BY-LAWS OF THE REAL ESTATE AND TITLE LAW SECTION IOWA STATE BAR ASSOCIATION NAME

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1 BY-LAWS OF THE REAL ESTATE AND TITLE LAW SECTION IOWA STATE BAR ASSOCIATION I. NAME The name of this Section is the Real Estate and Title Law Section of the Iowa State Bar Association. II. PURPOSE The purpose of this Section is to provide an organization in which members who have an interest in real estate and title law can meet for discussion and exchange of ideas. This Section shall have committees dealing with the subject of Iowa Title Standards and Iowa Title Guaranty which shall function in the same manner as their predecessor committees. In addition, the Section may have such other committees and subcommittees as are deemed appropriate by the Section Council. The Section shall study report on developments in the real estate and title area and facilitate the practice of real estate law in Iowa. III. MEMBERSHIP Any member in good standing of the Iowa State Bar Association may become a member of this Section by submitting an application for membership and paying annual dues.

2 IV. OFFICERS Chairperson. A chairperson shall preside at all meetings of the Section Council and at all meetings of the Section; shall attend the meetings of the Board of Governors of the Iowa State Bar Association and serve as this Section s liaison to the Board. The Chairperson shall perform such other duties as usually pertain to this office or as may be assigned to that office by the Section Council. The Chairperson shall be appointed by the President-Elect of the Association for a term of one year coinciding with the term of office of the President-Elect. No Chairperson shall serve more than three consecutive terms. In the event of the absence of the Chairperson, the Chairperson shall designate a member of the Section Council to act as temporary Chairperson. In the event of the death, disability or resignation of the Chairperson, the President-Elect of the Association shall appoint a member of the Section Council as successor to serve the remainder of the term of office of the person replaced. Secretary. The Chairperson may designate a member of the Section Council to act as Secretary. If appointed, the Secretary shall be the custodian of all minutes and other records or books and all property of the Section, shall keep a true record of the proceedings of all meetings of the membership and Section Council, and shall perform such duties as may be assigned by the Chairperson or by the Section Council. Treasurer. The Chairperson may designate a member of the Section Council to act as Treasurer. If appointed, the Treasurer shall be the custodian of all financial records and books of the Section, shall assist the Chairperson in preparing the budget for the Section, and shall perform such duties as may be assigned by the Chairperson or the Section Council. V. SECTION COUNCIL The Section shall have a Council composed of not more than twelve members, as the President- Elect deems necessary. The Section Council shall conduct, control and manage the affairs of the Section. The Council shall meet upon the call of the Chairperson or by a majority vote of the Council members. The time and place of the meetings shall be determined by the Chairperson or, if not so determined, by majority vote of the council. The majority of the Council shall constitute a quorum, and a majority vote of those present shall suffice for any actions of the Council. All Council members will be expected to attend meetings on a regular basis. Any Council member who fails to attend two successive meetings without being excused by the Chairperson may, at the discretion of the Council, be retired from office and/or membership of the Council. Members of the Section shall be appointed to the Section Council by the President-Elect for three year terms with the terms to be staggered initially so that thereafter approximately one-third of the Council is appointed each year. After one year s absence from the Council, a former Council member may be reappointed to the Council. The Chair and members of the Council shall be members of the Section.

3 VI. SECTION MEETINGS The Section shall have such meetings as may be arranged by the Section Council; provided, however, that the Section shall have an Annual Meeting during the morning preceding the convening of the Annual Meeting of the Association. A majority vote of Section members present at a duly called meeting shall be required to transact business. VII. COMMITTEES The Council shall designate the committees for each year at the Annual Meeting of the Section. Initially, the Section shall have the following three committees and their subcommittees: Newsletter Committee. Title Standards Committee. - Title Guaranty Subcommittee - Abstracting Subcommittee Real Property Committee. - Legislation Subcommittee - Forms Subcommittee - CLE Subcommittee - Environmental Subcommittee Each Committee and Subcommittee shall keep minutes of its proceedings and shall promptly send a copy of said minutes to the Section Chairperson. NEWSLETTER COMMITTEE The Newsletter committee shall consist of six members of the Real Estate and Title Law Section of the Iowa State Bar Association. This Committee shall prepare and disseminate a Real Estate and Title Law Section Newsletter as frequently as determined by the Council of said Section in conjunction with the recommendations of the Committee. Said newsletters may be made available to members of the Iowa State Bar Association whether or not the subscriber is a member of the Real Estate and Title Law Section. The subscription shall be free to members of the Section, but a subscription fee determined by the Committee and approved by the Council shall be charged to lawyers who are not members of the Section. The

