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Real Estate Salesperson Exam — National Portion

Trust money (DE): 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 · Delaware

How long must a Delaware broker keep records of money received or escrowed?

  1. At least 5 years
  2. At least 7 years after closing
  3. At least 3 years
  4. At least 1 year
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C. At least 3 years — Del. Admin. Code 24-2900, Rule 6.3.

Question 2 · Delaware

Where must a Delaware broker keep the escrow account?

  1. A credit union chosen by the seller
  2. A federally insured bank with offices in Delaware
  3. The Division of Professional Regulation
  4. Any federally insured bank in the United States
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B. A federally insured bank with offices in Delaware — 24 Del. C. 2923(a); Rule 6.4.

Question 3 · Delaware

Absent written agreement of the parties, which deposit may a Delaware licensee NOT accept as earnest money?

  1. A cashier's check payable to the brokerage
  2. A personal check drawn on a local bank
  3. A photocopy or fax of a personal check
  4. A wire transfer to the escrow account
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C. A photocopy or fax of a personal check — Del. Admin. Code 24-2900, Rule 6.2.

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