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Real Estate Salesperson Exam — National Portion

Trust money (RI): practice questions

Our Real Estate (National) bank has 6 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 · Rhode Island

To release a deposit to the seller as forfeited, the broker must first give the buyer certified-mail notice and wait how long?

  1. 10 days for a written objection
  2. 90 days
  3. 21 days
  4. 60 days for a written objection
Show the answer

D. 60 days for a written objection — 230-RICR-30-20-2.19(A).

Question 2 · Rhode Island

Unless the parties agree otherwise in writing, whose escrow account receives the buyer's deposit?

  1. The closing attorney's
  2. The principal broker of the seller
  3. Whichever broker received the check
  4. The buyer's broker
Show the answer

B. The principal broker of the seller — 230-RICR-30-20-2.18(A)(3).

Question 3 · Rhode Island

Absent an agreement, who is entitled to interest earned on an interest-bearing escrow account?

  1. The seller
  2. The real estate recovery account
  3. The licensee
  4. The buyer
Show the answer

C. The licensee — 230-RICR-30-20-2.18(A)(8).

Question 4 · Rhode Island

After a transaction fails, the broker receives a written release signed by all parties. How soon must the funds be paid out?

  1. Within 10 days
  2. Within 60 days, after notice
  3. Within 30 days of the release
  4. Within 48 hours
Show the answer

A. Within 10 days — R.I. Gen. Laws 5-20.5-26(d).

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