Iowa License Law
Which of the following is considered commingling under Iowa license law?
ADepositing client funds in a trust account separate from business funds
BMixing client earnest money with the broker's personal operating funds✓ Correct
CMaintaining two separate trust accounts for different clients
DPaying a referral fee to a licensed broker in another state
Explanation
Commingling is the illegal mixing of client funds (such as earnest money) with the broker's personal or operating funds. Iowa license law requires strict separation of client and business funds.
People Also Study
Related Iowa Questions
- Under Iowa Code Chapter 543B, commingling of client funds with the broker's personal or business funds is:Iowa License Law
- 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 License Law
- In Iowa, an earnest money check returned for insufficient funds from the buyer:Contracts
- Iowa requires a real estate broker to keep a separate record of all earnest money deposits that includes:Iowa License Law
- Which of the following activities requires a real estate license in Iowa?Iowa License Law
- In Iowa, earnest money deposited with a real estate broker must be placed in:Contracts
- In Iowa, earnest money that is being held in dispute may be:Contracts
- Which fiduciary duty requires an Iowa agent to tell the client about all offers received on a property?Agency
Key Terms to Know
Math Concepts
State-Specific Concepts
Trust Account RulesLicense Law
Practice More Iowa Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Iowa Quiz →