Utah Real Estate 2023
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Nov 24, 2024
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Utah Real Estate 2023 Which of the following options would NOT satisfy the points requirement for a broker applicant to get their license? (a) 60 points that come from selling properties. (b) A combination of 45 points from sales and 15 points from property management. (c) A combination of 45 points from real estate and 15 points from optional allowed activities. (d) 60 points for property management while employed by the owner. - d. 60 points for property management while employed by the owner If a principal broker dies, and it is a sole proprietorship, what should be done with the records of the company? (a) A receiver will be appointed by the Division to handle the records. (b) The administrator of the broker's estate must keep the records. (c) The Division should be notified as to where the records will be stored. (d) They must be transferred to the Division. - c. The Division should be notified as to where the records will be stored. The term for Utah's water law, which determines who gets to have rights to use and distribution of water, is: (a) Beneficial use (b) Prior appropriation (c) Riparian rights (d) Littoral rights - (b) Prior appropriation The Marketable Record Title Act: (a) protects buyers of lots in subdivisions. (b) has been in effect since 1901. (c) simplifies clearing title. (d) is assigned to clear an undisturbed title. - (c) simplifies clearing title. Where are the water right records stored? (a) County Recorder's Office (b) Water Commissioner's Office (c) Real Estate Division (d) State Engineer's Office - (d) State Engineer's Office
Under the Division Rules, which of the following is NOT correct? (a) Net listings shall not be taken by a licensee. (b) A principal broker cannot keep part of the earnest money unless both parties agree. (c) Licensees shall keep their broker informed regarding their transactions. (d) When requested by the client, the agent must give them copies of documents from both sides of the transaction. - (d) When requested by the client, the agent must give them copies of documents from both sides of the transaction. If the owner and principal broker of Jones Real Estate Co. decides to open a separate property management company, which does NOT apply? (a) The broker can manage both companies. (b) The name can be different from the real estate company. (c) There must first be more than six property management accounts. (d) It can be called Jones Property Management Company. - (c) There must first be more than six property management accounts. Assuming a REPC is accepted on January 25th and a check for $1,000 earnest money is given the same day, what is the latest it can be deposited into the Brokerage Trust Account? (a) January 26 (b) January 28 (c) January 29 (d) February 1 - (c) January 29 Explanation: According to the REPC, the Broker has 4 calendar days to deposit the earnest money. Unless it is specified in an addendum to do something different, the 4 calendar rule must apply. Licenses are renewed using the Real Estate License Management System on line. How long must you keep paper proof of completion of your CE requirement? (a) Once you've confirmed your class has been banked online, you can shred the completion certificate (b) They must be retained until your next license renewal date. (c) They must be retained for three years after the date of the class. (d) No paper record is required - (c) They must be retained for three years after the date of the class. A promissory note for earnest money should be made out in the name of the: (a) buyer
(b) seller (c) agent who wrote the offer. (d) broker - seller A builder, in selling new homes, requires a non-refundable deposit (which will be used for construction), in addition to the earnest money repost. This: (a) is not allowed under the law, as deposits must be refundable if contingencies are not met. (b) is acceptable as long as the non-reundablitlity is spelled out and agreed to in writing by the buyer. (c) can be done only if the non-refundable deposit (which will be used for construction), in addition to the earnest money deposit. This: - (b) is acceptable as long as the non-reundablitlity is spelled out and agreed to in writing by the buyer. The Real Estate Recovery Fund had to pay money on a real estate licensee. What happens to the agents license? (a) It is automatically revoked. (b) It is placed on probation. (c) It is automatically suspended. (d) He is charged a fine, but the license is kept in force. - (a) It is automatically revoked. The Buyer wants J the agent to write up the offer as a seller carry back for the financing of the sale. What statement is applicable to this situation? (a) J should request the loan documents from the lender. (b) It is illegal, and if J values his license J won't do it. (c) J must disclose to both parties there might be a "due on sale" clause and its effect. (d) J should request an estoppel certificate for disclosure to the buyer. - (c) J must disclose to both parties there might be a "due on sale" clause and its effect. Which of the following is a requirement for a licensed person to be a commissioner? (a) Be a principal broker for three years. (b) Be an active licensee for five years (c) Have a sales agent license for three years. (d) Have a broker's license for three years. - (b) Be an active licensee for five years Who can legally pay a commission to a licensed real estate sales agent? (a) the cooperating broker (b) the employing broker (c) a seller (d) a buyer - (b) the employing broker
