Utah Real Estate Questions and Answers well Explained Latest 2024/2025 Update 100% Correct.

A broker in Vernal Lists a property in Roosevelt under an exclusive right to sell listing. The selling broker does not sell through the listing broker. This could create. (a) Double commission (b) Dual agency (c) Double contract (d) Dual dispostion - (a) Double commission Assuming a REPC is accepted on January 25th and a check for $1,000 earnest money is given the same day, what is the latest it can be deposited into the Brokerage Trust Account? (a) January 26 (b) January 28 (c) January 29 (d) February 1 - (c) January 29 Explanation: According to the REPC, the Broker has 4 calendar days to deposit the earnest money. Unless it is specified in an addendum to do something different, the 4 calendar rule must apply. If a principal broker dies, and it is a sole proprietorship, what should be done with the records of the company? (a) A receiver will be appointed by the Division to handle the records. (b) The administrator of the broker's estate must keep the records. (c) The Division should be notified as to where the records will be stored. (d) They must be transferred to the Division. - c. The Division should be notified as to where the records will be stored.The term for Utah's water law, which determines who gets to have rights to use and distribution of water, is: (a) Beneficial use (b) Prior appropriation (c) Riparian rights (d) Littoral rights - (b) Prior appropriation The Marketable Record Title Act: (a) protects buyers of lots in subdivisions. (b) has been in effect since 1901. (c) simplifies clearing title. (d) is assigned to clear an undisturbed title. - (c) simplifies clearing title. Where are the water right records stored? (a) County Recorder's Office (b) Water Commissioner's Office (c) Real Estate Division (d) State Engineer's Office - (d) State Engineer's Office Under the Division Rules, which of the following is NOT correct? (a) Net listings shall not be taken by a licensee. (b) A principal broker cannot keep part of the earnest money unless both parties agree. (c) Licensees shall keep their broker informed regarding their transactions. (d) When requested by the client, the agent must give them copies of documents from both sides of thetransaction. - (d) When requested by the client, the agent must give them copies of documents from both sides of the transaction. If the owner and principal broker of Jones Real Estate Co. decides to open a separate property management company, which does NOT apply? (a) The broker can manage both companies. (b) The name can be different from the real estate company. (c) There must first be more than six property management accounts. (d) It can be called Jones Property Management Company. - (c) There must first be more than six property management accounts. Which of the following options would NOT satisfy the points requirement for a broker applicant to get their license? (a) 60 points that come from selling properties. (b) A combination of 45 points from sales and 15 points from property management. (c) A combination of 45 points from real estate and 15 points from optional allowed activities. (d) 60 points for property management while employed by the owner. - d. 60 points for property management while employed by the owner Licenses are renewed using the Real Estate License Management System on line. How long must you keep paper proof of completion of your CE requirement? (a) Once you've confirmed your class has been banked online, you can shred the completion certificate (b) They must be retained until your next license renewal date. (c) They must be retained for three years after the date of the class. (d) No paper record is required - (c) They must be retained for three years after the date of the class.A promissory note for earnest money should be made out in the name of the: (a) buyer (b) seller (c) agent who wrote the offer. (d) broker - seller A builder, in selling new homes, requires a non-refundable deposit (which will be used for construction), in addition to the earnest money repost. This: (a) is not allowed under the law, as deposits must be refundable if contingencies are not met. (b) is acceptable as long as the non-reundablitlity is spelled out and agreed to in writing by the buyer. (c) can be done only if the non-refundable deposit (which will be used for construction), in addition to the earnest money deposit. This: - (b) is acceptable as long as the non-reundablitlity is spelled out and agreed to in writing by the buyer. The Real Estate Recovery Fund had to pay money on a real estate licensee. What happens to the agents license? (a) It is automatically revoked. (b) It is placed on probation. (c) It is automatically suspended. (d) He is charged a fine, but the license is kept in force. - (a) It is automatically revoked.