An Iowa broker reviews a broker wants to place another person’s money in a fixed-term account. Which answer follows Iowa law?
Correct Answer
A) Money belonging to others cannot be invested in a fixed-term maturity account, security, or certificate without written consent
Iowa Administrative Code 193E-13.1 bars fixed-term investment of money belonging to others without written consent. 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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Related Topics & Key Terms
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Key Terms:
Related Concepts
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
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