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Real Estate Salesperson Exam — National Portion

Trust money (AL): practice questions

Our Real Estate (National) bank has 6 questions on this topic. Here are 3 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1 · Alabama

If an Alabama contract does not say when an earnest money check is to be deposited, when must it be deposited?

  1. At the closing of the transaction
  2. Within ten days after it is received
  3. When the offer becomes a contract
  4. Before the offer is even presented
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C. When the offer becomes a contract — Ala. Admin. Code r. 790-X-3-.03(3).

Question 2 · Alabama

Where must an Alabama broker keep funds held for others?

  1. Any insured account, in any state, held under the salesperson's own name
  2. The company operating account if a separate ledger is kept
  3. A separate federally insured account at an Alabama institution
  4. A state-run escrow account maintained by the Commission
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C. A separate federally insured account at an Alabama institution — Ala. Code 34-27-36(b)(8)b.; Ala. Admin. Code r. 790-X-3-.03(1).

Question 3 · Alabama

Within what time after a transaction closes must an Alabama qualifying broker disburse trust funds?

  1. 10 calendar days
  2. 3 business days
  3. 30 calendar days
  4. 7 business days
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D. 7 business days — Ala. Admin. Code r. 790-X-3-.03(5).

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