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Bonnie has just applied for the right to divert the water from a nearby
creek to her own land. If this right is approved, it will be subordinated
to earlier rights. What do we know about the water management
system that governs Bonnie's area?
a. In this system, the water is owned by the landowners whose land
touches it.
b. This is a system that's used mostly in states where there's plenty of
water.
c. This system is also called "first in time, first in right."
d. Under this system, those who own property that touches water
have an automatic right to use it. --- correct answer ---c. This system
is also called "first in time, first in right."
Your friend Ed tells you that he's just entered into a designated
agency relationship with his seller clients. What does this mean?
a. Ed is not a licensed broker, but his clients have authorized in
writing that he can enter into an agency relationship with them.
,b. Ed's broker appointed him to represent only the sellers in a
transaction.
c. Ed will give some of the work to another licensee at his brokerage.
d. Ed will represent both his seller clients and the buyer who's ready
to make an offer. --- correct answer ---b. Ed's broker appointed him to
represent only the sellers in a transaction.
Which of the following statements about disbursing trust account
deposits in Utah is true?
a. Principal brokers can't release escrow funds prior to the date of
closing.
b. Principal brokers may only disburse trust funds as the transaction's
purchase contract specifies, as the parties direct via written
authorization, or by court order.
c. Principal brokers must always wait for court authorization before
releasing any escrow funds.
d. Principal brokers must disburse the funds within five days of
receiving written notice of a closing or termination. --- correct
answer ---b. Principal brokers may only disburse trust funds as the
transaction's purchase contract specifies, as the parties direct via
written authorization, or by court order.
,Jerrold reviews the floor plan of the house he's going to sell. It's 3,800
square feet. In his advertising, he bumps that number up to 4,000
square feet to better justify its asking price. What has Jerrold done?
a. Active misstatement
b. Exaggeration
c. Intentional misrepresentation
d. Puffery --- correct answer ---c. Intentional misrepresentation
Gerald was granted a license conditionally, pending his background
check, but has just been notified that it may be revoked. What might
he have done that warrants this action?
a. Applied for a license within six months of course completion
b. Failed to disclose a criminal conviction
c. Selected a broker to affiliate with prior to licensure
d. Submitted to fingerprinting and a background check --- correct
answer ---b. Failed to disclose a criminal conviction
Who is responsible for auditing brokerage firms transactional and
trust account records?
a. Department of Incorporation
b. State district court
, c. Utah Division of Commerce
d. Utah Division of Real Estate --- correct answer ---d. Utah Division
of Real Estate
Consumers may file complaints against Utah licensees with which
organization?
a. Department of Labor
b. Local police department
c. Utah Department of Commerce
d. Utah Division of Real Estate --- correct answer ---d. Utah Division
of Real Estate
To claim adverse possession, a possessor must file an action to
______.
a. Invoke the principle of tacking
b. Meet hostile possession requirements
c. Prove open and notorious possession
d. Quiet title --- correct answer ---d. Quiet title
Tommy owns land and a water right appurtenant. Which of the
following is true about this kind of ownership?