Iowa Real Estate Practice Exam

Who is responsible for completing Iowa's mandated Disclosure of Property Condition form?

1. The listing agent

2. The buyer

3. The seller

4. The broker

The correct answer is: The seller

The responsibility for completing Iowa's mandated Disclosure of Property Condition form lies with the seller. This form is designed to provide potential buyers with important information regarding the condition of the property prior to the sale. It requires sellers to disclose known issues or defects that may affect the property's value or the buyers' decisions. Sellers are in the best position to accurately report on the property's condition because they have lived in or owned the property and have firsthand knowledge of its characteristics, maintenance history, and any repairs that have been made. Providing this disclosure is essential for protecting buyers by ensuring that they are fully informed about any possible concerns before entering into a contract. While agents and brokers may assist sellers in understanding what needs to be disclosed and ensuring that the form is properly completed and submitted, the legal obligation to fill out and provide the disclosure rests solely with the seller.