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Real Estate Salesperson Exam — National Portion

Trust money (MN): 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 · Minnesota

What must a Minnesota broker do with a note received as earnest money?

  1. Cash it
  2. Deposit it immediately with an authorized escrow agent
  3. Keep it in the office safe until closing
  4. Return it
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B. Deposit it immediately with an authorized escrow agent — Minn. Stat. 82.75, subd. 3.

Question 2 · Minnesota

Unless the parties agree otherwise, which broker holds earnest money in Minnesota?

  1. The buyer's broker
  2. The listing broker
  3. The closing agent
  4. The lender
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B. The listing broker — Minn. Stat. 82.75, subd. 5(b).

Question 3 · Minnesota

If the purchase agreement is silent, by when must Minnesota earnest money be deposited?

  1. Same day
  2. Within 3 business days of receipt or final acceptance, whichever is later
  3. Within 10 days
  4. At closing
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B. Within 3 business days of receipt or final acceptance, whichever is later — Minn. Stat. 82.75, subd. 5(c).

Question 4 · Minnesota

If a Minnesota buyer's offer is rejected, by when must earnest money be returned?

  1. Same day
  2. Next business day
  3. Within 10 business days of rejection
  4. Within 30 days
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B. Next business day — Minn. Stat. 82.75, subd. 5(c).

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