45-HR. CA REAL ESTATE PRACTICE COURSE » Summer 2021 » Section 15 Unit 2 Exam

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Question #1
When a brokerage has a large number of transactions, accurate records help the broker remember how much ________ is held for each client.
A.   Regard
B.   Interest
C.   Money
D.   Insurance
Question #2
Jebediah is a California broker who’s setting up his system for trust fund record keeping. Which of these options is NOT acceptable to the DRE?
A.   Custom accounting application he pays a vendor to develop according to guidelines issued by the DRE
B.   Paper-based system using a checkbook register balanced against the monthly bank statement
C.   Commercially available accounting software system
D.   Columnar (paper-based) system of ledgers and journals
Question #3
The purpose of ______ is to balance the trust account and ensure that all funds deposited or disbursed are properly recorded.
A.   Trust fund reconciliation
B.   General accounting principle
C.   Escrow closing
D.   Bank statement review
Question #4
Either __________ recorded or computer-generated records are acceptable, under Commissioner’s regulations.
A.   Erroneously
B.   Automatically
C.   Tape
D.   Manually
Question #5
Marsha is a broker and uses columnar records for her trust accounts. She uses BRE form 4523 to keep track of each beneficiary or transaction. What other form is she required to use in conjunction with 4523?
A.   4522
B.   4524
C.   4523
D.   4525
Question #6
Who in a brokerage is ultimately responsible for reconciling trust fund account records?
A.   The broker
B.   The office administrator
C.   The firm's CPA
D.   The firm's attorney
Question #7
A broker is required to keep a __________ to keep track of all beneficiary accounts.
A.   General accounting book
B.   Rent roll
C.   Checkbook
D.   Beneficiary ledger
Question #8
BRE form 4522 must be used in conjunction with which other BRE form?
A.   4524
B.   4523
C.   4525
D.   4526

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