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Real Estate Salesperson Exam — National Portion

Trust money (VT): practice questions

Our Real Estate (National) bank has 7 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 · Vermont

When a Vermont brokerage firm learns of a dispute over who should receive a deposit, the deposit stays in trust until what?

  1. The principal broker decides after hearing from both parties
  2. The parties give written authority or a court decides
  3. The Commission issues an advisory opinion on it
  4. Ninety days pass without either party filing suit
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B. The parties give written authority or a court decides — Vt. Real Estate Comm'n Rule 4.7(d).

Question 2 · Vermont

A Vermont deposit is reasonably expected to earn more than how much interest before it must go into an individual account if the depositor asks?

  1. $1,000
  2. $250, or $500 for commercial deals
  3. $100
  4. $40
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C. $100 — Vt. Real Estate Comm'n Rule 4.7(c).

Question 3 · Vermont

Interest from a broker's pooled interest-bearing trust account in Vermont is sent to whom?

  1. The Real Estate Commission's education fund
  2. The State Treasurer's unclaimed property fund
  3. The buyer at closing, pro rata
  4. The Vermont Housing Finance Agency
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D. The Vermont Housing Finance Agency — 26 V.S.A. 2214(c); Vt. Real Estate Comm'n Rule 4.7(a).

Question 4 · Vermont

Which event allows contract deposits to be withdrawn from a Vermont individual interest-bearing trust account?

  1. The listing broker's finding that the buyer has defaulted
  2. A written agreement among all parties to the contract
  3. A demand letter from the buyer's mortgage lender
  4. An oral request from the seller after a delayed closing
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B. A written agreement among all parties to the contract — 26 V.S.A. 2214(b)(3).

Question 5 · Vermont

Within what time must a Vermont broker deposit earnest money and contract deposits into a trust or escrow account?

  1. Ten days after the buyer's offer is accepted
  2. Two calendar days after receipt
  3. Five banking days
  4. One business day
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C. Five banking days — 26 V.S.A. 2214(a).

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