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Real Estate Salesperson Exam — National Portion

Trust money (MO): practice questions

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

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Question 1 · Missouri

How much of their own money may a Missouri broker keep in an escrow account for service charges?

  1. None
  2. Up to $500
  3. Up to $1,000
  4. Up to $5,000
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C. Up to $1,000 — RSMo 339.105.1.

Question 2 · Missouri

When must a Missouri broker deposit funds belonging to others?

  1. Promptly, unless all parties agree otherwise in writing
  2. Within 30 days of the contract date
  3. At closing
  4. Only if over $1,000
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A. Promptly, unless all parties agree otherwise in writing — RSMo 339.105.1.

Question 3 · Missouri

When may a Missouri broker take their commission from escrowed money?

  1. At once
  2. After closing or termination, unless all agree otherwise
  3. After 30 days
  4. As soon as the earnest money clears the bank
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B. After closing or termination, unless all agree otherwise — RSMo 339.105.5.

Question 4 · Missouri

What must a Missouri broker do with disputed escrow money within 365 days of the projected closing date?

  1. Keep it
  2. Deliver it to the state treasurer
  3. Give it to the seller
  4. Split it equally between buyer and seller
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B. Deliver it to the state treasurer — RSMo 339.105.4, under the unclaimed property law.

Question 5 · Missouri

Within how many business days must a Missouri broker report a change in escrow account details?

  1. 5
  2. 10
  3. 30
  4. 60
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B. 10 — RSMo 339.105.2.

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