172A.2 - LICENSE REQUIRED.
172A.2 LICENSE REQUIRED.
No person shall act as a dealer or broker without first being
licensed. No person shall act for any dealer or broker as an agent
unless such dealer or broker is licensed, has designated such agent
to act in the dealer's or broker's behalf, and has notified the
secretary of the designation in the dealer's or broker's application
for license or has given official notice in writing of the
appointment of the agent and the secretary has issued to the agent an
agent's license. A dealer or broker shall be accountable and
responsible for contracts made by an agent in the course of the
agent's employment. The license of an agent whose employment by the
dealer or broker is terminated shall be void on the date written
notice of termination is received by the secretary. The license of a
dealer, broker, or agent, unless revoked, shall expire on the last
day of June following the date of issue. The annual fee for the
license of a dealer or broker is fifty dollars. The annual fee for an
agent's license is ten dollars.
No person may be issued a license if that person previously has
had a license revoked, or previously was issued a license and the
secretary suspended that license, unless the order of suspension or
revocation is thereafter terminated by the secretary. Section History: Early Form
[C73, 75, 77, 79, 81, § 172A.2]