Agency
Iowa's listing agent who also finds the buyer for the listed property without disclosure creates:
AAn automatic transaction brokerage
BAn undisclosed dual agency, which is a violation of Iowa law requiring written consent from both parties✓ Correct
CA valid designated agency arrangement
DA buyer subagency relationship
Explanation
When a listing agent also represents the buyer in the same transaction without obtaining written informed consent from both parties, they are acting as an undisclosed dual agent. This is a violation of Iowa law, which requires prior written consent before a licensee may serve as a dual agent.
Related Iowa Agency Questions
- Iowa's buyer representation agreement specifies the territory or property types for which the buyer's agent is authorized. This means:
- A real estate agent who represents both the buyer and seller in the same transaction in Iowa is called a:
- Which of the following is an example of an express agency relationship?
- In Iowa, an agent who fails to disclose a known material defect in a property may be found liable for:
- When a seller's agent presents an offer to the seller, the agent's duty of loyalty requires them to:
- In Iowa, a transaction broker (non-agent facilitator) owes duties to clients that include:
- A seller instructs their Iowa listing agent to tell buyers there are no foundation problems, even though the agent knows there are cracks. The agent should:
- Designated agency in Iowa means:
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