For the Iowa state portion, how should a candidate analyze a broker receives earnest money, rent, or property management funds for a client?
Correct Answer
C) The funds are deposited in an identified trust account with the word “trust” in the account name at a federally insured depository
Iowa Administrative Code 193E-13.1 requires trust funds to be deposited into an identified trust account with “trust” in the name at a federally insured depository. 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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Related Concepts
The National Do Not Call Registry is a federal program administered by the FTC that allows consumers to opt out of receiving unsolicited telemarketing calls, including calls from real estate agents soliciting business.
Brokers in Florida have strict responsibilities for managing escrow accounts, including monthly reconciliation and proper handling of trust funds.
FREC has the authority to impose fines and other disciplinary actions on licensees who violate real estate laws and rules.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
In Wyoming real estate practice, a first-time salesperson applicant completes coursework. What should the licensee remember?
A Wyoming licensee is reviewing an out-of-state salesperson applicant prepares for testing. What is the best answer?
In Wyoming real estate practice, a salesperson applicant age is reviewed. What should the licensee remember?
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