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Real Estate Salesperson Exam — National Portion

Trust money (SC): 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 · South Carolina

How quickly must a South Carolina licensee deliver trust funds to the broker-in-charge?

  1. Same day
  2. Next business day
  3. Within 3 business days of the offer
  4. Within a week
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B. Next business day — S.C. Code 40-57-136(B)(4).

Question 2 · South Carolina

When a South Carolina licensee accepts deposit money for a principal, what must the payor acknowledge in writing?

  1. Nothing at all
  2. Who will hold the money
  3. The commission rate on the sale
  4. The closing date and place
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B. Who will hold the money — S.C. Code 40-57-710(A)(18).

Question 3 · South Carolina

What word must a South Carolina trust account's title include?

  1. "Broker client funds"
  2. "Trust" or "escrow"
  3. "Realty"
  4. "Deposit"
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B. "Trust" or "escrow" — S.C. Code 40-57-136(A)(1).

Question 4 · South Carolina

When must a South Carolina broker-in-charge deposit an earnest money check in a sale?

  1. Same day
  2. Within 48 hours of acceptance
  3. Within 5 business days
  4. At closing
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B. Within 48 hours of acceptance — S.C. Code 40-57-136(D)(1)(a), excluding weekends and bank holidays.

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