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Real Estate Salesperson Exam — National Portion

Trust money (IN): practice questions

Our Real Estate (National) bank has 5 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 · Indiana

Under the earnest money release process, a broker may release the deposit if no mutual release or lawsuit occurs within how many days of mailing the certified letter?

  1. 30
  2. 60
  3. 90
  4. 120
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B. 60 — 876 IAC 8-2-2(d).

Question 2 · Indiana

What happens to a broker company's trust accounts if its license is revoked?

  1. The funds are transferred into the real estate recovery fund
  2. The bank freezes them until a county court appoints a receiver
  3. The commission takes custody and may name a successor trustee
  4. The managing broker must close them all within thirty days
Show the answer

C. The commission takes custody and may name a successor trustee — IC 25-34.1-4-5(c).

Question 3 · Indiana

Interest earned on funds in an Indiana broker company's trust account is held for whom?

  1. The managing broker personally
  2. The beneficiary of the funds
  3. The broker company itself
  4. The real estate recovery fund
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B. The beneficiary of the funds — IC 25-34.1-4-5(b).

Question 4 · Indiana

What type of trust account must an Indiana broker company keep for funds belonging to others?

  1. One or more accounts, interest or noninterest bearing
  2. Accounts held only at an Indiana state-chartered bank
  3. One noninterest-bearing account for each transaction
  4. A single account, which must always bear interest
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A. One or more accounts, interest or noninterest bearing — IC 25-34.1-4-5(a).

Question 5 · Indiana

After final acceptance of an offer, by when must the listing broker deposit money received in the transaction?

  1. Within five business days of acceptance
  2. Within 24 hours of receiving the money
  3. By the end of the next calendar week
  4. On or before the next two banking days
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D. On or before the next two banking days — 876 IAC 8-2-2(a).

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