A – Z Utah Law Review Flashcards
The real estate trust account to draw interest not to exceed______?
0% Unless agreed-upon in writing by both parties
A separate property management trust account must be opened if servicing more than___________ accounts.
Six accounts
T/FOrders are ordered by the real estate division in our to be done by a certified public accountant at the expense of the sales agent.
False
According to our REPC, The earnest money must be deposited in accordance with state law after:
Acceptance
in the Repsie after receipt of earnest money and acceptance the broker will then have four calendar days to deposit into trust account
When a dispute between seller and buyer arises, the principal broker has______ Days to notify the parties involved in the dispute.
15 days
How many counties does the commission represent?
Five counties
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
Mortgage lender
If a main office has a branch, the Name of the branch must be:
The same as the main office
Well forms of license are the responsibility of the:
Licensee
And in active license he must obtain________ hours of continuing education each two years
Zero hours
The licensees representative during the complaint process is:
The agent complaint against in the council of that agent
The real estate commission can sign up to $5000 for each violation t/f
True
The real estate commission can order the licensee to do up to 40 hours of public service t/f
False
All of the following are state approved forms except:
Real estate purchase contract
Listing contract
Addendum
Real estate purchase contract for residential construction
Listing contract
All of the following are state approved forms except:
Agency disclosure form
Uniform real estate contract
All inclusive trust deed
All inclusive promissory note
Agency disclosure form
Which of the following can a light since he not legally fill out?
A. All real estate forms approved by the real estate division in Attorney General‘s office.
B. All forms prepared by legal counsel of the buyer or seller or any legal counsel if there isn’t an approved form for the particular transaction
C. Documents associated with closing a real estate transaction, but only by principal or associate broker
D. Any form created by the principal broker under the direction of the buyer or seller
E. Forms prepared by a business entity whose business is to prepare and print legal forms.
D. Any form created by the principal broker under the direction of the buyer or seller.
The commission decides which questions will be on the exam true or false
False
Real estate license law is contained in the Utah code title____ chapter _________.
61 - 2F
Records of branch office transactions are to be kept in the____ Office or in the_________ as appropriate.
Maine, branch
There are two forms of real estate license. They are
The pocket in wall license
The licensee keeps the________ license in his or her ____.
Pocket, pocket
If the license is not renewed in the _________ month. After it expires, it lapses in the licensee must __________.
12, start over
After passing the state exam, the candidate must pay for the license within 60 days and either make the license active or in active?
True or false
False…. 90 days
With regards to the Utah real estate recovery fund act: at the beginning of the fiscal year, the phone must have a balance of at least ______?
$100,000
With regards to the Utah real estate recovery fund act: 41 licensee the division will pay no more than a total of?
$50,000
Who is regards to the real estate recovery fund at Colin with a license has been revoked Colin the licensee must wait________ Years to reapply?
There waiting period, the fund has to be repaired
According to the Utah exemption act, the homestead act, exemptions are granted for debts not secured by the property. Which of the following would not apply?
Mortgage
With regards to condominiums, the taxes on the individual unit, airspace, and the undivided interest in the common area are considered a parcel and are paid by the_______?
Owner
A cubic foot of water flowing past a specific point in one second of time it’s called
Second feet
There are three categories of people who can place mechanical liens. List them in order at first through third priority
Unlicensed laborers, subcontractors, and material suppliers, general contractor
When the work is done and payment is made, the owner should request a?
Lien waiver
Finally a mechanics lien for an amount greater than the debt owed is considered to be a
Class III misdemeanor
Regarding the Utah real estate recovery find the act the suing party must also show that the licensee has no _________ to satisfy the judgment
Assets
If money is paid for a licensee from the recovery fund, the license is automatically:
Revoked
Regarding the Utah real estate recovery fund act, if the division is paid back, with interest, the license he can reapply for a license?
True or false
True
The purpose of the Utah exemption act, the Homestead act, is to protect only a portion of equity money?
True or false
True
The Utah uniform land sales practice act pertains primarily to subdivisions.
True
The owner of a condominium holds the simple ownership of the furniture of his unit, and has an undivided ownership, along with the other owners, of the common area?
True or false
False
With regards to condominiums, the limitations of ownership are revealed in the CC and RSV, which the buyers must receive after the property is purchased
False, they must be received upon the property being purchased
Mechanics liens can only be perfect and upon this fall. Default occurs: work_________ and payment not received.
Is completed
A licensee can I advertise a property for less than the listing price without the
Sellers written consent
An agent can make changes in a purchase contract based on the instructions from the client given over the phone?
False
Changes must be in writing
Listing agent should consider hiring a lawyer
A licensee must notify the division of changes, such as address, name, etc. in writing within_______days?
10 days
