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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Commingling is the illegal act of mixing client funds with a broker's personal or business operating funds, while conversion is the unauthorized use of client funds for the broker's own benefit. Both are serious violations that can result in license revocation.
Commingling is the illegal act of mixing client trust funds with a broker's personal or business operating funds; conversion is the misappropriation of those funds.
Continuing education (CE) refers to the ongoing coursework that licensed real estate professionals must complete during each renewal cycle to maintain an active license. CE ensures agents stay current with changes in laws, regulations, and industry practices.
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