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Real Estate Salesperson Exam — National Portion

Trust money (NJ): practice questions

Our Real Estate (National) bank has 6 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 · New Jersey

How long must a New Jersey broker keep records of funds of others received?

  1. At least seven years
  2. At least three years
  3. At least ten years
  4. At least six years
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D. At least six years — N.J.A.C. 11:5-5.4(a).

Question 2 · New Jersey

A broker collects an advance fee over $25 for services such as advertising. When must the broker account to the principal?

  1. Within 60 days after the listing ends
  2. Within 30 days after collecting it
  3. Within 90 days after collecting it
  4. Only if the principal asks in writing
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C. Within 90 days after collecting it — N.J.A.C. 11:5-5.3(a).

Question 3 · New Jersey

Escrow money received by a New Jersey licensee must be deposited 'promptly,' meaning within:

  1. Ten calendar days of the offer's acceptance
  2. The month after receipt
  3. Two business days of receipt
  4. Five business days of receipt
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D. Five business days of receipt — N.J.A.C. 11:5-5.1(e).

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