Utah Real Estate Exam Prep-150 Questions & Verified
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
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
