Iowa License Law
An Iowa broker who receives earnest money must deposit it into the trust account within:
A1 business day of receipt
BA reasonable time, as required by IREC rules, typically within 3 business days of acceptance of the offer✓ Correct
C30 days of closing
DThe time specified by the county treasurer
Explanation
Iowa IREC rules require brokers to deposit earnest money and other trust funds promptly into the trust account — typically within 3 business days after the purchase agreement is accepted and the check or funds are received. Delayed deposit is a violation.
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