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Real Estate Salesperson Exam — National Portion

Trust money (AK): 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.

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Question 1 · Alaska

If a trust account charges maintenance fees, how much of the broker's own money may be kept in it to cover them?

  1. No more than $250
  2. No more than $100
  3. Up to $1,000
  4. Any amount, if logged
Show the answer

B. No more than $100 — 12 AAC 64.180(d).

Question 2 · Alaska

For how long must an Alaska broker keep complete records of real estate transactions?

  1. Two years
  2. Until the next renewal
  3. Three years
  4. Five years
Show the answer

C. Three years — AS 08.88.351(a)(1), (c).

Question 3 · Alaska

Which statement about Alaska broker trust accounts is correct?

  1. They must be demand accounts at a federally insured bank authorized in Alaska
  2. They may be held at any bank in the nation if the commission is notified of it
  3. They may be savings accounts if the interest is paid to the broker
  4. They must be certificates of deposit when holding more than $10,000
Show the answer

A. They must be demand accounts at a federally insured bank authorized in Alaska — 12 AAC 64.180(a), (e).

Question 4 · Alaska

Absent hardship from location, weather or transport, how soon must trust money be deposited or mailed to the trust account?

  1. Before the transaction closes
  2. Within five days following receipt
  3. By the end of the next business day
  4. Within ten days after acceptance
Show the answer

B. Within five days following receipt — 12 AAC 64.200.

Question 5 · Alaska

Which payment may an Alaska broker NOT make directly from the trust account?

  1. A salesperson's share of the commission
  2. A refund of a rejected buyer's deposit
  3. A disbursement authorized under a management contract
  4. Funds due to the seller at closing
Show the answer

A. A salesperson's share of the commission — 12 AAC 64.250(1).

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