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Real Estate Salesperson Exam — National Portion

Trust money (GA): practice questions

Our Real Estate (National) bank has 6 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 · Georgia

How long must a broker keep sales contracts, closing statements and trust account records?

  1. Five years
  2. Two years
  3. Eighteen months
  4. Three years
Show the answer

D. Three years — O.C.G.A. 43-40-25(b)(27).

Question 2 · Georgia

Where must a Georgia resident broker keep the designated trust or escrow account?

  1. A credit union approved by the state Attorney General
  2. A federally insured financial institution in Georgia
  3. Any federally insured bank anywhere in the United States
  4. The state treasury, in an account in the Commission's name
Show the answer

B. A federally insured financial institution in Georgia — O.C.G.A. 43-40-20(a).

Question 3 · Georgia

Which is a permitted basis for a broker to disburse earnest money held in trust?

  1. Filing an interpleader action in a court of competent jurisdiction
  2. The listing agent's decision about which party breached the contract
  3. The passing of thirty days after the parties first dispute the funds
  4. A written demand from the buyer's agent without the seller's signature
Show the answer

A. Filing an interpleader action in a court of competent jurisdiction — Ga. Comp. R. & Regs. 520-1-.08(3)(b)5.

Question 4 · Georgia

How often must a Georgia broker prepare a written reconciliation of the trust account?

  1. At least monthly
  2. At least annually
  3. At least quarterly
  4. Only at each license renewal
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A. At least monthly — Ga. Comp. R. & Regs. 520-1-.08(6).

Question 5 · Georgia

A broker with no trust account receives earnest money. How soon must the broker open the designated trust account?

  1. Within one business day
  2. Within three business days
  3. Within five business days
  4. Within ten business days
Show the answer

A. Within one business day — O.C.G.A. 43-40-20(a).

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