Agency
Under Iowa agency law, a licensee acting as a transaction broker (non-agent) owes the consumer:
AFull fiduciary duties identical to a buyer's agent
BLimited duties: honesty, reasonable skill, and limited confidentiality✓ Correct
CNo duties whatsoever
DThe same duties owed to the general public
Explanation
A transaction broker in Iowa is not an agent and therefore does not owe fiduciary duties. However, they must still perform with honesty, reasonable care and skill, and maintain limited confidentiality of voluntarily disclosed information.
Related Iowa Agency Questions
- When does an agency relationship most commonly terminate in Iowa?
- Iowa's exclusive agency listing agreement differs from an exclusive right-to-sell because:
- Under Iowa agency principles, 'ratification' means:
- Dual agency in Iowa occurs when:
- Under Iowa agency disclosure requirements, a real estate licensee must disclose their agency status to all parties:
- An Iowa buyer's agent who discovers that the seller has an unresolved zoning violation on the property should:
- In Iowa, if a buyer's offer is rejected by the seller, the seller's agent must:
- Iowa's agency representation agreement with a buyer may be terminated by:
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