Iowa License Law
In Iowa, an exclusive agency listing agreement allows:
AOnly the listing broker to earn a commission
BThe seller to sell the property themselves without paying a commission if they find the buyer✓ Correct
CMultiple brokers to market the property simultaneously
DThe broker to set the listing price without seller approval
Explanation
Under an exclusive agency listing, only the designated broker has the right to represent the seller — but the seller retains the right to sell the property themselves without owing the broker a commission. This differs from the exclusive right-to-sell, where the broker earns a commission regardless of who finds the buyer.
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Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Fee SimpleThe highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
Math Concepts
State-Specific Concepts
License Law
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