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Real Estate Salesperson Exam — National Portion

Trust money (NM): 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 · New Mexico

How often must trust account reconciliation be performed and verified by the qualifying broker?

  1. Weekly
  2. Monthly
  3. Annually
  4. Quarterly
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B. Monthly — 16.61.23.8(D) NMAC.

Question 2 · New Mexico

Which of these is commingling under the trust account rules?

  1. Paying commission splits from trust funds to anyone but the QB
  2. Depositing a tenant's security deposit in the property management trust account
  3. Keeping the bank's minimum balance of broker funds in trust
  4. Moving funds between two trust accounts in the same brokerage
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A. Paying commission splits from trust funds to anyone but the QB — 16.61.23.11(B)(4)(b), (C), (D)(1) NMAC.

Question 3 · New Mexico

What must an associate broker do with an earnest money deposit received from a buyer?

  1. Deposit it into the associate broker's own escrow account within ten business days
  2. Give it directly to the seller once the purchase agreement is countersigned
  3. Place it with the qualifying broker as soon as practicable after all parties sign
  4. Hold it uncashed in the transaction file until the buyer's loan is approved
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C. Place it with the qualifying broker as soon as practicable after all parties sign — NMSA 1978 61-29-12(A)(9); 16.61.17.9(L) NMAC.

Question 4 · New Mexico

How long must trust account records for a sales transaction be kept?

  1. Three years after the transaction is completed
  2. Four years after the trust account is closed
  3. Six years after the transaction is completed
  4. Ten years after the trust account is opened
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C. Six years after the transaction is completed — 16.61.23.10(B) NMAC.

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