Iowa Real Estate Practice Exam

If the seller is unavailable, who is authorized to sign the Groundwater Hazard Statement?

1. Buyer's attorney

2. Seller's agent

3. Co-seller

4. Broker on record

The correct answer is: Seller's agent

In real estate transactions, the Groundwater Hazard Statement is an important document because it provides information about potential groundwater contamination issues concerning the property. If the seller is unavailable to sign this document, the seller's agent has the legal authority to sign on their behalf. This authority stems from the relationship established through the listing agreement, which empowers the agent to act in the seller's interest regarding various aspects of the sale process, including necessary disclosures. The seller's agent's role is to represent the seller and ensure that all regulatory requirements are met, including the submission of the Groundwater Hazard Statement. This not only facilitates the sale but also protects the seller's interests by ensuring compliance with local regulations related to groundwater hazards. In contrast, other options such as the buyer's attorney, co-seller, or broker on record do not hold the same authority in this context. A buyer's attorney typically does not have the legal standing to act on behalf of the seller, as they represent the interests of the buyer. A co-seller would generally need to be present or authorized separately to sign. Similarly, while the broker on record may manage the transaction, the seller's agent specifically acts as the representative for signing documents related to the seller's obligations.