Under Iowa law, dual agency is permitted only with:
Correct Answer
B) Written informed consent from both the buyer and the seller
Iowa law permits dual agency only when the licensee obtains written informed consent from both the buyer and the seller before proceeding. This ensures both parties understand and agree to the limited representation involved.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
The fiduciary obligation to protect a client's private information and not disclose it to third parties without permission, surviving even after the agency relationship ends.
In real estate, a client is someone to whom the agent owes fiduciary duties through an agency relationship, while a customer is a third party to whom the agent owes only honesty and fair dealing.
An arrangement where a brokerage assigns separate agents within the firm to represent the buyer and seller in the same transaction, allowing each client to have dedicated representation.
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In Vermont, a licensee owes fiduciary duties to a client. Which statement is correct?
- → 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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- → In Vermont, a seller receives another offer before closing. Which statement is correct?
- → In Vermont, a designated agency firm appoints or changes a designated agent. Which statement is correct?
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- → In Vermont, a brokerage hosts an open house for unrepresented visitors. Which statement is correct?
- → In Vermont, a licensee buys or sells property on the licensee's own account. Which statement is correct?
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