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Real Estate Salesperson Exam — National Portion

Trust money (KY): 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 · Kentucky

Within how long must a Kentucky principal broker deposit property-management money received into the escrow or management account?

  1. Three business days
  2. Twenty-four hours
  3. Before the end of the month
  4. Ten calendar days
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A. Three business days — 201 KAR 11:121 Section 10(4).

Question 2 · Kentucky

When a party says it will not perform, how long after mailing the certified release letter must the broker wait before releasing the deposit?

  1. 60 days
  2. 30 days
  3. 10 days
  4. 120 days
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A. 60 days — KRS 324.111(6); release is allowed if no litigation or written mutual release in that time.

Question 3 · Kentucky

Where must a Kentucky principal broker's escrow accounts be maintained?

  1. At any federally insured bank anywhere in the US the broker chooses
  2. In the state where the brokerage is incorporated
  3. Only at a bank selected by the commission each year
  4. Within Kentucky, identified to the commission in writing
Show the answer

D. Within Kentucky, identified to the commission in writing — KRS 324.111(1).

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