Utah practice exam questions and
answers8
In Utah, principal brokers are responsible for depositing, earnest, money, deposits, security
deposits, and property management deposits into a special account, known as a:
Earnest money account
Escrow account
Transaction funds account
Trust account - ANSWERS-Trust account
What does RELMS stand for? - ANSWERS-Real estate online license management system
Which of the following statements is true about a broker branch manager?
And associate broker serves as a branch manager.
Branch managers must have a minimum of three years of property management experience.
The branch manager isn't supervised.
The branch manager only supervises licensed individuals. - ANSWERS-An associate broker
serves as a branch manager
Burt's has recently become a property manager in Utah. He thinks he'll like his new role since
it's buried and complex. What will Burt's responsibilities include?
Buying, leasing, and selling property.
Marketing and leasing the property.
Providing legal advice and account statements to owners.
Writing escrow funds, offshore. - ANSWERS-
, Jessica, a Utah licensee, hasn't met her CE requirements by her renewal deadline and her
license expires. What will she need to do if she wants to renew at eight months later?
She can't do anything, after six months, her license will automatically be revoked.
She will have to pay $100 fine to reinstate the license.
She will have to take 24 additional CE hours.
She will have to take six additional CE hours. - ANSWERS-She will have to take 24 additional CE
hours
Utah licensing Mal is working with his buyer client to purchase a home in Salt Lake City. His
buyer client plans to assume the seller loan. Which of the following forms should Mal use with
this transaction?
Assumption addendum to real estate purchase contract.
FHA/VA loan addendum to real estate purchase contract.
Uniform real estate contract.
Utah seller financing addendum. - ANSWERS-Assumption addendum to real estate purchase
contract
What is the principle of tacking? - ANSWERS-When someone wants to claim adverse possession,
but has only lived there for a short amount of time. They can use the principle of tacking to add
the previous owners to theirs.
What is a dual broker? - ANSWERS-Someone who is both a real estate agent and a property
management agent.
When performing real estate activities under a Utah court order are you required to have a real
estate license? - ANSWERS-No
How many hours of continuing education must every Utah licensee complete during a two-year
license? - ANSWERS-18 hours
answers8
In Utah, principal brokers are responsible for depositing, earnest, money, deposits, security
deposits, and property management deposits into a special account, known as a:
Earnest money account
Escrow account
Transaction funds account
Trust account - ANSWERS-Trust account
What does RELMS stand for? - ANSWERS-Real estate online license management system
Which of the following statements is true about a broker branch manager?
And associate broker serves as a branch manager.
Branch managers must have a minimum of three years of property management experience.
The branch manager isn't supervised.
The branch manager only supervises licensed individuals. - ANSWERS-An associate broker
serves as a branch manager
Burt's has recently become a property manager in Utah. He thinks he'll like his new role since
it's buried and complex. What will Burt's responsibilities include?
Buying, leasing, and selling property.
Marketing and leasing the property.
Providing legal advice and account statements to owners.
Writing escrow funds, offshore. - ANSWERS-
, Jessica, a Utah licensee, hasn't met her CE requirements by her renewal deadline and her
license expires. What will she need to do if she wants to renew at eight months later?
She can't do anything, after six months, her license will automatically be revoked.
She will have to pay $100 fine to reinstate the license.
She will have to take 24 additional CE hours.
She will have to take six additional CE hours. - ANSWERS-She will have to take 24 additional CE
hours
Utah licensing Mal is working with his buyer client to purchase a home in Salt Lake City. His
buyer client plans to assume the seller loan. Which of the following forms should Mal use with
this transaction?
Assumption addendum to real estate purchase contract.
FHA/VA loan addendum to real estate purchase contract.
Uniform real estate contract.
Utah seller financing addendum. - ANSWERS-Assumption addendum to real estate purchase
contract
What is the principle of tacking? - ANSWERS-When someone wants to claim adverse possession,
but has only lived there for a short amount of time. They can use the principle of tacking to add
the previous owners to theirs.
What is a dual broker? - ANSWERS-Someone who is both a real estate agent and a property
management agent.
When performing real estate activities under a Utah court order are you required to have a real
estate license? - ANSWERS-No
How many hours of continuing education must every Utah licensee complete during a two-year
license? - ANSWERS-18 hours
