Utah Real Estate Exam Prep Questions With Correct Answers

Utah Real Estate Exam Prep Questions With
Correct Answers

Trust |accounts |are |designed |for |other |people's |money |- |CORRECT |ANSWER✔✔-True



The |Real |Estate |Trust |Account |can |draw |interest |not |to |exceed..... |- |CORRECT |ANSWER✔✔-0%



According |to |Utah |Law, |the |earnest |money |must |be |deposited |within |----
|business/banking/working |days |- |CORRECT |ANSWER✔✔-3




In |the |real |estate |trust |account, |the |broker |can |deposit |no |more |than |------ |of |his |or |her |own |
money |- |CORRECT |ANSWER✔✔-500



If |brokers |place |more |than |the |allowed |amount |of |their |own |money |in |the |trust |account, |they
|are |guilty |of |commingling. |- |CORRECT |ANSWER✔✔-True




Typically, |earnest |money |checks |would |be |written |in |the |name |of |the |trust |account |- |CORRECT
|ANSWER✔✔-True




If |there |is |no |agreement |to |the |contrary, |can |earnest |money |be |used |to |complete |
construction? |- |CORRECT |ANSWER✔✔-No



If |there |is |no |agreement, |can |large |amounts |of |money |be |used |as |a |non-refundable |deposit? |-
|CORRECT |ANSWER✔✔-True




A |separate |property |management |trust |account |must |be |opened |if |servicing |more |than |____ |
accounts. |- |CORRECT |ANSWER✔✔-6

,Which |of |the |following |is |NOT |one |of |the |ways |a |principal |broker |is |allowed |to |disburse |
money |from |the |trust |account? |- |CORRECT |ANSWER✔✔-a. |As |directed |in |the |contract |

b. |As |directed |by |the |buyer |and |seller |

c. |As |directed |by |the |court |

d.* |As |directed |by |the |lender



Audits |are |ordered |by |the |real |estate |division |and |are |to |be |done |by |a |certified |public |
accountant |at |the |expense |of |the |sales |agent. |- |CORRECT |ANSWER✔✔-False



The |name |of |the |trust |account |must |contain |the |words: |- |CORRECT |ANSWER✔✔-Real |Estate |
Trust |Account



According |to |the |REPC, |the |earnest |money |must |be |deposited |in |accordance |with |State |law |
after: |- |CORRECT |ANSWER✔✔-a. |The |agent |receives |it |

b.* |Acceptance |

c. |It |is |turned |in |to |the |brokerage



If |a |promissory |note |is |taken |as |earnest |money, |it |is |to |be |kept |in |the |transaction |file |and |the |
maker |of |the |note |is |called |the: |- |CORRECT |ANSWER✔✔-Payor



When |a |dispute |between |seller |and |buyer |arises, |the |principal |broker |has |_____ |days |to |notify
|the |parties |involved |in |the |dispute. |- |CORRECT |ANSWER✔✔-15




If |a |sale |fails, |the |broker |is |entitled |to |a |portion |of |the |earnest |money |only |with |_________ |of |
the |buyer |and |seller. |- |CORRECT |ANSWER✔✔-Written |Consent



In |writing |an |offer |on |a |property |where |no |certificate |of |occupancy |has |been |issued, |the |agent
|is |to |use |the |REPC |for: |- |CORRECT |ANSWER✔✔-Residential |construction

, If |an |agent |received |earnest |money |in |the |following |amounts, |$500 |cash, |$500 |personal |
check, |the |agent |would |be |responsible |for: |- |CORRECT |ANSWER✔✔-$1,000 |earnest |money



How |many |counties |does |the |Commission |represent? |- |CORRECT |ANSWER✔✔-5



Which |of |the |following |is |NOT |one |of |the |three |types |of |real |estate |licenses |in |Utah. |They |are:
|- |CORRECT |ANSWER✔✔-a. |Sales |Agent |



b.* |Mortgage |Lender |

c. |Principal |Broker |

d. |Associate |Broker



A |real |estate |license |authorizes |a |person |to |be |paid |for |all |of |the |following |activities |EXCEPT: |- |
CORRECT |ANSWER✔✔-a.* |Sign |documents |for |and |in |behalf |of |a |buyer |or |seller

| b. |Act |as |a |property |manager |

c. |Negotiate |the |exchange |of |real |estate

d. |Arrange |for |the |purchase |and/or |sale |of |real |estate



All |of |the |following |can |perform |real |estate |activities |without |having |a |real |estate |license |
EXCEPT: |- |CORRECT |ANSWER✔✔-a. |Persons |buying |or |selling |property |for |themselves |

b.* |A |lawyer, |because |he/she |has |a |license |to |practice |law |

c. |An |attorney-in-fact |in |isolated |situations

d. |A |trustee |auctioning |property |at |a |Trustee's |Sale |

e. |A |sheriff |selling |property |at |a |Sheriff's |Sale



To |obtain |a |sales |agent |license, |the |sales |agent |candidate |must |do |all |of |the |following |EXCEPT:
|- |CORRECT |ANSWER✔✔-a. |Be |at |least |18 |years |old. |



b. |Complete |a |real |estate |licensing |course |of |120 |hours. |