Agency
In Iowa, which type of agency relationship is created when an agent acts on behalf of a client without explicit authorization but under circumstances that reasonably imply authority?
AExpress agency
BImplied agency✓ Correct
CRatified agency
DOstensible agency
Explanation
Implied agency arises from the conduct of the parties rather than an explicit agreement. When an agent acts in ways that suggest representation and the principal accepts the benefit, implied agency may be created.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
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