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In Utah, what is the statutory period for obtaining a prescriptive easement? (a) 5 years (b) 20 years (c) 40 years (d) 7 years - (b) 20 years A broker in Vernal Lists a property in Roosevelt under an exclusive right to sell listing. The selling broker does not sell through the listing broker. This could create. (a) Double commission (b) Dual agency (c) Double contract (d) Dual dispostion - (a) Double commission Licenses are renewed using the Real Estate License Management System on line. How long must you keep paper proof of completion of your CE requirement? (a) They must be retained until your next license renewal date. (b) No paper record is required (c) They must be retained for three years after the date of the class. (d) Once you've confirmed your class has been banked online, you can shred the completion certificate. - (c) They must be retained for three years after the date of the class. How long must a broker retain rejected offers? (a) 3 years following the year of the transaction. (b) Rejected offers never have to be retained in the files. (c) 90 days following date of the transaction (d) 5 years following the year of the transaction - (a) 3 years following the year of the transaction. A copy of the Closing Disclosure should go to: (a) Seller and broker (b) Buyer and broker (c) Buyer and seller (d) Buyer, seller and broker(s) - (d) Buyer, seller and broker(s) A sales agent who offers a guarantee that if the listing does not sell within six months the agent will buy the listing, must also: (a) Provide a bond to back the guarantee.
(b) Provide complete written details of the guarantee before the property is listed. (c) A licensee is convicted of a criminal offense. (d) Notify the Division of Real Estate in advance of the terms of the guarantee. - (b) Provide complete written details of the guarantee before the property is listed. Which of the following is NOT a State Approved Form: (a) Utah Standard Lease Form (b) Addendum (c) AITD or All-Inclusive Trust Deed (d) Utah Uniform Real Estate Contract (UREC) - (a) Utah Standard Lease Form What are the requirements for continuing education in the state of Utah? (a) Six hours of core classes every year. (b) Eighteen hours every two years, including at least 9 hours of core courses. (c) Twelve hours of any approved subject plus the State's core course. (d) If one has been inactive for 4 1/2 years, upon reactivating, 24 hours of CE will be required. - (b) Eighteen hours every two years, including at least 9 hours of core courses. If a person perfected his/her claim under the Utah Exemption Act, the maximum protected amount a single person could get would be: (a) $10,000 (b) $30,000 (c) $40,000 (d) $5,000 - (b) $30,000 The duties of the Real Estate Commissioners include all of the following EXCEPT? (a) Advising the director. (b) Regulating property management. (c) Passing laws relating to the practice of real estate. (d) Making and enforcing rules and regulations. - (c) Passing laws relating to the practice of real estate. If a licensee has a complaint filed against him/her by a member of the public, upon receiving notice of the complaint, what is next in the complaint process? (a) The licensee will appear before the commission to respond to the complaint. (b) The licensee must respond in writing within three days. (c) The licensee can request a hearing before the commission. (d) The licensee has 30 days to respond to the R. E. Division. - (d) The licensee has 30 days to respond to the R. E. Division.
If a contractor files a mechanic's lien for an amount greater than the debt owed, he is guilty of: (a) a felony involving moral turpitude. (b) violating the rules and regulations of the Department of Real Estate. (c) statutory fraud. (d) a misdemeanor. - (d) a misdemeanor. A promissory note for earnest money should be made out in the name of the: (a) buyer (b) seller (c) agent who wrote the offer. (d) broker - (b) seller In the relationship between the lender and the real estate licensee, what is NOT allowed? (a) The licensee may refer clients to specific lenders. (b) The lender may send a copy of the loan estimate to the agent. (c) A referral fee may be paid, not to exceed $50. (d) The licensee can arrange a meeting for the lender to propose a financing plan to the client. - (c) A referral fee may be paid, not to exceed $50. If a broker or sales agent buys a property for him or herself, he/she: (a) must disclose that he/she is a licensed real estate broker or sales agent. (b) must give up the commission in the transaction. (c) can act as any other buyer would act. (d) must engage a third party as an agent. - (a) must disclose that he/she is a licensed real estate broker or sales agent. A person who owned a condominium might own any of the properties described below EXCEPT: (a) A single family dwelling (b) A unit in a light industrial complex (c) A medical/dental building (d) A nine-hole golf course - (d) A nine-hole golf course Sales agent Q is working with Company X who is going to buy a large parcel of land and subsequently subdivide it and sell the individual smaller parcels. Q should inform Company X (a) X should inquire through the R. E. Division to determine if they need to register under the Land Sales Practices Act. (b) Q could sell the lots for X if Q first registers with the R. E. Division.
