Iowa License Law
Under Iowa Code Chapter 543B, commingling of client funds with the broker's personal or business funds is:
APermitted if the amount is under $1,000
BA serious violation that may result in license suspension or revocation✓ Correct
CRequired for simplified accounting
DAllowed only for commercial transactions
Explanation
Commingling — mixing client trust funds with the broker's operating or personal funds — is a serious violation under Iowa law. Brokers must maintain separate trust accounts and may face license suspension, revocation, and civil liability.
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Key Terms to Know
State-Specific Concepts
Trust Account Rules
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