Under Iowa law, designated agency means:
Correct Answer
B) Separate agents within the same brokerage firm represent the buyer and seller independently
Iowa law permits designated agency, in which a broker designates one licensed agent within the firm to represent the seller and a different licensed agent within the same firm to represent the buyer. This allows each party to receive independent representation while both agents work under the same brokerage.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
The highest legal obligation of trust and confidence owed by an agent to their principal, requiring the agent to act solely in the principal's best interest.
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.
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- → A Vermont licensee is asked about a designated agency firm appoints separate agents for buyer and seller. What is the best answer?
- → In Vermont, a licensee has substantial contact with an unrepresented person before a showing. Which statement is correct?
- → In Vermont, a firm has not elected designated agency. Which statement is correct?
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