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Real Estate Salesperson Exam — National Portion

Trust money (WI): practice questions

Our Real Estate (National) bank has 4 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 · Wisconsin

What kind of trust account must a Wisconsin firm holding client funds open?

  1. A non-interest checking account
  2. An interest-bearing trust account
  3. A personal savings account
  4. A money market fund
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B. An interest-bearing trust account — Wis. Stat. 452.13(2)(a).

Question 2 · Wisconsin

By when each year must the bank remit Wisconsin trust account interest?

  1. Before January 1
  2. Before February 1
  3. Before April 15
  4. Before July 1
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B. Before February 1 — Wis. Stat. 452.13(2)(e)1.

Question 3 · Wisconsin

Who owns the interest earned on a Wisconsin firm's common trust account?

  1. The firm
  2. The state
  3. The buyer
  4. The seller
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B. The state — Wis. Stat. 452.13(2)(d), minus service charges.

Question 4 · Wisconsin

Is a promissory note "client funds" under Wisconsin's trust account law?

  1. Yes
  2. No
  3. Only if over $1,000
  4. Only for commercial deals
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B. No — Wis. Stat. 452.13(1)(a).

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