Which Iowa rule applies when a broker closes a transaction file?
Correct Answer
D) The broker retains trust account records and a complete file for at least five years after closing
Iowa Administrative Code 193E-13.2 and 13.5 require retention of transaction and trust-account records for at least five years. 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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Florida real estate licenses must be renewed biennially, and sales associates have specific post-license education requirements for their first renewal.
License requirements are the mandatory qualifications—including pre-licensing education, examination, and background checks—that a person must satisfy before legally practicing real estate. These requirements are established and enforced by each state's real estate commission.
Market allocation is an illegal antitrust practice in which competing real estate brokerages agree to divide markets among themselves by geographic area, property type, or price range, thereby eliminating competition.
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