An Iowa broker reviews a property manager receives funds on behalf of an owner. Which answer follows Iowa law?
Correct Answer
C) The broker deposits all owner funds into the broker-controlled trust account no later than five banking days after receipt
Iowa Administrative Code 193E-15.1 requires property management funds to be deposited within five banking days into the broker trust account. Source basis: Iowa Administrative Code 193E-15.1: property management written authorization, required agreement terms, copies, sale/listing authority, trust-account deposits, termination notices, owner funds, and final accounting; checked 2026-04-30.
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Key Terms:
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