Competition and Real Estate by State
||Limits choice of brokerage services
||Prohibits brokers from offering rebates to consumers
Iowa law requires real estate brokers to accept and present offers and counteroffers, and answer their clients' questions in every real estate transaction, even if consumers do not wish to buy these services. Consumers can no longer purchase and brokers can no longer offer MLS-listing-only and other à la carte services.
Iowa law prohibits consumers from receiving consumer rebates when more than one broker assists them to buy or sell property. For example, two brokers may believe that each has a specialty in particular parts of the real estate transaction and wish to divide up the work to focus on what each does best. In such a situation, the home buyer may not receive a rebate.
Learn more about:
Brokerage services: Discount Brokers Can Make Selling a Home Less Costly
Rebates: Rebates Make Buying a Home Less Expensive
Related documents on the Internet:
Iowa Code § 543B.56 requiring brokers to perform minimum services and § 543B.60A prohibiting the payment of a rebate when more than two brokers assist a single home seller or buyer in a transaction (2005)