Utah portion of the Real Estate exam
A candidate for real estate licensing in Utah must apply for their license and place it on
either active or inactive status within how many days of passing their real estate exam,
assuming they are within the one-year requirement? - ANSWER-90 days.
A closing disclosure form discloses all of the following EXCEPT: - ANSWER-The
amount of commission the real estate licensee will receive from their broker.
A Closing Disclosure is a five-page form that provides final details regarding what? -
ANSWER-The buyer's real estate transaction.
A hotel manager receives compensation from the hotel owner for managing the hotel
property. - ANSWER-This hotel manager is not required to have a real estate license.
A Principal Broker desires to have both a real estate sales office and a separate
property management company. Which of the following is true in Utah? - ANSWER-This
is possible if the sales agents do sales only and the property management agents do
only property management.
A principal broker who regularly engages in property management on behalf of seven or
more individual units shall establish at least one property management trust account
that is: - ANSWER-separate of their other trust accounts.
A real estate agent currently licensed in the following states will be granted a Utah real
estate license without the requirement of additional education: - ANSWER-Georgia,
Mississippi, and the province of Alberta, Canada.
A real estate agent wishes to hire other real estate agents to work with them in a team.
What is required in order for them to do this? - ANSWER-They must get their broker's
permission.
A real estate agent wishes to hire other real estate agents to work with them in a team.
What is required in order for them to do this? - ANSWER-They must get their broker's
permission.
A real estate broker learns that a neighbor wishes to sell her home. The broker knows
the property well and is able to persuade a buyer to make an offer on the property. The
broker then asks the neighbor if the broker can present an offer from a prospective
purchaser and the neighbor agrees to hear the offer. At this point, which of the following
is true? - ANSWER-The neighbor is not obligated to pay the broker any commission.
A real estate license will be denied if the licensee candidate has been convicted of any
felony within how many years preceding their application? - ANSWER-five years
, A salesperson serving the needs of a buyer with a signed buyer agency contract may
be compensated for their services by: - ANSWER-the broker
A student in a real estate school applies to take their real estate exam before
completing their 120 hours of schooling. As the date of their scheduled exam draws
near, they have not yet passed all their exams at the school with the required passing
rate. They should: - ANSWER-contact the testing center prior to 4 days before their test
date to reschedule without financial penalty.
According to Utah law, an aggrieved person may sue a real estate licensee for an
amount up to what? - ANSWER-three times the amount of the licensee's gain.
After showing a property a number of times and not securing an acceptable offer, the
broker decides to buy the property for himself. He must do which of the following? -
ANSWER-Make his true position known to the seller
All of these items must have happened in order for settlement to have occurred
according to the Utah REPC EXCEPT the following: - ANSWER-The proceeds of any
new loan have been delivered by the lender to the seller or escrow/title office.
All trust funds coming into the possession of a real estate broker or their agents must be
deposited in the broker's trust account EXCEPT: - ANSWER-rents received in
connection with tourist accommodations where the rental period is less than 30
consecutive days
An applicant for a real estate license in Utah must: - ANSWER-show proof of passing
both portions of the exam within three-months previous to applying for a license.
An assessment is charged to a homeowner who has already sold his property, but has
not yet closed on it. According to the REPC, who pays for that assessment? -
ANSWER-Shall be paid as agreed by buyer and seller in the REPC.
Failure to comply with the Statute of Frauds will result in: - ANSWER-a charge of fraud.
For how long must the broker store records on listings and sales that have been
handled by their agents. - ANSWER-Three years plus the year the transaction occurred
How are members of the Utah Real Estate Commission selected? - ANSWER-
Appointed by the Governor
If a candidate for license has a misdemeanor involving moral turpitude in their past, they
will not be granted a real estate license if that misdemeanor occurred within: -
ANSWER-3 years of their licensing request
A candidate for real estate licensing in Utah must apply for their license and place it on
either active or inactive status within how many days of passing their real estate exam,
assuming they are within the one-year requirement? - ANSWER-90 days.
A closing disclosure form discloses all of the following EXCEPT: - ANSWER-The
amount of commission the real estate licensee will receive from their broker.
A Closing Disclosure is a five-page form that provides final details regarding what? -
ANSWER-The buyer's real estate transaction.
A hotel manager receives compensation from the hotel owner for managing the hotel
property. - ANSWER-This hotel manager is not required to have a real estate license.
A Principal Broker desires to have both a real estate sales office and a separate
property management company. Which of the following is true in Utah? - ANSWER-This
is possible if the sales agents do sales only and the property management agents do
only property management.
A principal broker who regularly engages in property management on behalf of seven or
more individual units shall establish at least one property management trust account
that is: - ANSWER-separate of their other trust accounts.
A real estate agent currently licensed in the following states will be granted a Utah real
estate license without the requirement of additional education: - ANSWER-Georgia,
Mississippi, and the province of Alberta, Canada.
A real estate agent wishes to hire other real estate agents to work with them in a team.
What is required in order for them to do this? - ANSWER-They must get their broker's
permission.
A real estate agent wishes to hire other real estate agents to work with them in a team.
What is required in order for them to do this? - ANSWER-They must get their broker's
permission.
A real estate broker learns that a neighbor wishes to sell her home. The broker knows
the property well and is able to persuade a buyer to make an offer on the property. The
broker then asks the neighbor if the broker can present an offer from a prospective
purchaser and the neighbor agrees to hear the offer. At this point, which of the following
is true? - ANSWER-The neighbor is not obligated to pay the broker any commission.
A real estate license will be denied if the licensee candidate has been convicted of any
felony within how many years preceding their application? - ANSWER-five years
, A salesperson serving the needs of a buyer with a signed buyer agency contract may
be compensated for their services by: - ANSWER-the broker
A student in a real estate school applies to take their real estate exam before
completing their 120 hours of schooling. As the date of their scheduled exam draws
near, they have not yet passed all their exams at the school with the required passing
rate. They should: - ANSWER-contact the testing center prior to 4 days before their test
date to reschedule without financial penalty.
According to Utah law, an aggrieved person may sue a real estate licensee for an
amount up to what? - ANSWER-three times the amount of the licensee's gain.
After showing a property a number of times and not securing an acceptable offer, the
broker decides to buy the property for himself. He must do which of the following? -
ANSWER-Make his true position known to the seller
All of these items must have happened in order for settlement to have occurred
according to the Utah REPC EXCEPT the following: - ANSWER-The proceeds of any
new loan have been delivered by the lender to the seller or escrow/title office.
All trust funds coming into the possession of a real estate broker or their agents must be
deposited in the broker's trust account EXCEPT: - ANSWER-rents received in
connection with tourist accommodations where the rental period is less than 30
consecutive days
An applicant for a real estate license in Utah must: - ANSWER-show proof of passing
both portions of the exam within three-months previous to applying for a license.
An assessment is charged to a homeowner who has already sold his property, but has
not yet closed on it. According to the REPC, who pays for that assessment? -
ANSWER-Shall be paid as agreed by buyer and seller in the REPC.
Failure to comply with the Statute of Frauds will result in: - ANSWER-a charge of fraud.
For how long must the broker store records on listings and sales that have been
handled by their agents. - ANSWER-Three years plus the year the transaction occurred
How are members of the Utah Real Estate Commission selected? - ANSWER-
Appointed by the Governor
If a candidate for license has a misdemeanor involving moral turpitude in their past, they
will not be granted a real estate license if that misdemeanor occurred within: -
ANSWER-3 years of their licensing request
