Utah Real Estate Exam Flashcards

Utah Real Estate Exam Flashcards According to the REPC, if a buyer notifies the seller that they cannot qualify for the required financing for their purchase after the financing and appraisal deadline, then what happens Because the deadline has already passed, the buyer isn't required to close but has already agreed to forfeit their earnest money deposit to the seller Which of the following would qualify as a 1031 tax-deferred "like-kind" exchange A shopping center for a large apartment complexAn office building for a property held for resaleThree twin homes for a primary residenceVacant land for a 36 foot fishing boat with a cubby cabin A principal broker who collects rents or otherwise manages property for NO more then 6 individuals units at any given time may Use their normal real estate trust accounts to secure the property management funds You suddenly discover your real estate license expired 13 months ago. What should you do if you intend to continue selling real estate Stop all real estate activity until you can retake all prelicensing hours of real estate classes as if you are a brand new agent and re-passed your licensing exam A closing disclosure is s 5 page form that provides final details regarding About the mortgage loan selected by the buyer 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 The licensee will automatically have their license revoked.If a candidate for a 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 real estate firm's office secretary answers incoming phone calls, sets appointments for the broker, and assists the agents in writing the ads on their listings. This secretary must have A real estate sales license A buyer purchases a lot with a 50% down and the seller carries the financing for the other 50% until the buyer can obtain a construction loan. Now the construction lender won't loan unless they can be in a first mortgage lien position, however, the seller's carry back financing is currently recorded against the property. What should have been included in the seller carry back arrangement to resolve this problem A subordination agreement Where is the new loan amount to be acquired by te buyer indicated on a Utah REPC Page 1 A UT real estate licensee writes an offer for their buyer which is accepted by the seller in which the offer is made subject to the appraisal being at or above the sales price.This contingency is part of the Financing and Appraisal deadline of Oct. 15. On Oct. 17, the appraisal comes in

$2000 below the agreed-upon price. What happens now?The buyer has an option as to whether they will proceed with the purchase. If they decide to proceed with their purchase, they will receive a credit for their EM on their CD A real estate license will be denied if the licensee candidate has been convicted of any felony within how many years

preceding their application

• years

When someone buys a UT timeshare, they receive A contract to use the accommodations for a specific renewing period of time.The Utah Division of Real Estate may investigate the actions of any of the following EXCEPT a real estate schoolcertified real estate instructorFOR SALE BY OWNERapplicant for licensure or certification In order to collect any funds from the Real Estate Education, Research, and Recovery Fund, the aggrieved person must first obtain a judgement from a court jurisdiction In what period of time can the division commence a disciplinary action against an existing or former real estate licensee No later the earlier of four years after the day on which the violation is reported to the division;or 10 years after the day on which the violation occurred A buyer signs an exclusive agency buyer agency contract with an agent. Subsequently, the buyer purchases a for-sale-by owner without using the services of the agent.What is the agents recourse The agent's only recourse is to ask the broker to sue the buyer for breaching their written agreement for the exclusive services of the agent According to the REPC, if the purchase is contingent upon the buyer obtaining financing and the buyer is unable to obtain that financing after the financing and appraisal deadline, what happens to the buyer's EM?The seller receives the earnest money deposit as liquidated damages When the Real Estate Commission collects a fine from a real estate licensee, where is that fine deposited?Real Estate Education, Research and Recovery Fund With regard to assignability, UT REPC states what no assignment without prior written consent of the seller To assign a contract for the sale of real estate means to:transfers one's rights under the contract To assign a contract for the sale of real estate means totransfer one's rights under the contract A principal broker who regularly engages in property management on behalf of seven or more individual unit shall establish at least one property management trust account that is separate of their other trust accounts A real estate agent wishes to hire other real estate agents work with them in a team. What is required in order for them to do this?not A

The statute of Frauds applies to:instruments of conveyance

What is the Offer Reference Date on the UT REPC and where does it appear It is the date the buyer first drafts the offer and it appears on the first page of the REPC When purchasing a timeshare in UT, the purchaser must receive Written statement of full disclosure of information regarding the project and the purchase's rights and obligations If a member of the public has been financially damaged by the actions of a real estate licensee in UT and has applied for reimbursement to the UT Division of Real Estate's Education Research & Recovery Fund, how much money can they receive (A)The full amount of their damage.(incorrect)(B)1/2 the amount of their damage(incorrect)(C)The lesser of $10,000 or the amount of their damage(incorrect)(D)The lesser of the amount of their damage or $15,000 A buyer asks an agent to represent them in a purchase of property, which the agent does. However, the seller refuses to pay the the buyer's agent commission and the buyer says they will also not pay the commission which the agent feels they have earned. What is the agents recourse?Because commissions belong to the broker, the agent will not earn the commission unless the broker sues the buyer