Utah State Exam Practice
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1. Lily is considering signing a buyer representation c. It means you're repre-
agreement with you, a Utah licensee, but she's un- senting her and not the
convinced. "What's in it for me?" she asks. What's one seller.
major benefit to her when she signs the buyer repre-
sentation agreement?
a. It guarantees you'll get a commission.
b. It makes her look more serious in the seller's eyes.
c. It means you're representing her and not the seller.
d. It's less time-consuming to you.
2. Which of the following is true about the debit and d. They'll be equal, since
credit columns on a buyer's closing statement? the purpose of the clos-
a. The credits will be higher, since the buyer is getting ing statement is to bal-
a loan. ance costs and incoming
b. The debits will be higher, since the buyer is purchas- funds.
ing a property.
c. There is no way of knowing whether debits or cred-
its will be higher, since they're specific to the transac-
tion.
d. They'll be equal, since the purpose of the closing
statement is to balance costs and incoming funds.
3. When Utah licensees receive funds related to a trans- d. They must inform their
action, which of the following is a true statement? principal broker and im-
a. They must deposit the funds within three banking mediately turn over the
days. funds.
b. They must hold onto the funds until they receive
written instruction from the parties or until closing.
c. They must inform their principal broker and deposit
the funds immediately.
d. They must inform their principal broker and imme-
diately turn over the funds.
, Utah State Exam Practice
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4. Your client's offer to purchase a new home in Orem a. Make sure that you as-
was accepted. You remember to deposit her escrow sign this transaction a se-
funds into a brokerage trust account and to get doc- quential transaction num-
umentation of the transaction. What else, if anything, ber.
should you do?
a. Make sure that you assign this transaction a se-
quential transaction number.
b. Nothing; you've done all that's required.
c. Send all parties a copy of the transaction documen-
tation after 30 days.
d. Verify that it is in an interest-bearing account.
5. Which of the following statements about agency cre- b. The agency relationship
ation in Utah is true? must be created using a
a. The agency relationship must be created using a written agreement that is
written agreement. signed by both parties.
b. The agency relationship must be created using a
written agreement that is signed by both parties.
c. The agency relationship must be created using a
written agreement that is signed by both parties and
notarized.
d. The agency relationship must be created using a
written or verbal agency agreement.
6. With ______, your client is saying, "You acted as my d. Ratification
agent without authority; now, here's your authority."
a. Estoppel
b. Express agency
c. Implied agency
d. Ratification
7.
, Utah State Exam Practice
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Jeremy was found guilty of violating license law but d. Request an agency or
doesn't believe he did anything wrong. Which of these judicial review.
actions should he take to have the most positive ef-
fect?
a. Ask to speak privately to the presiding officer of the
Utah Division of Real Estate.
b. Call two or three witnesses to testify on his behalf.
c. Conduct his own investigation against the Utah Di-
vision of Real Estate.
d. Request an agency or judicial review.
8. Aside from her license being revoked, what other con- b. Disciplinary actions
sequences may licensee Kim face when the recovery
fund pays a judgment on her behalf?
a. Community service
b. Disciplinary actions
c. Negative credit rating
d. Tax penalties
9. When is a Utah real estate license required? b. When performing real
a. When performing maintenance work for one prop- estate activities for others,
erty owner for compensation of any
b. When performing real estate activities for others, kind
for compensation of any kind
c. When performing real estate activities for others,
without compensation
d. When performing real estate activities for yourself
10. Which of the following agreement types must be in a. Credit agreements
writing to be legally enforceable, according to the
statute of frauds?
a. Credit agreements
, Utah State Exam Practice
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b. Statements of bankruptcy
c. The buying and selling of household goods
d. Transactions involving food or clothing
11. When you're representing a buyer client at closing, d. Yes. The tax certificate
you notice a debit to your buyer on the closing state- is obtained by the clos-
ment for a tax certificate. Is this a valid fee? ing agent from the coun-
a. No. The tax certificate is a legal document the buy- ty treasurer, and the buyer
er's broker must pay for, according to CREC rules. pays for it.
b. No. The tax certificate is the seller's guarantee that
property taxes have been paid, and should be shown
as a debit to the seller.
c. Yes. The tax certificate is a required federal dis-
closure the lender must provide, and for which the
borrower pays.
d. Yes. The tax certificate is obtained by the closing
agent from the county treasurer, and the buyer pays
for it.
12. You've had your Utah real estate license for only a few c. Yes, if the check goes
weeks when your friend Amy, who's also a real estate through your principal
licensee, drops by to give you a referral fee for a client broker.
you referred her way a few months ago. Money's been
tight, and you're happy to have the extra money. Can
you accept the referral fee?
a. No, because only licensed brokers can give/receive
referral fees
b. No, because Utah licensees aren't allowed to
give/receive referral fees
c. Yes, if the check goes through your principal broker.
d. Yes, if the check is made out to you personally
Study online at https://quizlet.com/_a4riua
1. Lily is considering signing a buyer representation c. It means you're repre-
agreement with you, a Utah licensee, but she's un- senting her and not the
convinced. "What's in it for me?" she asks. What's one seller.
major benefit to her when she signs the buyer repre-
sentation agreement?
a. It guarantees you'll get a commission.
b. It makes her look more serious in the seller's eyes.
c. It means you're representing her and not the seller.
d. It's less time-consuming to you.