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(c) If they sell lots only, with no houses, there is no need to go through the R. E. Division. (d) They will have to register with the R. E. Division under the Land Sales Practices Act. - (a) X should inquire through the R. E. Division to determine if they need to register under the Land Sales Practices Act. In Utah, what is the statutory period for obtaining a prescriptive easement? (a) 7 years (b) 5 years (c) 40 years (d) 20 years - (d) 20 years Which of the following statements is correct regarding the necessity of establishing a separate property management company? (a) There is no such requirement. (b) When the brokerage is handling six property management accounts. (c) When the brokerage begins to do property management in addition to sales. (d) When the brokerage has seven property management accounts. - (a) There is no such requirement. Which of the following is a requirement for a licensed person to be a commissioner? (a) Have a sales agent license for three years. (b) Be an active licensee for five years. (c) Be a principal broker for three years. (d) Have a broker's license for three years. - (b) Be an active licensee for five years. If a person owns a share in a stock cooperative, so they have the right to live in their individual unit undisturbed, what do you call their rights? (a) Proprietary lease (b) Tenancy for years (c) Fee simple defeasible (d) Planned unit development - (a) Proprietary lease Which of the following is NOT required for an unlicensed auctioneer to conduct an auction of real property? (a) The earnest money is deposited in the broker's trust account. (b) A principal broker has reviewed and initialed all documents prior to the auction. (c) The Real Estate Purchase Agreement is used and filled out by a licensee. (d) A principal broker is present at the auction. - (b) A principal broker has reviewed and initialed all documents prior to the auction.
The statutory requirement for becoming a broker is: (a) Post $1,000 bond. (b) Be a member of the Board of Realtors. (c) Have five years' experience as a real estate salesagent. (d) Have three years' full-time experience as a real estate licensee or its equivalent. - (d) Have three years' full-time experience as a real estate licensee or its equivalent. An associate broker can do all of the following EXCEPT: (a) Pay commissions (b) Prepare closing documents (c) Negotiate leases (d) Take listings - (a) Pay commissions Licenses are renewed using the Real Estate License Management System on line. How long must you keep paper proof of completion of your CE requirement? (a) They must be retained for three years after the date of the class. (b) They must be retained until your next license renewal date. (c) No paper record is required (d) Once you've confirmed your class has been banked online, you can shred the completion certificate. - (a) They must be retained for three years after the date of the class. A plumber did some work on a home. After waiting a few weeks while the owner kept promising to pay, the plumber decided to place a mechanic's lien against the property. Which of the following would accomplish that? (a) Perfect a lien at the county recorder's office. (b) File an unlawful detainer with the court. (c) Sue the owner in small claims court. (d) File a lis pendens at the county recorder's office. - (a) Perfect a lien at the county recorder's office. If, upon examination by the Division's representative, gross mismanagement of the records is found, which of the following would NOT be a possibility? (a) If there is an audit, the broker must pay for it. (b) The Division could freeze the trust account. (c) The Division could appoint a receiver. (d) An audit by an independent CPA can be required. - (b) The Division could freeze the trust account.
Which item on the list is NOT a cause for an agent to lose his/her license? (a) Changing from one brokerage to another during the term of a listing (b) Failing to furnish copies to the parties executing documents (c) A flagrant course of misrepresentation. (d) Diverting other peoples monies coming into the possession of the licensee. - (a) Changing from one brokerage to another during the term of a listing
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