Which duty does an Iowa licensee owe to ALL parties in a transaction, including non-clients?
Correct Answer
C) Honesty and fair dealing
Under Iowa law, a licensee owes honesty and fair dealing to ALL parties in a transaction, including customers who are not the licensee's client. Fiduciary duties such as loyalty, obedience, and confidentiality are owed only to the client (principal) with whom the licensee has an agency relationship.
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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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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?
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