A licensee in Iowa encounters a broker wants to keep personal operating funds in a trust account. What should the licensee remember?
Correct Answer
D) The broker cannot commingle personal funds except as authorized for bank service charges
Iowa Administrative Code 193E-13.1 bars commingling personal funds in the trust account except as authorized by Iowa Code section 543B.46(4). Source basis: Iowa Administrative Code 193E-13.1 through 13.6: trust account deposits, commingling limits, closing statements, escrow agreements, record retention, salesperson closing limits, earnest money return, and licensee-as-principal funds; checked 2026-04-30.
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