Utah Law Final Practice Flashcards

Utah Law Final Practice Flashcards B, who works for HelpUBuy firm, has signed a contract to represent S's interest in the purchase of a condominium listed by J from Sunshine Properties. Section 5 of the REPC, confirmation of agency, would be filled out as follow(A) Listing Agent, J, represents the seller, Listing Broker, Sunshine Properties, represents the seller, Selling Agent ,B, represents the seller, Selling Broker, HelpUBuy, represents the seller.(B) Listing Agent, J, represents the seller, Listing Broker, Sunshine Properties, represents the seller, Selling Agent ,B, represents the buyer, Selling Broker, HelpUBuy, represents the buyer..(C) Listing Agent, J represents the seller, Listing Broker, Sunshine Properties, represents the buyer,Selling Agent ,B, represents the buyer, Selling Broker, HelpUBuy, represents the seller.(D) Selling Agent, B, represents the buyer, Selling Broker, HelpUBuy, represents the buyer, Listing Agent, J, represents the buyer, Listing Broker, Sunshine Properties, represents the buyer.B Which of the phrases listed below would be considered acceptable for advertising purposes?(A) Handyman special.(B) Bachelor pad.(C) Perfect for a large family.(D) Luxury home.D For how long must the broker store records on listings and sales that have been handled by their agents.(A) Two years plus the year the transaction occurred.(B) Three years plus the year the transaction occurred.(C) Four years plus the year the transaction occurred.(D) Five years plus the year the transaction occurred.B What happens to the licensee if money is paid from the Real Estate Education, Research, & Recovery Fund because of their actions as a real estate licensee?(A) It depends on how serious of a violation occurred.(B) The Commission can sanction the licensee with additional CE requirements or can require them to pay a fine.(C) The Real Estate Commission can have the licensee imprisoned.(D) The licensee will automatically have their license revoked.D All of the following will terminate a listing contract

EXCEPT:(A) the death of the owner.(B) the death of the

broker.(C) the death of the agent.(D) the death of the buyer.C

Where does the sales price appear on a closing dislcosure form as a credit to the seller?(A) On the second page in the left column.(B) On the first page on the left side at the top.(C) On the third page on the right side.(D) On the fifth page of the closing disclosure form.C What does TIP stand for on the Closing Disclosure Form?(A) Total Interest Paid.(B) Total Interest Percentage.(C) Timely Interest Payments.(D) Total Insurance Payment.B On the REPC, the confirmation of agency serves what purpose?(A) To disclose who is representing whom in the transaction.(B) To confirm the agency previously agreed upon by each party with their respective agent.(C) To advise the parties which real estate firms will get paid in the transaction.(D) To confirm that no other agents are involved in this transaction.B 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:(A) study harder

and pass their school exams so they can graduate before their starting test time.(B) contact the testing center prior to

• days before their test date to reschedule without financial

penalty.(C) just take their state exam anyway if they have finished all the required classes.(D) call the Division to ask for an exception.B The Utah Division of Real Estate regulates which industry members?(A) Utah real estate, mortgage, and appraisal industries.(B) Utah real estate, mortgage, and inspector industries.(C) Utah real estate and mortgage industries.(D) Utah real estate, mortgage, appraisal, and title industries.A 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?(A) They must acquire a broker's license.(B) They must get their broker's permission.(C) They must approve of each real estate agent who will work on their team.(D) They must get Utah Division of Real Estate approval.B On the closing disclosure form, taxes are pro-rated based on the previous year's taxes. If last year's taxes were $2,175 and the closing date is July 31st, who receives a credit for the taxes and for what amount?(A) The buyer will receive a credit of $1,268.75.(B) The seller will receive a credit of $1,268.75.(C) The buyer will receive a credit of

$906.25.(D) The seller will receive a credit of $906.25.A An agent signs a buyer's agency contract to represent the best interests of the buyer in a real estate transaction. As the agent shows the buyer properties, the agent realizes a house they currently have listed would best suit the needs of their buyer. What course of action is required before the

agent can show the buyer their listing?(A) No action is required because the agent has an obligation to find the buyers the best property suited to their needs.(B) The agent must get their broker's signature to allow the showing of their listing to one of their buyers.(C) The agent should have both buyer and seller sign a limited agency consent agreement.(D) This listing cannot be shown to these buyers.C In what period of time can the division commence a disciplinary action against an existing or former real estate licensee?(A) No later than the earlier of four years after the day on which the violation is reported to the division; or 10