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Flashcards in Utah Law Deck (108)
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1

Trust accounts are designed for:

Holding other people's money

2

The Real Estate Trust Account can draw interest not to exceed ____%

0%

3

According to Utah Law, the earnest money must be deposited within _______ business/banking/working days

3 Days

4

In the real estate trust account, the broker can deposit no more than $________ of his/her own money

$500

5

If brokers place more than the allowed amount of their own money in the trust account, they are guilty of:

Commingling

6

Typically, earnest money checks would be written in the name of the _____ _______.

trust account

7

If there is no agreement to the contrary, can earnest money be used to complete construction?

No

8

If there is no agreement, can large amounts of money be used as a non-refundable deposit?

No

9

A separate property management trust account must be opened if servicing more than ____ accounts

6

10

Which is NOT one of the ways a principal broker is allowed to disburse money from the trust account?

As directed by the lender

11

T or F. Audits are ordered by the real estate division and are to be done by a certified public accountant at the expense of the sales agent.

False

12

The name of the trust account must contain the words:

Real Estate Trust Account

13

According to the REPC, the earnest money must be deposited in accordance with State law after:

Acceptance

14

If a promissory note is taken as earnest money, it is to be kept in the transaction file and the maker of the note is called the:

Payor

15

When a dispute between seller and buyer arises, the principal broker has _____ days to notify the parties involved in the dispute.

15

16

All of the following can perform real estate activities without having a real estate license:

Persons buying or selling property for themselves
An attorney-in-fact in isolated situations
A trustee auctioning property at a Trustee’s Sale
A sheriff selling property at a Sheriff’s Sale

17

To obtain a sales agent license, the sales agent candidate must do all of the following:

Pass the Utah State Exam with a score of at least 70%
Complete a real estate licensing course of 120 hours.
Be at least 18 years old.

18

Which of the following does not need to satisfy the 120 hour education requirement?

Licensed attorney

19

When obtaining a non-resident sales agent license,
the candidates must sign the legal form called Irrevocable Consent.

True

20

If a sale fails, the broker is entitled to a portion of the earnest money only with _________ of the buyer and seller.

Written consent

21

In writing an offer on a property where no certificate of occupancy has been issued, the agent is to use the REPC for:

Residential construction

22

If an agent received earnest money in the following amounts, $500 cash, $500 personal check, the agent would be responsible for:

$1,000 earnest money

23

How many counties does the Commission represent? 5

5

24

Which of the following is NOT one of the three types of real estate licenses in Utah. They are:

a. Sales Agent
b. Mortgage Lender
c. Principal Broker
d. Associate Broker

b. Mortgage Lender

25

21. A real estate license authorizes a person to be paid for all of the following activities EXCEPT:

a. Sign documents for and in behalf of a buyer or seller
b. Act as a property manager
c. Negotiate the exchange of real estate
d. Arrange for the purchase and/or sale of real estate

a. Sign documents for and in behalf of a buyer or seller

26

If a main office has a branch, the name of the branch must be:

The same as the main office

27

The Branch Manager must be a(n):

Associate Broker

28

Property managers are never required to have a real estate license.

False

29

People who work as secretaries in a property management office do not need to have a license.

True

30

Bookkeepers in a property management office must have a real estate license.

False