New UTAH Real Estate License Exam Test Bank

pg. 1 New UTAH Real Estate License Exam Test Bank

• With 400 Actual Exam PREP Questions and Correct

Verified Answers/ Utah Real Estate Test | Utah Real Estate Exam

In Utah, ______ require a real estate license.

a) Anyone who performs real estate services or activities for others, for

compensation

b) Auctioneers selling real estate

c) Receivers, trustees in bankruptcy, or persons acting under court order to sell real

estate

d) Trustees selling real property under a deed of trust

Anyone who performs real estate services or activities for others, for compensation

Under Utah's Exemption Act, homeowners can_____:

a) File for income tax benefits on secondary homes

b) Have federal income tax liens waived

c) Protect some of the equity in their homes

d) Start the process to clear their home's title

Protect some of the equity in their homes When the complaint involves commission, fees, or compensation, what can the Utah Real Estate Commission do?

a) It isn't allowed to mention financial loss or damages in its opinions or

notifications.

b) It may alert the complainant of the option to sue in civil court.

c) It may alert the courts of a possible civil lawsuit.

d) It may impose monetary damages when determining disciplinary sanctions.

It may alert the complainant of the option to sue in civil court.

$15,000 1 / 4

pg. 2 Which of the following is a step in the water appropriation application process?

a) Contact a company or a trust that sells water rights.

b) Explain, in your application, how and why you'll use the water.

c) Have the state engineer inspect your property for available water.

d) Identify someone who's selling all or part of their water right.

Explain, in your application, how and why you'll use the water.Which of these was a factor in Utah adopting the doctrine of prior appropriation to manage its water rights?

a) The fact that in this system, available water is only used recreationally.

b) The fact that in this system, diverting water is discouraged.

c) The fact that under this system, the water is owned by people who own the land

that touches it.

d) The fact that Utah is arid and water is scarce.

The fact that Utah is arid and water is scarce.What's the suggested jail time when a licensee is found guilty of a second license law violation?

a) As long as five years

b) As many as two years

c) One year

d) Six months

As many as two years In which of the following situations would an agent be representing a customer in a real estate purchase?

a) Any time

b) Never

c) When the agent has his broker's permission

d) When the agent has his broker's written and signed permission

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pg. 3 How is general property tax calculated?

a) By adding the tax rate to the property's assessed value

b) By dividing the property's assessed value by the tax rate

c) By multiplying the property's assessed value by the tax rate

d) By subtracting the tax rate from the property's assessed value

By multiplying the property's assessed value by the tax rate Roger just discovered that his loan includes a hidden balloon payment, so now he must ________.

a) Make one large final payment to pay off the principal

b) Make one large initial payment to pay down the principal

c) Pay off the interest with a second mortgage

d) Pay off the interest with higher payments for the first year

Make one large final payment to pay off the principal Land, plus all things permanently attached to it naturally or artificially, is ______.

a) Interest

b) Private property

c) Real estate

d) Real property

Real estate Broker Hal enters into a listing agreement with seller Jane. Jane insists that the agreement state that only native-born U.S. citizens be allowed to buy the home.For what reason will this agreement be considered void?

a) It lacks a lawful objective.

b) It needs to be oral rather than written.

c) It represents a mutual mistake.

d) It was made under duress.

It lacks a lawful objective.Charles is selling his home to Sheila. Charles has an existing loan that he will continue to make payments on. Charles is also extending credit to Sheila for the 3 / 4

pg. 4 balance of the purchase price. Sheila will make monthly payments to Charles.What type of financing is used in this transaction?

a) Home equity loan

b) Loan amalgamation

c) Refinance

d) Wrap-around loan

Wrap-around loan Which type of exclusive brokerage agreement in Utah allows a broker to solely represent a buyer client but doesn't guarantee the broker will receive a commission?

a) Exclusive agency agreement

b) Exclusive buyer representation brokerage agreement

c) Exclusive right to acquire

d) Exclusive right to sell

Exclusive buyer representation brokerage agreement Sharon just turned 26 and is looking forward to becoming a Utah sales agent. She's diligently working through all the qualifying questions and answering no to all, until she comes to this question: "Have you been convicted of a misdemeanor involving theft? If so, when?" She must truthfully answer yes and indicate that it occurred six years ago. How might this impact her eligibility?

a) It does not automatically disqualify her, but it may be a factor in determining her

character.

b) It isn't a factor at all, since it occurred so long ago.

c) She will automatically be disqualified for having a previous misdemeanor.

d) The division would chalk it up to her youth.

It does not automatically disqualify her, but it may be a factor in determining her character.Broker and associate broker applicants must have ______ years' full-time sales agent or equivalent experience before applying.

a) Five

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