Agency
In Iowa, a transaction broker:
AOwes full fiduciary duties to both buyer and seller
BAssists with a transaction without representing either party as an agent✓ Correct
CRepresents only the buyer in a real estate transaction
DIs prohibited under Iowa law
Explanation
A transaction broker (also called a facilitator in some states) assists the parties with completing a transaction but does not represent either party in a fiduciary capacity. Iowa law recognizes this limited service role.
Related Iowa Agency Questions
- Iowa law requires that a listing agreement include which of the following provisions?
- An agent who takes advantage of a client's inexperience to negotiate a personal benefit in a transaction violates which duty?
- Under Iowa agency law, a seller's agent owes which duty to the buyer?
- In Iowa, which of the following BEST describes a buyer's agent?
- Iowa law requires that a dual agency disclosure be:
- Which of the following is an example of implied agency?
- Which type of agency agreement gives the broker the exclusive right to sell the property and earn a commission regardless of who procures the buyer?
- An Iowa agent who represents a buyer and is being paid a commission by the listing broker is:
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