Iowa Code § 543B.33

When any real estate salesperson is discharged or terminates employment or association with the real estate broker by whom the salesperson is employed, the real estate broker shall immediately deliver, mail, or electronically submit to the real estate commission a copy of the real estate salesperson’s license on the reverse side of which the designated broker shall set out the date of termination. The designated broker at the time of submitting a copy of the real estate salesperson’s license to the commission shall address a communication to the last known residence address of the real estate salesperson stating that a copy of the license has been delivered, mailed, or electronically submitted to the commission. A copy of the communication to the real estate salesperson shall accompany the copy of the license when submitted to the commission. It is unlawful for any real estate salesperson to perform any of the acts contemplated by this chapter either directly or indirectly under authority of a license from and after the date of receipt of a copy of the license by the commission. The commission shall, upon presentation of evidence by the salesperson that the salesperson has been employed by or is associated with another broker, issue another license for the balance of the current license period showing each change of employment or association. A fee as determined by the commission shall be charged for the issuance of the license. Not more than one license shall be issued to any real estate salesperson for the same period of time.