Contracts
In Iowa, earnest money deposited with a listing broker is typically held in:
AThe broker's operating account
BA federally insured trust or escrow account✓ Correct
CA money market fund in the broker's name
DThe seller's personal account
Explanation
Iowa law requires earnest money and other client funds to be held in a separate trust or escrow account, insured by a federally regulated institution, to protect client funds from commingling.
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