4 newsletter shall contain matters of importance regarding legislation, court decisions (within and without Iowa), and subjects of general interest to members of said Section. TITLE STANDARDS COMMITTEE The Title Standards Committee shall consist of fifteen members of the Real Estate and Title Law Section of the Iowa State Bar Association. In addition, this Committee may appoint a non-voting recording secretary to provide continuity of work product. This committee shall formulate and recommend the adoption and revision of title standards and assist members of the Iowa State Bar Association in matters involving title law. The Title Standards Committee shall have two subcommittees, composed of members of the Title Standards Committee. 1. The Title Guaranty Subcommittee will consist of three members and shall act as a liaison for the Iowa State Bar Association with the Title Guaranty division of the Iowa Finance Authority. 2. The Abstracting Subcommittee will consist of three members and shall act as liaison for the Real Estate and Title Law Section of the Iowa State bar Association with the Iowa Land Title Association. REAL PROPERTY COMMITTEE The Real Property Committee shall consist of fifteen members of the Real Estate and Title Law Section of the Iowa State Bar Association. In addition, this committee may appoint a non-voting recording secretary to provide continuity of work product. This Committee has the following purpose: A. To monitor the activity of its Legislation, Forms, Continuing Legal Education, and Environmental Law Subcommittees. B. To make recommendations to the Council of action to be proposed by the Council to the Section members and/or Board of Governors. C. To generally encourage the development of Iowa real estate law consistent with the public s interest. D. To report to the Real Estate and Title Law Section Newsletter Committee developments which should appear in the newsletter. The Real Property Committee shall have four subcommittees: Legislation, Forms, CLE and Environmental. Legislation. The Legislation Subcommittee will consist of five members of the Real Property Committee, and will have the following purposes: A. To recommend to the Real Property Committee measures which will improve the Iowa law of real property. B. To monitor proposed legislation affecting interests in real property and recommend to the Real Property Committee the position the Section should take in regard thereto.

5 C. To cooperate with the Iowa State Bar Association s legislative liaison persons requesting technical assistance. D. To study and recommend new legislation, the repeal of existing legislation, and propose modifications to existing legislation to improve real estate and title law in Iowa. Where appropriate, this subcommittee shall refer information to the newsletter committee. Forms. The Forms Subcommittee will consist of three members of the Real Property Committee and shall have the following purpose: A. To cooperate with the Iowa State Bar Association Legal Forms Committee and provide technical assistance to that Committee regarding forms affecting interests in real property. B. To recommend to the Iowa State Bar Association Legal Forms Committee necessary new forms affecting interests in real property or revisions to existing forms. Continuing Legal Education. The Continuing Legal Education Subcommittee will consist of four members from the members of the Real Property Committee, and shall have the following purposes: A. To coordinate legal seminars embracing topics of interest to members of the Real Estate and Title Law Section and to the members of the Iowa State Bar Association, generally. Said seminars will be available to all members of the bar, but Section members shall pay a reduced registration fee. B. To refer appropriate matters to the Newsletter Committee. Environmental. The Environmental Subcommittee will consist of three members of the Real Property Committee, and shall have the following purposes: A. To recommend to the Real Property Committee of this Section measures which will improve the Iowa law affecting interests in real property arising out of controls on air quality, water quality, water allocation and use, radioactive waste, waste disposal and other hazardous materials. B. To cooperate with the Legislative Subcommittee and provide technical assistance on issues affecting the environment and real property. C. To cooperate with the Environmental and Natural Resources Law Section and provide technical assistance on issues affecting the environment and real property. D. To refer appropriate matters to the Newsletter Subcommittee of this Section.

6 ELECTION OF COMMITTEE MEMBERS Selection of Committee members shall be commenced by the Chairperson of the Council who shall send a letter to all members of the Section requesting an expression of interest in Committee membership. The Council will review all responses and will nominate two persons for each vacant position on each committee. All nominees shall be a member in good standing of the Section. The names of the nominees, with additional room for write-in nominations, will be submitted to the electors, the members of the Real Estate and Title Law Section, for vote. The ballots shall include no more than five lines of biography as supplied by the nominee. The nominees shall be listed on the ballot in such order as determined by drawing. The terms of the committee members shall be staggered so that one-third of the membership of the committee is elected every year. At the time of the initial balloting, when all of the members of the committees are selected, a straw vote shall determine who receives the one, two and three year terms of the initial committees of the Council. In the event at least one of the members-elect of the Title Standard Committee is not a member of the ISBA Young Lawyers Division, then the nominee receiving the highest number of votes, who is a member thereof, shall replace the member-elect receiving the least number of votes. A committee member may be re-elected for unlimited consecutive terms. The Real Estate and Title Law Section absolutely prohibits any politicking by a nominee for election to a committee. Any ties shall be broken by lot. COMMITTEE CHAIRPERSONS The Council will appoint the first Chair of each committee. Thereafter, the committee shall elect their own Chair from its membership. A committee Chair does not have to be a member of the Council. Each Subcommittee shall elect its own Chair. The Chairperson of the Council shall be an ex officio member of every committee and shall be empowered to call a meeting of any committee. The Council shall have the power to appoint such temporary or special committees as may be authorized by the membership or by the Council. VIII. AMENDMENTS These By-Laws nay be amended at any regular or special meeting of the membership by twothirds vote of the members of the Section present and voting, provided that notice of the meeting and the substance of the proposed amendment shall be given to all members of the Section at least two weeks before the meeting. Amendments shall not be inconsistent with the By-Laws of the Association.

7 IX. NOTICE OF REQUIREMENT Any notice required or authorized by the By-Laws may be given by publication in the Bar Bulletin or may be mailed to the members of the Section entitled to notice. The Council may transact business by telephone, if necessary. X. CONFLICTS OF INTEREST No member of the Section shall knowingly participate in, debate, or vote upon any matter in which the member, a client, or a relative by consanguinity has a financial or other pecuniary interest.