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Real Estate Salesperson Exam — National Portion

Trust money (KS): practice questions

Our Real Estate (National) bank has 5 questions on this topic. Here are 4 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1 · Kansas

Within how many business days must Kansas earnest money be deposited after all parties sign?

  1. One
  2. Three
  3. Five
  4. Ten
Show the answer

C. Five — K.S.A. 58-3062(a)(19), unless agreed otherwise in writing.

Question 2 · Kansas

Where must a Kansas broker keep the trust account?

  1. Anywhere in the U.S.
  2. In Kansas (or a nearby state, approved)
  3. Overseas, if insured
  4. In the broker's home safe
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B. In Kansas (or a nearby state, approved) — K.S.A. 58-3061(a).

Question 3 · Kansas

How much of their own money may a Kansas broker keep in the trust account for expenses?

  1. None
  2. Up to $100
  3. Up to $1,000
  4. Up to $5,000
Show the answer

B. Up to $100 — K.S.A. 58-3062(a)(2).

Question 4 · Kansas

When may Kansas earnest money be released after an offer is accepted?

  1. Whenever the broker decides
  2. On joint written OK, court order or closing
  3. After 30 days have passed
  4. On the seller's request alone
Show the answer

B. On joint written OK, court order or closing — K.S.A. 58-3061(g).

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