Agency
A seller tells their Iowa agent that the basement floods every spring. The agent must:
AKeep this confidential as it would harm the seller's negotiating position
BDisclose this material fact to potential buyers✓ Correct
COnly disclose if the buyer specifically asks about flooding
DRemove the information from the MLS listing
Explanation
Known material defects—such as seasonal flooding—are material facts that Iowa agents must disclose to potential buyers regardless of whether asked, even when representing the seller.
Related Iowa Agency Questions
- An Iowa seller's agent who negotiates on behalf of the seller while an unrepresented buyer negotiates alone owes which duty to the buyer?
- A real estate agent who represents both the buyer and seller in the same transaction in Iowa is called a:
- An agent's duty to disclose material facts applies to:
- Under Iowa law, an agent may act as a dual agent representing both the buyer and seller if:
- A seller's agent who learns that the buyer cannot qualify for a larger mortgage should:
- In Iowa, which of the following BEST describes a buyer's agent?
- Which document in Iowa formally creates the buyer agency relationship between a buyer and a brokerage?
- A seller instructs their Iowa listing agent to tell buyers there are no foundation problems, even though the agent knows there are cracks. The agent should:
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