska, Alabama, Colorado, Georgia, Idaho, Indiana, Kansas, Kentucky, Maine, Nebraska, North Carolina, Rhode Island, South Dakota, Tennesee, Vermont, Washington |
Customs
Attorneys may conduct closings, and so may real estate agents.
Conveyance is usually by warranty deed. Mortgages and deeds of trust are both authorized security instruments, but lenders prefer mortgages because deeds of trust do not circumvent judicial foreclosure proceedings anyway.
Buyers and sellers share the closing costs; sellers pay the documentary taxes.
*Iowa is the only state which does not authorize private title title insurance, property holders who want it must go through a state administered title company or fund.
Conveyance is usually by warranty deed. Mortgages and deeds of trust are both authorized security instruments, but lenders prefer mortgages because deeds of trust do not circumvent judicial foreclosure proceedings anyway.
Buyers and sellers share the closing costs; sellers pay the documentary taxes.
*Iowa is the only state which does not authorize private title title insurance, property holders who want it must go through a state administered title company or fund.
