UTAH STATE NOTARY EXAM ONLINE PRACTICE 2025 | ALL 300
QUESTIONS AND CORRECT ANSWERS | ALREADY GRADED A+
| LATEST UPDATE
Lily is considering signing a buyer representation agreement with you, a Utah licensee, but she's
unconvinced. "What's in it for me?" she asks. What's one major benefit to her when she signs the
buyer representation 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. - ANSWER: c. It means you're representing her and not the seller.
Which of the following is true about the debit and credit columns on a buyer's closing statement?
a. The credits will be higher, since the buyer is getting a loan.
b. The debits will be higher, since the buyer is purchasing a property.
c. There is no way of knowing whether debits or credits will be higher, since they're specific to the
transaction.
d. They'll be equal, since the purpose of the closing statement is to balance costs and incoming
funds. - ANSWER: d. They'll be equal, since the purpose of the closing statement is to balance costs
and incoming funds.
When Utah licensees receive funds related to a transaction, which of the following is a true
statement?
a. They must deposit the funds within three banking days.
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 immediately turn over the funds. - ANSWER: d. They
must inform their principal broker and immediately turn over the funds.
Your client's offer to purchase a new home in Orem was accepted. You remember to deposit her
escrow funds into a brokerage trust account and to get documentation of the transaction. What else,
if anything, should you do?
a. Make sure that you assign this transaction a sequential transaction number.
b. Nothing; you've done all that's required.
c. Send all parties a copy of the transaction documentation after 30 days.
, UTAH STATE NOTARY EXAM ONLINE PRACTICE 2025 | ALL 300
QUESTIONS AND CORRECT ANSWERS | ALREADY GRADED A+
| LATEST UPDATE
d. Verify that it is in an interest-bearing account. - ANSWER: a. Make sure that you assign this
transaction a sequential transaction number.
Which of the following statements about agency creation in Utah is true?
a. The agency relationship must be created using a written agreement.
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. - ANSWER:
b. The agency relationship must be created using a written agreement that is signed by both parties.
With ______, your client is saying, "You acted as my agent without authority; now, here's your
authority."
a. Estoppel
b. Express agency
c. Implied agency
d. Ratification - ANSWER: d. Ratification
Jeremy was found guilty of violating license law but doesn't believe he did anything wrong. Which of
these actions should he take to have the most positive effect?
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 Division of Real Estate.
d. Request an agency or judicial review. - ANSWER: d. Request an agency or judicial review.
Aside from her license being revoked, what other consequences 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 - ANSWER: b. Disciplinary actions
QUESTIONS AND CORRECT ANSWERS | ALREADY GRADED A+
| LATEST UPDATE
Lily is considering signing a buyer representation agreement with you, a Utah licensee, but she's
unconvinced. "What's in it for me?" she asks. What's one major benefit to her when she signs the
buyer representation 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. - ANSWER: c. It means you're representing her and not the seller.
Which of the following is true about the debit and credit columns on a buyer's closing statement?
a. The credits will be higher, since the buyer is getting a loan.
b. The debits will be higher, since the buyer is purchasing a property.
c. There is no way of knowing whether debits or credits will be higher, since they're specific to the
transaction.
d. They'll be equal, since the purpose of the closing statement is to balance costs and incoming
funds. - ANSWER: d. They'll be equal, since the purpose of the closing statement is to balance costs
and incoming funds.
When Utah licensees receive funds related to a transaction, which of the following is a true
statement?
a. They must deposit the funds within three banking days.
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 immediately turn over the funds. - ANSWER: d. They
must inform their principal broker and immediately turn over the funds.
Your client's offer to purchase a new home in Orem was accepted. You remember to deposit her
escrow funds into a brokerage trust account and to get documentation of the transaction. What else,
if anything, should you do?
a. Make sure that you assign this transaction a sequential transaction number.
b. Nothing; you've done all that's required.
c. Send all parties a copy of the transaction documentation after 30 days.
, UTAH STATE NOTARY EXAM ONLINE PRACTICE 2025 | ALL 300
QUESTIONS AND CORRECT ANSWERS | ALREADY GRADED A+
| LATEST UPDATE
d. Verify that it is in an interest-bearing account. - ANSWER: a. Make sure that you assign this
transaction a sequential transaction number.
Which of the following statements about agency creation in Utah is true?
a. The agency relationship must be created using a written agreement.
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. - ANSWER:
b. The agency relationship must be created using a written agreement that is signed by both parties.
With ______, your client is saying, "You acted as my agent without authority; now, here's your
authority."
a. Estoppel
b. Express agency
c. Implied agency
d. Ratification - ANSWER: d. Ratification
Jeremy was found guilty of violating license law but doesn't believe he did anything wrong. Which of
these actions should he take to have the most positive effect?
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 Division of Real Estate.
d. Request an agency or judicial review. - ANSWER: d. Request an agency or judicial review.
Aside from her license being revoked, what other consequences 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 - ANSWER: b. Disciplinary actions
