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Real Estate Salesperson Exam — National Portion

Trust money (NC): practice questions

Our Real Estate (National) bank has 7 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 · North Carolina

How often at least must a North Carolina broker managing an owners' association's money send account statements?

  1. Monthly
  2. Every 90 days
  3. Twice a year
  4. Once a year with the annual tax return
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B. Every 90 days — 21 NCAC 58A .0118(a).

Question 2 · North Carolina

How many days before settlement may a North Carolina broker send earnest money to the closing attorney?

  1. 3 days
  2. 10 days
  3. 30 days
  4. Any time before closing
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B. 10 days — 21 NCAC 58A .0116(e).

Question 3 · North Carolina

Earnest money by check on a pending offer must be deposited by when in North Carolina?

  1. Same day received
  2. Within three days after the offer is accepted
  3. At closing
  4. Within 30 days
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B. Within three days after the offer is accepted — 21 NCAC 58A .0116(b)(3).

Question 4 · North Carolina

How soon must a North Carolina broker deposit trust money received?

  1. Same day
  2. Within three banking days
  3. Within 10 days
  4. Before closing, at the settlement agent's office
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B. Within three banking days — 21 NCAC 58A .0116(a).

Question 5 · North Carolina

What is needed before a North Carolina broker puts trust money in an interest-bearing account?

  1. Nothing
  2. Written authorization from all parties with an interest
  3. The BIC's verbal OK
  4. Commission approval
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B. Written authorization from all parties with an interest — 21 NCAC 58A .0116(c), stating who gets the interest.

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