Iowa License Law
Iowa requires a real estate broker to keep a separate record of all earnest money deposits that includes:
AOnly the total balance in the trust account
BThe name of the depositor, date received, amount, and transaction to which it relates✓ Correct
CThe IREC registration number for each deposit
DBank account interest earned on each deposit
Explanation
IREC rules require brokers to maintain detailed records for each trust account deposit, identifying the depositor's name, date received, amount, property address, and the transaction it relates to. These records must be available for IREC audit.
Related Iowa Iowa License Law Questions
- Which of the following Iowa real estate activities is exempt from licensing requirements?
- Which of the following must appear in Iowa real estate advertising per IREC rules?
- Which of the following must be included on an Iowa real estate licensee's business card?
- Under Iowa Code Chapter 543B, what is the minimum age to obtain a real estate salesperson license in Iowa?
- An Iowa real estate licensee who wishes to become a broker must have how many years of active salesperson experience?
- Iowa's real estate license law requires a broker to maintain a trust account. Which of the following funds should NOT be deposited into the trust account?
- Iowa real estate salesperson licenses are renewed every:
- Which of the following is generally exempt from Iowa real estate licensing requirements?
Practice More Iowa Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Iowa Quiz →