UTAH PORTION OF THE REAL
ESTATE EXAM QUESTIONS &
VERIFIED CORRECT ANSWERS
PASSED
With regard to assignability, Utah's REPC states what? - CORRECT ANSWER no
assignment without prior written consent of the seller
A Closing Disclosure is a five-page form that provides final details regarding what? -
CORRECT ANSWER The buyer's real estate transaction.
Where is a new loan amount to be acquired by the buyer indicated on a Utah REPC? -
CORRECT ANSWER page 1
On the REPC, where does the sales price being offered by the buyer appear? -
CORRECT ANSWER page 1
A real estate agent wishes to hire other real estate agents to work with them in a team.
What is required in order for them to do this? - CORRECT ANSWER They must get
their broker's permission.
A candidate for real estate licensing in Utah must apply for their license and place it on
either active or inactive status within how many days of passing their real estate exam,
assuming they are within the one-year requirement? - CORRECT ANSWER 90 days.
A hotel manager receives compensation from the hotel owner for managing the hotel
property. - CORRECT ANSWER This hotel manager is not required to have a real
estate license.
A student in a real estate school applies to take their real estate exam before
completing their 120 hours of schooling. As the date of their scheduled exam draws
near, they have not yet passed all their exams at the school with the required passing
rate. They should: - CORRECT ANSWER contact the testing center prior to 4 days
before their test date to reschedule without financial penalty.
When must the closing disclosure form be issued? - CORRECT ANSWER Three
business days before the loan consummation.
The Statute of Frauds refers to: - CORRECT ANSWER agreements concerning real
estate must be in writing to be enforceable.
, The prime obligation of an agent to the principal is: - CORRECT ANSWER loyalty.
In order to collect any funds from the Real Estate Education, Research, and Recovery
Fund, the aggrieved person must first obtain: - CORRECT ANSWER a judgment from a
court of jurisdiction.
If engaged in real estate activities, all of the following are exempt from the real estate
licensing requirements EXCEPT - CORRECT ANSWER a neighbor who assists in the
sale of their neighbor's home for a small fee.
A principal broker who regularly engages in property management on behalf of seven or
more individual units shall establish at least one property management trust account
that is: - CORRECT ANSWER separate of their other trust accounts.
If a member of the public has been financially damaged by the actions of a real estate
licensee in Utah and has applied for reimbursement to the Utah Division of Real
Estate's Education, Research, & Recovery Fund, how much money can they receive? -
CORRECT ANSWER The full amount of their damage.
A salesperson serving the needs of a buyer with a signed buyer agency contract may
be compensated for their services by: - CORRECT ANSWER the broker
What does TIP stand for on the Closing Disclosure Form? - CORRECT ANSWER Total
Interest Percentage.
According to Utah law, an aggrieved person may sue a real estate licensee for an
amount up to what? - CORRECT ANSWER three times the amount of the licensee's
gain.
The amount of the fine that can be imposed against a real estate licensee by the Utah
Real Estate Commission is: - CORRECT ANSWER $5,000 or the amount the agent
gained by their wrongdoing, whichever is greater.
Which list of documentation best describes those that a real estate licensee must
provide their broker? - CORRECT ANSWER Listing contracts, Buyer Agency
Contracts, Sales Contracts, Rejected Offers, and Settlement Documents.
Once you have completed all real estate pre-licensing classes and received a school
certifying document, how long do you have in which to pass your licensing exam and
apply for your real estate license? - CORRECT ANSWER one year
What is the maximum amount that can be paid from the Utah Real Estate Education,
Research & Recovery Fund in behalf of any one licensee? - CORRECT ANSWER
$50,000
ESTATE EXAM QUESTIONS &
VERIFIED CORRECT ANSWERS
PASSED
With regard to assignability, Utah's REPC states what? - CORRECT ANSWER no
assignment without prior written consent of the seller
A Closing Disclosure is a five-page form that provides final details regarding what? -
CORRECT ANSWER The buyer's real estate transaction.
Where is a new loan amount to be acquired by the buyer indicated on a Utah REPC? -
CORRECT ANSWER page 1
On the REPC, where does the sales price being offered by the buyer appear? -
CORRECT ANSWER page 1
A real estate agent wishes to hire other real estate agents to work with them in a team.
What is required in order for them to do this? - CORRECT ANSWER They must get
their broker's permission.
A candidate for real estate licensing in Utah must apply for their license and place it on
either active or inactive status within how many days of passing their real estate exam,
assuming they are within the one-year requirement? - CORRECT ANSWER 90 days.
A hotel manager receives compensation from the hotel owner for managing the hotel
property. - CORRECT ANSWER This hotel manager is not required to have a real
estate license.
A student in a real estate school applies to take their real estate exam before
completing their 120 hours of schooling. As the date of their scheduled exam draws
near, they have not yet passed all their exams at the school with the required passing
rate. They should: - CORRECT ANSWER contact the testing center prior to 4 days
before their test date to reschedule without financial penalty.
When must the closing disclosure form be issued? - CORRECT ANSWER Three
business days before the loan consummation.
The Statute of Frauds refers to: - CORRECT ANSWER agreements concerning real
estate must be in writing to be enforceable.
, The prime obligation of an agent to the principal is: - CORRECT ANSWER loyalty.
In order to collect any funds from the Real Estate Education, Research, and Recovery
Fund, the aggrieved person must first obtain: - CORRECT ANSWER a judgment from a
court of jurisdiction.
If engaged in real estate activities, all of the following are exempt from the real estate
licensing requirements EXCEPT - CORRECT ANSWER a neighbor who assists in the
sale of their neighbor's home for a small fee.
A principal broker who regularly engages in property management on behalf of seven or
more individual units shall establish at least one property management trust account
that is: - CORRECT ANSWER separate of their other trust accounts.
If a member of the public has been financially damaged by the actions of a real estate
licensee in Utah and has applied for reimbursement to the Utah Division of Real
Estate's Education, Research, & Recovery Fund, how much money can they receive? -
CORRECT ANSWER The full amount of their damage.
A salesperson serving the needs of a buyer with a signed buyer agency contract may
be compensated for their services by: - CORRECT ANSWER the broker
What does TIP stand for on the Closing Disclosure Form? - CORRECT ANSWER Total
Interest Percentage.
According to Utah law, an aggrieved person may sue a real estate licensee for an
amount up to what? - CORRECT ANSWER three times the amount of the licensee's
gain.
The amount of the fine that can be imposed against a real estate licensee by the Utah
Real Estate Commission is: - CORRECT ANSWER $5,000 or the amount the agent
gained by their wrongdoing, whichever is greater.
Which list of documentation best describes those that a real estate licensee must
provide their broker? - CORRECT ANSWER Listing contracts, Buyer Agency
Contracts, Sales Contracts, Rejected Offers, and Settlement Documents.
Once you have completed all real estate pre-licensing classes and received a school
certifying document, how long do you have in which to pass your licensing exam and
apply for your real estate license? - CORRECT ANSWER one year
What is the maximum amount that can be paid from the Utah Real Estate Education,
Research & Recovery Fund in behalf of any one licensee? - CORRECT ANSWER
$50,000
