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Real Estate Salesperson Exam — National Portion

Trust money (AR): practice questions

Our Real Estate (National) bank has 5 questions on this topic. Here are 4 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1 · Arkansas

Which is true of an Arkansas broker's trust account?

  1. Its name must include 'trust' or 'escrow'
  2. It must earn interest for the client
  3. It must earn interest that is paid to the client at closing
  4. It may be at a bank lacking federal insurance
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A. Its name must include 'trust' or 'escrow' — AREC Rule 10.8(c).

Question 2 · Arkansas

How often must an Arkansas broker reconcile trust account bank statements in writing?

  1. Quarterly
  2. At each license renewal
  3. At least monthly
  4. Only when audited
Show the answer

C. At least monthly — AREC Rule 10.8(g)(2).

Question 3 · Arkansas

How long must an Arkansas principal broker keep transaction and trust records?

  1. One year after closing
  2. Seven years in paper form
  3. Five years from listing
  4. Three years, or longer if law requires
Show the answer

D. Three years, or longer if law requires — AREC Rules 10.7(b)(3), 10.8(g)(2).

Question 4 · Arkansas

Is an Arkansas broker required to join the Interest on Real Estate Brokers' Trust Accounts program?

  1. Only firms with branch offices
  2. Yes, for all firms holding trust funds
  3. No, participation is voluntary
  4. Yes, if deposits exceed $100,000
Show the answer

C. No, participation is voluntary — Ark. Code Ann. 17-42-601(b).

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