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Real Estate Salesperson Exam — National Portion

Trust money (WA): 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 · Washington

Where does interest on Washington's pooled real estate trust accounts go?

  1. To the buyer
  2. To the firm
  3. To the state, for housing and real estate education
  4. To the seller
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C. To the state, for housing and real estate education — RCW 18.85.285(8)(b).

Question 2 · Washington

Where must a Washington firm's trust accounts be held?

  1. Any FDIC-insured U.S. bank in any state
  2. A recognized Washington state depository
  3. The broker's credit union
  4. The title company
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B. A recognized Washington state depository — RCW 18.85.285(4).

Question 3 · Washington

Must a Washington firm keep a trust account if the agreement says the earnest money check goes straight to the closing agent?

  1. Yes, always
  2. No
  3. Only for cash
  4. Only for sales over $1 million
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B. No — RCW 18.85.285(6).

Question 4 · Washington

What must happen before a Washington broker accepts a non-cash item (like a note) as earnest money?

  1. Nothing
  2. The owner is told before accepting and it is shown in the agreement
  3. The buyer's lender approves
  4. The designated broker signs it
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B. The owner is told before accepting and it is shown in the agreement — RCW 18.85.361(9).

Question 5 · Washington

What share of the interest from Washington broker trust accounts goes to the housing trust fund?

  1. 25%
  2. 50%
  3. 75%
  4. 100%
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C. 75% — RCW 18.85.311; the other 25% funds real estate education.

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