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Real Estate Salesperson Exam — National Portion

Trust money (MI): 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 · Michigan

How must a Michigan broker's custodial trust account allow withdrawals?

  1. Only with 30 days' notice
  2. Without previous notice
  3. Only by the department
  4. Only after closing
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B. Without previous notice — MCL 339.2512(1)(k)(vi); the broker is named trustee.

Question 2 · Michigan

What must a Michigan salesperson do with a buyer's deposit?

  1. Deposit it in their own account
  2. Deliver it to their broker on receipt
  3. Hold it personally until the closing date
  4. Give it to the seller
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B. Deliver it to their broker on receipt — MCL 339.2512(1)(k)(ii).

Question 3 · Michigan

How much of its own money may a Michigan broker keep in each trust account for bank charges?

  1. None
  2. Up to $500
  3. Up to $2,000
  4. Up to $5,000
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C. Up to $2,000 — MCL 339.2512(1)(k)(iv).

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