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Real Estate Salesperson Exam — National Portion

Trust money (MD): 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 · Maryland

Where must a Maryland broker generally deposit trust money?

  1. Any bank nationwide, insured or not
  2. An insured financial institution located in Maryland
  3. The broker's personal account
  4. With the title company
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B. An insured financial institution located in Maryland — Md. Bus. Occ. & Prof. 17-503.

Question 2 · Maryland

By when must a Maryland broker deposit trust money after both parties accept the contract?

  1. 1 business day
  2. 3 business days
  3. 7 business days
  4. 30 days
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C. 7 business days — Md. Bus. Occ. & Prof. 17-502(b).

Question 3 · Maryland

What must a Maryland salesperson do with trust money they receive?

  1. Deposit it in their own account
  2. Promptly submit it to their broker
  3. Hold it personally until the closing date
  4. Give it to the seller
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B. Promptly submit it to their broker — Md. Bus. Occ. & Prof. 17-502(a).

Question 4 · Maryland

Unless owners instruct otherwise in writing, what kind of account may a Maryland broker use for trust money?

  1. Interest-bearing
  2. Non-interest bearing
  3. A money market fund chosen by the broker
  4. Brokerage
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B. Non-interest bearing — Md. Bus. Occ. & Prof. 17-504.

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