Utah Law Exam- Stringham
In a condominium subdivision, who owns the supporting structure of each individual unit?
(a) It is owned by the developer.
(b) All owners own it in joint tenancy
(c) The owner of each individual unit.
(d) All tenants own it as tenants in common. - All tenants own it as tenants in common
A copy of the Closing Disclosure should go to:
(a) Seller and broker
(b) Buyer and broker
(c) Buyer and seller
(d) Buyer, seller and broker(s) - Buyer, seller and broker(s)
A timeshare development company wants to hire a licensed real estate agent to sell timeshare interests.
Which of the following is true?
(a) A special license is needed to market timeshares.
(b) The agent must disclose to all purchasers he/she has a license.
(c) The agent must register with the R. E. Division
(d) Since the agent is licensed, no further action is needed. - The agent must register with the R.
E. Division
The statutory requirement for becoming a broker is:
(a) Be a member of the Board of Realtors.
(b) Have three years' full-time experience as a real estate licensee or its equivalent.
(c) Have five years' experience as a real estate salesagent.
(d) Post $1,000 bond. - Have three years' full-time experience as a real estate licensee or its
equivalent
,What best describes the responsibility of the listing licensee regarding the details about the property for
sale?
(a) Thoroughly determine inside measurements for each room.
(b) Make reasonable efforts to verify the accuracy of the listing content.
(c) Have the seller sign a Limited Agency Agreement when taking the listing.
(d) Personally fill out the Seller's Property Disclosure based on information given by the seller. -
Make reasonable efforts to verify the accuracy of the listing content
A "For Sale" sign can legally be placed on a property by a real estate licensee under which of the
following circumstances?
(a) Only if requested to do so by the seller.
(b) With permission of the owner.
(c) When taking the listing.
(d) If the brokerage is in the same county as the property for sale. - With permission of the owner.
A sales agent who offers a guarantee that if the listing does not sell within six months the agent will buy
the listing, must also:
(a) A licensee is convicted of a criminal offense.
(b) Provide a bond to back the guarantee.
(c) Provide complete written details of the guarantee before the property is listed.
(d) Notify the Division of Real Estate in advance of the terms of the guarantee. - Provide complete
written details of the guarantee before the property is listed
Which of the following changes would NOT be required to be reported to the R. E. Division within ten
days?
(a) A personal or brokerage bankruptcy
(b) The personal address change of a licensee
,(c) A change of name, such as a woman who got married
(d) Marital status change - Marital status change
A person facing foreclosure could file a claim of exemption under the homestead act. If, after the bank
was paid off, there was remaining equity, which debt below would be paid before the owner got what
was left of the equity?
(a) Back child support payments
(b) Unpaid orthodontist bills
(c) Credit card debts
(d) Past due car payments - Back child support payments
If a licensee has a complaint filed against him/her by a member of the public, upon receiving notice of
the complaint, what is next in the complaint process?
(a) The licensee can request a hearing before the commission.
(b) The licensee has 30 days to respond to the R. E. Division.
(c) The licensee will appear before the commission to respond to the complaint.
(d) The licensee must respond in writing within three days. - The licensee has 30 days to respond
to the R. E. Division.
Which of the following statements is correct regarding the necessity of establishing a separate property
management company?
(a) When the brokerage is handling six property management accounts.
(b) There is no such requirement.
(c) When the brokerage begins to do property management in addition to sales.
(d) When the brokerage has seven property management accounts. - There is no such
requirement
Which of the following best describes the Marketable Record Title Act?
(a) Provides for the appointment of a mediator in title disputes.
(b) Removes liens that are not enforced within the 10 year statute of limitations.
(c) Nullifies most liens over forty years old.
, (d) Allows title records to be sold in list form by the County Recorder. - Nullifies most liens over
forty years old
If, upon examination by the Division's representative, gross mismanagement of the records is found,
which of the following would NOT be a possibility?
(a) The Division could freeze the trust account.
(b) If there is an audit, the broker must pay for it.
(c) The Division could appoint a receiver.
(d) An audit by an independent CPA can be required. - The Division could freeze the trust account
The Real Estate Recovery Fund had to pay money on a real estate licensee. What happens to the agents
license?
(a) It is automatically suspended.
(b) He is charged a fine, but the license is kept in force.
(c) It is placed on probation.
(d) It is automatically revoked. - It is automatically revoked
Where should records of transactions that take place in a branch office be kept?
(a) At the branch, in a storage file.
(b) At the main office or, where applicable, at the branch.
(c) At an independent location, where they will be safe from fire.
(d) At the main office of the company. - At the main office or, where applicable, at the branch
Why is a real estate license not sufficient when selling investment opportunities in a large real estate
project that will involve multi-use properties?
(a) Because a licensee cannot sell a partial interest in a property.
(b) It is a security and needs a securities license.
(c) Because of the multiple zoning which would be required.
