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Real Estate Salesperson Exam — National Portion

Trust money (WV): practice questions

Our Real Estate (National) bank has 5 questions on this topic. Here are 3 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1 · West Virginia

Within how many days must a West Virginia broker notify the Commission of opening or changing a trust fund account?

  1. 10 days
  2. 30 days
  3. 60 days
  4. Five days
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A. 10 days — W. Va. Code 30-40-18(k).

Question 2 · West Virginia

How much of the broker's own money may be kept in a West Virginia trust fund account?

  1. None at all under any circumstances
  2. Up to $1,000 if it is recorded separately in the ledger
  3. Up to $100 to maintain a minimum balance
  4. Up to $500 to cover bank service charges
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C. Up to $100 to maintain a minimum balance — W. Va. Code 30-40-18(f).

Question 3 · West Virginia

A West Virginia salesperson receives an earnest money check. When must it be delivered to the responsible broker?

  1. Immediately or by the next business day
  2. Within five business days after the offer is accepted
  3. Before the closing of the transaction
  4. Within three banking days of receipt
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A. Immediately or by the next business day — W. Va. CSR 174-1-15.2.

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