Iowa License Law
Iowa's IREC requires that broker trust account records reconcile the bank balance with the:
ABroker's personal account balance
BTotal of all individual client ledger balances held in trust✓ Correct
CPrevious month's commission income
DTotal accounts payable of the brokerage
Explanation
Iowa IREC rules require brokers to perform regular (at least monthly) three-way reconciliation of trust accounts: reconciling the bank statement balance, the broker's trust account ledger balance, and the total of all individual client ledger balances. Discrepancies must be investigated and corrected immediately.
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