In a condominium subdivision, who owns the supporting structure of each individual unit?
(a) It is owned by the developer.
(b) All owners own it in joint tenancy
(c) The owner of each individual unit.
(d) All tenants own it as tenants in common. - All tenants own it as tenants in common
A copy of the Closing Disclosure should go to:
(a) Seller and broker
(b) Buyer and broker
(c) Buyer and seller
(d) Buyer, seller and broker(s) - Buyer, seller and broker(s)
A timeshare development company wants to hire a licensed real estate agent to sell timeshare interests.
Which of the following is true?
(a) A special license is needed to market timeshares.
(b) The agent must disclose to all purchasers he/she has a license.
(c) The agent must register with the R. E. Division
(d) Since the agent is licensed, no further action is needed. - The agent must register with the R.
E. Division
The statutory requirement for becoming a broker is:
(a) Be a member of the Board of Realtors.
(b) Have three years' full-time experience as a real estate licensee or its equivalent.
(c) Have five years' experience as a real estate salesagent.
(d) Post $1,000 bond. - Have three years' full-time experience as a real estate licensee or its
equivalent
,What best describes the responsibility of the listing licensee regarding the details about the property for
sale?
(a) Thoroughly determine inside measurements for each room.
(b) Make reasonable efforts to verify the accuracy of the listing content.
(c) Have the seller sign a Limited Agency Agreement when taking the listing.
(d) Personally fill out the Seller's Property Disclosure based on information given by the seller. -
Make reasonable efforts to verify the accuracy of the listing content
A "For Sale" sign can legally be placed on a property by a real estate licensee under which of the
following circumstances?
(a) Only if requested to do so by the seller.
(b) With permission of the owner.
(c) When taking the listing.
(d) If the brokerage is in the same county as the property for sale. - With permission of the owner.
A sales agent who offers a guarantee that if the listing does not sell within six months the agent will buy
the listing, must also:
(a) A licensee is convicted of a criminal offense.
(b) Provide a bond to back the guarantee.
(c) Provide complete written details of the guarantee before the property is listed.
(d) Notify the Division of Real Estate in advance of the terms of the guarantee. - Provide complete
written details of the guarantee before the property is listed
Which of the following changes would NOT be required to be reported to the R. E. Division within ten
days?
(a) A personal or brokerage bankruptcy
(b) The personal address change of a licensee
,(c) A change of name, such as a woman who got married
(d) Marital status change - Marital status change
A person facing foreclosure could file a claim of exemption under the homestead act. If, after the bank
was paid off, there was remaining equity, which debt below would be paid before the owner got what
was left of the equity?
(a) Back child support payments
(b) Unpaid orthodontist bills
(c) Credit card debts
(d) Past due car payments - Back child support payments
If a licensee has a complaint filed against him/her by a member of the public, upon receiving notice of
the complaint, what is next in the complaint process?
(a) The licensee can request a hearing before the commission.
(b) The licensee has 30 days to respond to the R. E. Division.
(c) The licensee will appear before the commission to respond to the complaint.
(d) The licensee must respond in writing within three days. - The licensee has 30 days to respond
to the R. E. Division.
Which of the following statements is correct regarding the necessity of establishing a separate property
management company?
(a) When the brokerage is handling six property management accounts.
(b) There is no such requirement.
(c) When the brokerage begins to do property management in addition to sales.
(d) When the brokerage has seven property management accounts. - There is no such
requirement
Which of the following best describes the Marketable Record Title Act?
(a) Provides for the appointment of a mediator in title disputes.
(b) Removes liens that are not enforced within the 10 year statute of limitations.
(c) Nullifies most liens over forty years old.
, (d) Allows title records to be sold in list form by the County Recorder. - Nullifies most liens over
forty years old
If, upon examination by the Division's representative, gross mismanagement of the records is found,
which of the following would NOT be a possibility?
(a) The Division could freeze the trust account.
(b) If there is an audit, the broker must pay for it.
(c) The Division could appoint a receiver.
(d) An audit by an independent CPA can be required. - The Division could freeze the trust account
The Real Estate Recovery Fund had to pay money on a real estate licensee. What happens to the agents
license?
(a) It is automatically suspended.
(b) He is charged a fine, but the license is kept in force.
(c) It is placed on probation.
(d) It is automatically revoked. - It is automatically revoked
Where should records of transactions that take place in a branch office be kept?
(a) At the branch, in a storage file.
(b) At the main office or, where applicable, at the branch.
(c) At an independent location, where they will be safe from fire.
(d) At the main office of the company. - At the main office or, where applicable, at the branch
Why is a real estate license not sufficient when selling investment opportunities in a large real estate
project that will involve multi-use properties?
(a) Because a licensee cannot sell a partial interest in a property.
(b) It is a security and needs a securities license.
(c) Because of the multiple zoning which would be required.
