Trust Accounts: Definition & Management


Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What do we generally call the person who is entitled to money held in a trust account?

Create Your Account To Take This Quiz

As a member, you'll also get unlimited access to over 79,000 lessons in math, English, science, history, and more. Plus, get practice tests, quizzes, and personalized coaching to help you succeed.

Try it risk-free
Try it risk-free for 30 days. Cancel anytime
Already registered? Log in here for access

1. Which of the following is not appropriate for the deposit into a broker's trust account?

2. A trust account should be set up with a financial institution insured by the ____.

Create your account to access this entire worksheet
A Premium account gives you access to all lesson, practice exams, quizzes & worksheets
Access to all video lessons
Quizzes, practice exams & worksheets
Certificate of Completion
Access to instructors
Create an account to get started Create Account

About This Quiz & Worksheet

Trust accounts are valuable security measures for many different people. This quiz/worksheet combo will check your knowledge of their purpose and how they're regulated.

Quiz & Worksheet Goals

These assessments will quiz you on the following:

  • A word describing the person entitled to funds from a trust account
  • What forms of income are appropriate for deposit into a trust account
  • Who should ensure the financial institution where a trust account is held
  • The circumstances in which a licensed salesperson may withdraw funds from their broker's trust account
  • Potential consequences for improperly maintaining a broker's trust account

Skills Practiced

This quiz and worksheet use the following skills:

  • Reading comprehension - ensure that you draw the most important information from the related lesson on trust accounts
  • Information recall - access the knowledge you've gained regarding where trust accounts should be held
  • Knowledge application - use your knowledge to answer a question about the consequences for not handling an account properly

Additional Learning

You can expand your understanding of trust accounts by reviewing the lesson called Trust Accounts: Definition & Management. This lesson outlines the following:

  • How long a person has to deposit funds in a trust account in California
  • The frequency with which trust fund transactions should be recorded
  • Why someone in real estate might want to set up a trust account