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Missed questions > A – Z Utah Law Review > Flashcards

A – Z Utah Law Review Flashcards

1
Q

The real estate trust account to draw interest not to exceed______?

A

0% Unless agreed-upon in writing by both parties

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2
Q

A separate property management trust account must be opened if servicing more than___________ accounts.

A

Six accounts

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3
Q

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.

A

False

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4
Q

According to our REPC, The earnest money must be deposited in accordance with state law after:

A

Acceptance

in the Repsie after receipt of earnest money and acceptance the broker will then have four calendar days to deposit into trust account

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5
Q

When a dispute between seller and buyer arises, the principal broker has______ Days to notify the parties involved in the dispute.

A

15 days

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6
Q

How many counties does the commission represent?

A

Five counties

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7
Q

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

A

Mortgage lender

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8
Q

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

A

The same as the main office

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9
Q

Well forms of license are the responsibility of the:

A

Licensee

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10
Q

And in active license he must obtain________ hours of continuing education each two years

A

Zero hours

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11
Q

The licensees representative during the complaint process is:

A

The agent complaint against in the council of that agent

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12
Q

The real estate commission can sign up to $5000 for each violation t/f

A

True

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13
Q

The real estate commission can order the licensee to do up to 40 hours of public service t/f

A

False

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14
Q

All of the following are state approved forms except:

Real estate purchase contract
Listing contract
Addendum
Real estate purchase contract for residential construction

A

Listing contract

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15
Q

All of the following are state approved forms except:

Agency disclosure form
Uniform real estate contract
All inclusive trust deed
All inclusive promissory note

A

Agency disclosure form

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16
Q

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.

A

D. Any form created by the principal broker under the direction of the buyer or seller.

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17
Q

The commission decides which questions will be on the exam true or false

A

False

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18
Q

Real estate license law is contained in the Utah code title____ chapter _________.

A

61 - 2F

19
Q

Records of branch office transactions are to be kept in the____ Office or in the_________ as appropriate.

A

Maine, branch

20
Q

There are two forms of real estate license. They are

A

The pocket in wall license

21
Q

The licensee keeps the________ license in his or her ____.

A

Pocket, pocket

22
Q

If the license is not renewed in the _________ month. After it expires, it lapses in the licensee must __________.

A

12, start over

23
Q

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

A

False…. 90 days

24
Q

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 ______?

A

$100,000

25
Q

With regards to the Utah real estate recovery fund act: 41 licensee the division will pay no more than a total of?

A

$50,000

26
Q

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?

A

There waiting period, the fund has to be repaired

27
Q

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?

A

Mortgage

28
Q

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_______?

A

Owner

29
Q

A cubic foot of water flowing past a specific point in one second of time it’s called

A

Second feet

30
Q

There are three categories of people who can place mechanical liens. List them in order at first through third priority

A

Unlicensed laborers, subcontractors, and material suppliers, general contractor

31
Q

When the work is done and payment is made, the owner should request a?

A

Lien waiver

32
Q

Finally a mechanics lien for an amount greater than the debt owed is considered to be a

A

Class III misdemeanor

33
Q

Regarding the Utah real estate recovery find the act the suing party must also show that the licensee has no _________ to satisfy the judgment

A

Assets

34
Q

If money is paid for a licensee from the recovery fund, the license is automatically:

A

Revoked

35
Q

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

A

True

36
Q

The purpose of the Utah exemption act, the Homestead act, is to protect only a portion of equity money?
True or false

A

True

37
Q

The Utah uniform land sales practice act pertains primarily to subdivisions.

A

True

38
Q

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

A

False

39
Q

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

A

False, they must be received upon the property being purchased

40
Q

Mechanics liens can only be perfect and upon this fall. Default occurs: work_________ and payment not received.

A

Is completed

41
Q

A licensee can I advertise a property for less than the listing price without the

A

Sellers written consent

42
Q

An agent can make changes in a purchase contract based on the instructions from the client given over the phone?

A

False

Changes must be in writing
Listing agent should consider hiring a lawyer

43
Q

A licensee must notify the division of changes, such as address, name, etc. in writing within_______days?

A

10 days

Missed questions (4 decks)

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