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Real Estate Salesperson Exam — National Portion

Trust money (NV): practice questions

Our Real Estate (National) bank has 7 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 · Nevada

After an agreement is accepted, by when must a broker deposit a check or cash received as earnest money, unless the purchase agreement says otherwise?

  1. Within 5 calendar days
  2. Within 3 business days of the seller's acceptance
  3. Before the end of the next banking day
  4. Before close of escrow
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C. Before the end of the next banking day — NRS 645.630(1)(k).

Question 2 · Nevada

A salesperson receives a deposit for a transaction. When must it go to the broker or the designated escrow company?

  1. Within 5 days after any counteroffer
  2. At the next weekly office meeting
  3. Within 3 business days after the buyer signs the initial written offer
  4. Within 1 business day after receiving a fully executed contract
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D. Within 1 business day after receiving a fully executed contract — NAC 645.657.

Question 3 · Nevada

A broker who does property management must keep how many property management trust accounts, apart from other trust accounts?

  1. One account for each property owner
  2. Two: one for rental operations and one for security deposits
  3. Three: rents, deposits, reserves
  4. One combined account, with a separate ledger kept for every owner
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B. Two: one for rental operations and one for security deposits — NAC 645.655(8).

Question 4 · Nevada

Where must a Nevada broker deposit money received on behalf of others?

  1. Any FDIC-insured bank account anywhere in the United States
  2. An escrow company the client picks
  3. A trust checking account in a bank or credit union in Nevada
  4. The broker's business account, with ledgers
Show the answer

C. A trust checking account in a bank or credit union in Nevada — NRS 645.310(4).

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