Agency
In Iowa, an implied agency relationship with a buyer can be created when:
AThe buyer signs a written buyer agency agreement
BA licensee performs acts on behalf of a buyer that would lead a reasonable person to believe an agency relationship exists, without a written agreement✓ Correct
CThe buyer pays a retainer fee to the broker
DThe broker shows the buyer 10 or more properties
Explanation
Implied agency arises from the conduct of the parties rather than an express agreement. When a licensee performs services typically associated with representation without disclosing their status, an implied agency may be created, exposing the licensee to fiduciary duties.
Related Iowa Agency Questions
- An Iowa seller's agent who negotiates on behalf of the seller while an unrepresented buyer negotiates alone owes which duty to the buyer?
- Iowa's agency disclosure law requires the licensee to provide a written agency disclosure form to the consumer:
- Iowa allows a seller to instruct their listing agent in writing not to present offers below a specified price. This instruction:
- Under Iowa law, when must a real estate agent present an offer to the seller?
- An Iowa licensee who is representing a buyer asks the seller's agent 'What is the lowest price your seller will accept?' The seller's agent:
- In Iowa, a buyer's agent owes which of the following duties to their buyer-client?
- A seller's agent accidentally learns that the buyer is willing to pay significantly more than the offered price. What should the agent do?
- Which of the following would terminate a listing agency agreement in Iowa?
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