Iowa License Law
An Iowa broker who is also a licensed home inspector may perform both services for the same transaction as long as they:
AGet court approval
BDisclose both roles and any conflicts of interest to the client✓ Correct
COnly practice one profession per transaction
DHave the IREC pre-approve each dual-service engagement
Explanation
A licensee performing multiple professional roles in the same transaction must disclose all roles and any potential conflicts of interest to the client, ensuring the client can make an informed decision.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
RedliningAn illegal practice where lenders or insurers deny services or charge higher rates in certain neighborhoods based on the racial or ethnic composition of those areas.
State-Specific Concepts
License Law
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