A licensee in Iowa encounters an offer is withdrawn or acceptance revoked without liability under Iowa Code chapter 558A. What should the licensee remember?
Correct Answer
B) Earnest money is promptly returned to the buyer without needing the seller’s consent
Iowa Administrative Code 193E-13.4 states seller consent is not necessary to return earnest money in that situation. 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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