semplr.

Exams · Certifications · Licensing

Real Estate Salesperson Exam — National Portion

Escrow (FL): practice questions

Our Real Estate (National) bank has 7 questions on this topic. Here are 5 of them with answers; the full mock exam draws from every topic, like the real one.

Start the free mock exam

Question 1 · Florida

Where must a Florida broker hold escrow deposits?

  1. In the broker's personal savings account
  2. In an escrow account at a bank, credit union or savings association in Florida, or with a title company or attorney
  3. With the seller
  4. In cash in the office safe
Show the answer

B. In an escrow account at a bank, credit union or savings association in Florida, or with a title company or attorney — Commingling is prohibited.

Question 2 · Florida

If mediation is used to resolve an escrow dispute in Florida, when must it be completed?

  1. Within 90 days of the last demand
  2. Within 10 days
  3. There is no deadline for mediation
  4. Within 1 year
Show the answer

A. Within 90 days of the last demand — Otherwise the licensee must use another settlement procedure.

Question 3 · Florida

A Florida brokerage receives an escrow deposit on Monday. By when must it be deposited?

  1. Within 30 days
  2. By the end of the following Monday
  3. By the end of Monday
  4. By the end of Thursday
Show the answer

D. By the end of Thursday — Weekends and legal holidays don't count as business days.

Question 4 · Florida

When must a Florida sales associate deliver a deposit received from a buyer to their broker?

  1. By the end of the next business day
  2. Within 30 days
  3. Within one week of receiving it from the buyer
  4. At closing
Show the answer

A. By the end of the next business day — The broker then deposits it within three business days.

Question 5 · Florida

How soon must a Florida broker deposit escrow funds after the sales associate delivers them?

  1. Within 10 business days
  2. Within 30 days
  3. Within three business days
  4. Within six months, or at closing if sooner
Show the answer

C. Within three business days — Funds go into the broker's escrow account.

More Real Estate (National) topics