2. Which of the following is true about the debit and d. They'll be equal, since
credit columns on a buyer's closing statement? the purpose of the clos-
a. The credits will be higher, since the buyer is getting ing statement is to bal-
a loan. ance costs and incoming
b. The debits will be higher, since the buyer is purchas- funds.
ing a property.
c. There is no way of knowing whether debits or cred-
its will be higher, since they're specific to the transac-
tion.
d. They'll be equal, since the purpose of the closing
statement is to balance costs and incoming funds.
3. When Utah licensees receive funds related to a trans- d. They must inform their
action, which of the following is a true statement? principal broker and im-
a. They must deposit the funds within three banking mediately turn over the
days. funds.
b. They must hold onto the funds until they receive
written instruction from the parties or until closing.
c. They must inform their principal broker and deposit
the funds immediately.
d. They must inform their principal broker and imme-
diately turn over the funds.
, Utah State Exam Practice
Study online at https://quizlet.com/_a4riua
4. Your client's offer to purchase a new home in Orem a. Make sure that you as-
was accepted. You remember to deposit her escrow sign this transaction a se-
funds into a brokerage trust account and to get doc- quential transaction num-
umentation of the transaction. What else, if anything, ber.
should you do?
a. Make sure that you assign this transaction a se-
quential transaction number.
b. Nothing; you've done all that's required.
c. Send all parties a copy of the transaction documen-
tation after 30 days.
d. Verify that it is in an interest-bearing account.
5. Which of the following statements about agency cre- b. The agency relationship
ation in Utah is true? must be created using a
a. The agency relationship must be created using a written agreement that is
written agreement. signed by both parties.
b. The agency relationship must be created using a
written agreement that is signed by both parties.
c. The agency relationship must be created using a
written agreement that is signed by both parties and
notarized.
d. The agency relationship must be created using a
written or verbal agency agreement.
6. With ______, your client is saying, "You acted as my d. Ratification
agent without authority; now, here's your authority."
a. Estoppel
b. Express agency
c. Implied agency
d. Ratification
7.
, Utah State Exam Practice
Study online at https://quizlet.com/_a4riua
Jeremy was found guilty of violating license law but d. Request an agency or
doesn't believe he did anything wrong. Which of these judicial review.
actions should he take to have the most positive ef-
fect?
a. Ask to speak privately to the presiding officer of the
Utah Division of Real Estate.
b. Call two or three witnesses to testify on his behalf.
c. Conduct his own investigation against the Utah Di-
vision of Real Estate.
d. Request an agency or judicial review.
8. Aside from her license being revoked, what other con- b. Disciplinary actions
sequences may licensee Kim face when the recovery
fund pays a judgment on her behalf?
a. Community service
b. Disciplinary actions
c. Negative credit rating
d. Tax penalties
9. When is a Utah real estate license required? b. When performing real
a. When performing maintenance work for one prop- estate activities for others,
erty owner for compensation of any
b. When performing real estate activities for others, kind
for compensation of any kind
c. When performing real estate activities for others,
without compensation
d. When performing real estate activities for yourself
10. Which of the following agreement types must be in a. Credit agreements
writing to be legally enforceable, according to the
statute of frauds?
a. Credit agreements
, Utah State Exam Practice
Study online at https://quizlet.com/_a4riua
b. Statements of bankruptcy
c. The buying and selling of household goods
d. Transactions involving food or clothing
11. When you're representing a buyer client at closing, d. Yes. The tax certificate
you notice a debit to your buyer on the closing state- is obtained by the clos-
ment for a tax certificate. Is this a valid fee? ing agent from the coun-
a. No. The tax certificate is a legal document the buy- ty treasurer, and the buyer
er's broker must pay for, according to CREC rules. pays for it.
b. No. The tax certificate is the seller's guarantee that
property taxes have been paid, and should be shown
as a debit to the seller.
c. Yes. The tax certificate is a required federal dis-
closure the lender must provide, and for which the
borrower pays.
d. Yes. The tax certificate is obtained by the closing
agent from the county treasurer, and the buyer pays
for it.
12. You've had your Utah real estate license for only a few c. Yes, if the check goes
weeks when your friend Amy, who's also a real estate through your principal
licensee, drops by to give you a referral fee for a client broker.
you referred her way a few months ago. Money's been
tight, and you're happy to have the extra money. Can
you accept the referral fee?
a. No, because only licensed brokers can give/receive
referral fees
b. No, because Utah licensees aren't allowed to
give/receive referral fees
c. Yes, if the check goes through your principal broker.
d. Yes, if the check is made out to you personally
