Under Iowa law, which document must an Iowa real estate licensee use to disclose the agency relationship to a buyer or seller at the time of first substantive contact?
Correct Answer
B) An IREC-approved written agency disclosure form
Iowa Administrative Code 193E requires that Iowa real estate licensees use an IREC-approved written agency disclosure form to disclose the agency relationship to buyers and sellers at the time of first substantive contact. The IREC has prescribed specific forms for this purpose, and use of the approved form is mandatory. The disclosure must be in writing and must use the form approved by the Iowa Real Estate Commission — informal or verbal disclosures, even if followed up in writing, do not satisfy the regulatory requirement.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship where the agent agrees to act on behalf of the principal without receiving compensation.
An agency relationship created by the conduct or actions of the parties rather than by a written or oral agreement.
The legal obligation to reveal information that could affect a party's decision to enter into or the terms of a real estate transaction.
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