Agency
Iowa's exclusive agency listing agreement differs from an exclusive right-to-sell because:
AOnly one broker may list the property
BThe seller reserves the right to sell the property themselves without owing the broker a commission, but the broker earns commission if any other agent produces the buyer✓ Correct
CThe broker earns commission only if the listing price is achieved
DThe seller must pay a higher commission rate
Explanation
Under an exclusive agency listing, the listing broker has the exclusive right to represent the seller against other brokers, but the seller retains the right to sell the property themselves without owing a commission. If another agent produces the buyer, the listing broker still earns the commission.
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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.
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.
Math Concepts
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