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Real Estate Salesperson Exam — National Portion

Trust money (WY): practice questions

Our Real Estate (National) bank has 6 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 · Wyoming

Buyer and seller dispute an earnest money deposit. How long must the Wyoming responsible broker hold it?

  1. Until the closing date in the contract, then pays it to the seller
  2. Until the commission's director reviews the file and decides which party should receive the deposit
  3. Until a written release from the parties, a civil action is filed, or the broker interpleads
  4. For 90 days, after which the broker returns it to the buyer automatically
Show the answer

C. Until a written release from the parties, a civil action is filed, or the broker interpleads — Wyo. Stat. 33-28-122(f).

Question 2 · Wyoming

In a Wyoming cooperative sale, the buyer's broker receives an earnest money check. Unless all parties agree otherwise, what happens?

  1. The buyer's broker holds it uncashed until closing
  2. It is mailed to the title company named by the buyer
  3. The buyer's broker deposits it in that broker's own trust account
  4. It goes with the contract to the seller's broker, who deposits it
Show the answer

D. It goes with the contract to the seller's broker, who deposits it — Wyo. Stat. 33-28-122(g).

Question 3 · Wyoming

For at least how long must a Wyoming responsible broker keep transaction records?

  1. Two years from the company's last participation
  2. Seven years from the end of the tax year
  3. Three years from the date of closing
  4. Five years from the listing date
Show the answer

A. Two years from the company's last participation — Wyo. Stat. 33-28-123.

Question 4 · Wyoming

Within what time must a Wyoming licensee deposit financial instruments in a trust account, absent other written agreement?

  1. Ten calendar days
  2. Five business days
  3. Three banking days
  4. One banking day
Show the answer

D. One banking day — Wyo. Stat. 33-28-111(a)(xxvii); Wyo. Rules ch. 5 §1(e)(v).

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