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Real Estate Salesperson Exam — National Portion

Trust money (IA): practice questions

Our Real Estate (National) bank has 3 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 · Iowa

How much of their own money may an Iowa broker keep in the trust account for bank charges?

  1. None
  2. Up to $500
  3. Up to $1,000
  4. Up to $5,000
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C. Up to $1,000 — Iowa Code 543B.46(4).

Question 2 · Iowa

What kind of account must an Iowa broker's common trust account be?

  1. Non-interest-bearing checking
  2. Interest-bearing, federally insured
  3. A brokerage investment account
  4. The broker's personal savings
Show the answer

B. Interest-bearing, federally insured — Iowa Code 543B.46(1).

Question 3 · Iowa

Where does interest on an Iowa broker's common trust account go, absent a buyer-seller agreement?

  1. The broker, as an account fee
  2. Iowa's housing trust fund
  3. The buyer, at closing
  4. The seller, at closing
Show the answer

B. Iowa's housing trust fund — Iowa Code 543B.46(1), transferred quarterly.

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