Agency
Iowa's buyer representation agreement specifies the territory or property types for which the buyer's agent is authorized. This means:
AThe buyer cannot look at properties outside the specified area
BThe agent's representation obligation and compensation rights are defined and limited to the scope specified in the agreement✓ Correct
CThe IREC enforces geographic restrictions on buyers
DThe broker has exclusive rights to show all properties in the territory
Explanation
The buyer representation agreement defines the scope of representation — property types, geographic areas, price ranges, and time period. Both the agent's duties and their right to compensation are limited to the scope defined in the written agreement.
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Key Terms to Know
Buyer's Agent
A real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
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.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
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