1.A license to practice the profession of real estate broker and salesperson may be
revoked or suspended when the licensee is guilty of any of the following acts or offenses:
a.Fraud in procuring a license.
b.Having made a false statement of material fact on an application for a real estate
broker’s or salesperson’s license, or having caused to be submitted, or having been a party
to preparing or submitting any false application for such license.
c.Professional incompetency.
d.Knowingly making misleading, deceptive, untrue, or fraudulent representations in the
practiceoftheprofessionorengaginginunethicalconductorpracticeharmfulordetrimental
to the public. Proof of actual injury need not be established.
e.Habitual intoxication or addiction to the use of drugs.
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1. A license to practice the profession of real estate broker and salesperson may be
revoked or suspended when the licensee is guilty of any of the following acts or offenses:
a. Fraud in procuring a license.
b. Having made a false statement of material fact on an application for a real estate
broker’s or salesperson’s license, or having caused to be submitted, or having been a party
to preparing or submitting any false application for such license.
c. Professional incompetency.
d. Knowingly making misleading, deceptive, untrue, or fraudulent representations in the
practiceoftheprofessionorengaginginunethicalconductorpracticeharmfulordetrimental
to the public. Proof of actual injury need not be established.
e. Habitual intoxication or addiction to the use of drugs.
f. Conviction of an offense included in section 543B.15, subsection 3. For purposes of this
section, “conviction” means a conviction for an indictable offense and includes the court’s
acceptance of a guilty plea, a deferred judgment from the time of entry of the deferred
judgment until the time the defendant is discharged by the court without entry of judgment,
or other finding of guilt by a court of competent jurisdiction. A copy of the record of
conviction, guilty plea, deferred judgment, or other finding of guilt is conclusive evidence.
(1) A licensed real estate broker or salesperson shall notify the commission of the
licensee’s conviction of an offense included in section 543B.15, subsection 3, paragraph
“a”, within ten days of the conviction. Notification of a conviction for an offense which
is classified as a felony shall result in the immediate suspension of a license pending the
outcome of a hearing conducted pursuant to section 543B.35 to determine the nature of the
disciplinary action, if any, the commission will impose on the licensee. The hearing shall
be conducted within thirty days of the licensee’s notification to the commission, and the
commission’s decision shall be provided to the licensee no later than thirty days following
the hearing. The failure of the licensee to notify the commission of the conviction within ten
days of the date of the conviction is sufficient grounds for revocation of the license.
(2) The commission, when considering the revocation or suspension of a license pursuant
to this paragraph “f”, shall consider the nature of the offense; any aggravating or extenuating
circumstances which are documented; the time lapsed since the conduct or conviction; the
rehabilitation, treatment, or restitution performed by the licensee; and any other factors the
commission deems relevant. Character references may be required but shall not be obtained
from licensed real estate brokers or salespersons.
g. Fraud in representations as to skill or ability.
h. Use of untruthful or improbable statements in advertisements.
i. Willful or repeated violations of the provisions of this chapter.
j. Noncompliance with insurance requirements under section 543B.47.
k. Noncompliance with the trust account requirements under section 543B.46.
l. Revocation of any professional license held by the licensee in this or any other
jurisdiction.
2. The revocation of a broker’s license shall automatically suspend every license granted
§543B.29, REAL ESTATE BROKERS AND SALESPERSONS 14
to any person by virtue of the person’s employment by the broker whose license has been
revoked, pending a change of employer and the issuance of a new license. The new license
shall be issued upon payment of a fee in an amount determined by the commission based
upon the administrative costs involved, if granted during the same license period in which
the original license was granted.
3. Arealestatebrokerorsalespersonwhoisanownerorlessorofpropertyoranemployee
ofanownerorlessormayhavethebroker’sorsalesperson’slicenserevokedorsuspendedfor
violationsofthissectionorsection543B.34, exceptsection543B.34, subsection1, paragraphs
“d”, “e”, “f”, and “i”, with respect to that property.
4. A real estate broker’s or salesperson’s license shall be revoked following three
violations of this section or section 543B.34 within a three-year period.