Agency
In Iowa, a buyer who has not signed a buyer agency agreement is BEST described as a:
AClient of the buyer's agent
BCustomer of the brokerage✓ Correct
CPrincipal in the transaction
DAgent of the seller
Explanation
Without a signed buyer agency agreement, the buyer is a customer of the brokerage, not a client. Agents owe customers honesty and disclosure of material facts but do not owe fiduciary duties.
Related Iowa Agency Questions
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- Iowa's agency representation agreement with a buyer may be terminated by:
- In Iowa, which of the following BEST describes a buyer's agent?
- In Iowa, can a broker pay a referral fee to an unlicensed individual who refers a client?
- In Iowa, a transaction broker:
- Iowa's 'ministerial acts' that a licensee may perform for an unrepresented party without creating an agency relationship include:
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