Agency
Under Iowa agency principles, 'ratification' means:
AA client approving an agent's action after the fact✓ Correct
BAn agent acting without authority
CA broker imposing conditions on an agency agreement
DThe IREC approving a dual agency arrangement
Explanation
Ratification occurs when a principal (client) approves or accepts an agent's unauthorized act after it has been performed, effectively making it authorized retroactively.
Related Iowa Agency Questions
- Dual agency in Iowa occurs when:
- An Iowa broker learns of a material fact about a property during the listing appointment. The broker's duty to disclose this to a buyer applies:
- When a seller's agent presents an offer to the seller, the agent's duty of loyalty requires them to:
- Iowa's agency disclosure law requires the licensee to provide a written agency disclosure form to the consumer:
- Iowa's buyer's agent must inform the buyer of which material fact if discovered during the agency?
- 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:
- A seller's agent accidentally learns that the buyer is willing to pay significantly more than the offered price. What should the agent do?
- Iowa's unilateral offer of subagency through the MLS means:
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