Iowa License Law
Iowa law requires a real estate broker to maintain an escrow (trust) account that is:
AMaintained in the broker's personal bank account for convenience
BSeparate from all operating and personal accounts, with detailed records of each client's funds✓ Correct
CHeld by the IREC for safekeeping
DMaintained at the county recorder's office
Explanation
Iowa law requires brokers to maintain trust accounts completely separate from business operating accounts and personal accounts, with detailed records identifying each client's funds. Commingling is a serious violation subject to license discipline.
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