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Real Estate Salesperson Exam — National Portion

Trust money (AZ): practice questions

Our Real Estate (National) bank has 4 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 · Arizona

How often must an Arizona broker complete a three-way reconciliation of the trust account?

  1. Daily
  2. Monthly
  3. Quarterly
  4. Yearly
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B. Monthly — A.R.S. 32-2151(B)(3).

Question 2 · Arizona

Where must an Arizona broker place trust money not put in neutral escrow?

  1. In the broker's operating account
  2. In a federally insured trust account at a depository in Arizona
  3. In any bank nationwide
  4. With the seller
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B. In a federally insured trust account at a depository in Arizona — A.R.S. 32-2151(A).

Question 3 · Arizona

How much personal money may an Arizona broker keep in a trust account to avoid charges?

  1. None
  2. Up to $500
  3. Up to $5,000
  4. Up to $10,000
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C. Up to $5,000 — A.R.S. 32-2151(C)(2).

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