Contracts
If a seller fails to disclose a known material defect in Iowa, the buyer's potential remedies include:
AOnly filing a complaint with the IREC
BRescission of the contract and/or damages✓ Correct
CAutomatic forfeiture of seller's earnest money
DCriminal prosecution of the seller only
Explanation
A seller who knowingly fails to disclose material defects may face civil liability for fraud or misrepresentation. Remedies available to the buyer include rescission of the contract, return of consideration paid, and/or money damages.
Related Iowa Contracts Questions
- In Iowa, the term 'meeting of the minds' in contract law means:
- A lease agreement for more than one year must be in writing under Iowa's Statute of Frauds. This requirement exists because:
- For an Iowa real estate purchase agreement to be legally enforceable, which element is NOT required?
- A seller in Iowa is NOT required to disclose which of the following on the Seller's Disclosure of Property Condition form?
- An option contract in Iowa real estate gives the buyer:
- An Iowa buyer signs a purchase agreement but then discovers the home sits on a 100-year floodplain that was not disclosed. The buyer may be able to:
- In Iowa, earnest money that is being held in dispute may be:
- Which of the following is an example of an executory contract?
Practice More Iowa Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Iowa Quiz →