Agency
Iowa's agency disclosure requirements mandate that a licensee provide the agency disclosure form to a consumer:
AOnly at closing
BAt first substantive contact✓ Correct
CAfter a purchase agreement is signed
DOnly when representing the seller
Explanation
Iowa requires licensees to provide the written agency disclosure form at first substantive contact with a consumer — the point at which real estate needs or financial qualifications are first discussed.
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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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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.
State-Specific Concepts
Disclosure Requirements
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