Utah portion of the Real Estate exam Flashcards

Utah portion of the Real Estate exam Flashcards 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?They must get their broker's permission.On the REPC, where does the sales price being offered by the buyer appear?page 1 A salesperson serving the needs of a buyer with a signed buyer agency contract may be compensated for their

services by:

the broker Once you have completed all real estate pre-licensing classes and received a school certifying document, how long do you have in which to pass your licensing exam and apply for your real estate license?one year

The prime obligation of an agent to the principal is:loyalty.

For how long must the broker store records on listings and sales that have been handled by their agents.Three years plus the year the transaction occurred When the Real Estate Commission collects a fine from a real estate licensee, where is that fine deposited?In the Real Estate Education, Research, and Recovery fund.All of these items must have happened in order for settlement to have occurred according to the Utah REPC

EXCEPT the following:

The proceeds of any new loan have been delivered by the lender to the seller or escrow/title office.Under which of the following types of liens can both the real and the personal property of the debtor be sold to repay the debt?judgement lien.Which of the following BEST describes a clause in a sales contract providing that unless the buyer is able to obtain a first mortgage, the contract can be terminated?Contingency clause A real estate license will be denied if the licensee candidate has been convicted of any felony within how many years preceding their application?five years On the REPC, the confirmation of agency serves what purpose?To confirm the agency previously agreed upon by each party with their respective agent.The amount of the fine that can be imposed against a real

estate licensee by the Utah Real Estate Commission is:

$5,000 or the amount the agent gained by their wrongdoing, whichever is greater.If a member of the public has been financially damaged by the actions of a real estate licensee in Utah and has applied for reimbursement to the Utah Division of Real Estate's Education, Research, & Recovery Fund, how much money can they receive?The full amount of their damage.How are members of the Utah Real Estate Commission selected?Appointed by the Governor

According to Utah law, an aggrieved person may sue a real estate licensee for an amount up to what?three times the amount of the licensee's gain.Some states have Fair Housing laws which are: broader and/or more restrictive than the federal law.In Utah, which of the following would need to be a licensed real estate broker or salesperson?A person who helps their friend buy a home in which the person receives something of value.A Closing Disclosure is a five-page form that provides final details regarding what?The buyer's real estate transaction.The closing disclosure form is prepared by which person or entity?The loan officer, lending institution or title company.

Failure to comply with the Statute of Frauds will result in:a charge of fraud.

The loan estimate form must be issued within how many days of loan application?Three business days.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:

rents received in connection with tourist accommodations where the rental period is less than 30 consecutive days When an agent chooses to serve as a limited agent, the

fiduciary duties that are now restricted are:

disclosure, loyalty, and confidentiality.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:

• years of their licensing request

A closing disclosure form discloses all of the following

EXCEPT:

The amount of commission the real estate licensee will receive from their broker.Where is a new loan amount to be acquired by the buyer indicated on a Utah REPC?page 1 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?Shall be paid as agreed by buyer and seller in the REPC.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:

contact the testing center prior to 4 days before their test date to reschedule without financial penalty.The Statute of Frauds refers to:agreements concerning real estate must be in writing to be enforceable.Your neighbor offers to give you an old boat if you will help show their house to prospective buyers because they are moving out of state. What is required in order for you to help them out?You must get a real estate license before assisting them.Which of the phrases listed below would be considered acceptable for advertising purposes?luxury home The Utah Division of Real Estate may investigate the

actions of any of the following EXCEPT:

for sale by owner.In order to collect any funds from the Real Estate Education, Research, and Recovery Fund, the aggrieved

person must first obtain:

a judgment from a court of jurisdiction.

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?Make his true position known to the seller A real estate agent currently licensed in the following states will be granted a Utah real estate license without the

requirement of additional education:

Georgia, Mississippi, and the province of Alberta, Canada.What is the maximum amount that can be paid from the Utah Real Estate Education, Research & Recovery Fund in behalf of any one licensee?

$50,000

When Sally went to list a parcel of ground, she discovered there was an adjacent parcel of vacant land. If her seller can purchase that land from the neighboring owner and sell the property as one parcel, it could possibly have more total value than the individual pieces sold separately. The

process is known as:

assemblage What does TIP stand for on the Closing Disclosure Form?Total Interest Percentage.The Utah Division of Real Estate can commence a

disciplinary action no later than:

10 years after the violation occurred.Which list of documentation best describes those that a real estate licensee must provide their broker?Listing contracts, Buyer Agency Contracts, Sales Contracts, Rejected Offers, and Settlement Documents.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?90 days.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:

separate of their other trust accounts.A hotel manager receives compensation from the hotel owner for managing the hotel property.This hotel manager is not required to have a real estate license.In the REPC, closing is defined as:when the proceeds of any new loan have been delivered to Seller and closing documents have been recorded.To assign a contract for the sale of real estate means to:transfer one's rights under the contract.An applicant for a real estate license in Utah must:show proof of passing both portions of the exam within three-months previous to applying for a license.The right to make and enforce rules by which all real estate

licensees must abide is the authority of:

The Utah Real Estate Commission 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?The neighbor is not obligated to pay the broker any commission.

If engaged in real estate activities, all of the following are exempt from the real estate licensing requirements

EXCEPT

a neighbor who assists in the sale of their neighbor's home for a small fee.With regard to assignability, Utah's REPC states what?no assignment without prior written consent of the seller 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?This is possible if the sales agents do sales only and the property management agents do only property management.In Utah, which of the following would need to be a licensed real estate broker or salesperson?A person who helps their friend buy a home in which the person receives something of value Who must issue a loan estimate form?The lending institution or the loan officer.When must the closing disclosure form be issued? Three business days before the loan consummation.