Agency
In Iowa, a transaction broker (non-agent facilitator) owes duties to clients that include:
AFull fiduciary duty to both parties
BLimited duties: accounting, skill, care, and disclosure of material facts, but no advocacy✓ Correct
CLoyalty to the seller only
DThe same duties as a buyer's agent
Explanation
A transaction broker in Iowa provides limited assistance without creating a fiduciary relationship. They must use skill and care, disclose material facts, and account for funds, but do not advocate exclusively for either party.
Related Iowa Agency Questions
- Iowa's principal-agent relationship in real estate is characterized by all of the following EXCEPT:
- Iowa's listing agent who sells a property more quickly than expected by disclosing the buyer's willingness to pay more than the offer price has:
- Which of the following is an example of an express agency relationship?
- An agent for a buyer who wants to purchase a property well below market value is ethically required to:
- Iowa's agency disclosure law requires the licensee to provide a written agency disclosure form to the consumer:
- Iowa law allows a buyer's agent to show the buyer properties listed with their own brokerage firm provided:
- The duty of 'accounting' in an agency relationship requires the agent to:
- Iowa's listing agent who also finds the buyer for the listed property without disclosure creates:
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