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UNIT 24 Question and answers 100% correct 2024

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UNIT 24 Question and answers 100% correct 2024 UNIT 24: IOWA AGENCY OVERVIEW agency - correct answer The relationship between a principal and an agent wherein the agent is authorized to represent the principal in certain transactions. appointed agency - correct answer one licensee repres...

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  • August 30, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • unit 24
  • unit 24 question and answers 100 correct 2024

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UNIT 24: IOWA AGENCY OVERVIEW
agency - correct answer ✔The relationship between a principal and an agent
wherein the agent is authorized to represent the principal in certain
transactions.


appointed agency - correct answer ✔one licensee represents the seller;
another licensee in the same office represents the buyer


brokerage - correct answer ✔The bringing together of parties interested in
making a real estate transaction.


client - correct answer ✔party to a transaction who has an agency
agreement with the licensee for brokerage services


customer - correct answer ✔consumer of real estate-related services who is
not being represented by the licensee


dual agency - correct answer ✔created when both parties to a transaction
give written authority to one licensee to represent both parties in the
transaction


et vir - correct answer ✔and husband


et al - correct answer ✔and others


et ux - correct answer ✔and wife

, exclusive-agency listing - correct answer ✔owner of the property promises to
compensate a broker for locating a buyer, but the owner reserves the right to
produce the buyer without paying the broker a commission


t/f The listing contract does NOT have to include the broker's commission rate.
- correct answer ✔false


t/f A protection clause in the listing agreement protects the sellers from
unscrupulous buyers who try to avoid paying a commission. - correct answer
✔false


Two prohibited referral practices address contractual interference: - correct
answer ✔-A licensee is not allowed to request a referral fee for a buyer who
has already made a bona fide offer, accepted by a seller.
-A licensee is not allowed to request a referral fee for a seller who has already
signed a bona fide listing agreement.


exclusive right-to-sell listing - correct answer ✔give brokerage firms the
exclusive right to market the seller's property during the term of the listing and
receive a commission


extender clause - correct answer ✔A clause in a listing that entitles a broker
to a commission for a set period of time after the listing has expired if the
property is sold to a prospect that the broker introduced to the property during
the listing period.


general agent - correct answer ✔One who is authorized by a principal to
represent the principal in a specific range of matters.


t/f Iowa law does NOT authorize the use of disclosed dual agency. - correct
answer ✔false

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