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Real Estate Salesperson Exam — National Portion

Trust money (SD): practice questions

Our Real Estate (National) bank has 6 questions on this topic. Here are 5 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1 · South Dakota

How long must a South Dakota licensee keep listings, offers, closing statements, and other transaction records?

  1. Six years
  2. Three years
  3. Seven years
  4. Four years
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D. Four years — SDCL 36-21A-74; 36-21A-82.

Question 2 · South Dakota

An accepted purchase agreement does not close. When may the broker disburse the trust funds?

  1. Once the seller signs a written demand for the deposit
  2. On written instruction of all parties or a court order
  3. Whenever the listing broker decides who was at fault
  4. After 30 days, to whichever party the broker judges right
Show the answer

B. On written instruction of all parties or a court order — SDCL 36-21A-81.

Question 3 · South Dakota

When authorized to hold a principal's money until closing, by when must the responsible broker deposit it in the special trust account?

  1. Before closing, on any date agreed by buyer and seller
  2. Within three banking days after receiving the earnest money
  3. Within ten days after the seller signs the listing contract
  4. The first legal banking day after the contract is accepted
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D. The first legal banking day after the contract is accepted — SDCL 36-21A-80.

Question 4 · South Dakota

A client agrees in writing to pay a broker for a service before closing. Under the rules, where does that advance fee go?

  1. To the associate who will perform the service, paid directly
  2. Into an escrow account that the commission holds until the closing date
  3. Into the broker's operating account as soon as it is received
  4. Into the broker's trust account until the services are performed
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D. Into the broker's trust account until the services are performed — ARSD 20:69:03:19.

Question 5 · South Dakota

How often must a South Dakota broker's special trust account be reconciled to bank statements, ledger, and check register?

  1. Quarterly
  2. Annually
  3. Weekly
  4. Monthly
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D. Monthly — SDCL 36-21A-80.

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