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Real Estate > Licensee Conduct 2 > Flashcards

Licensee Conduct 2 Flashcards

1
Q

________ is issued by state governments. This allows agents the legal grounds to represent a home seller/ buyer in the transaction of buying or selling real estate property.
A: Real Estate License
B: Brokers License
C: State License
D: None Of The Above

A

A: Real Estate License

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2
Q

Pleading guilty or “nolo contender” to any felony charge requires a real estate licensee to inform the Utah Division of Real Estate, if that pleading occurred within the last:
A: 2 Years
B: 3 Years
C: 4 Years
D: 5 Years

A

D: 5 Years

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3
Q

Utah Division of Real Estate

A

Real Estate Licensing and Practices Act

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4
Q

Misrepresentation

A

To lie, deceive, mislead, or be dishonest in any way.
making a substantial misrepresentation,
including in a licensure statement;
* making an intentional misrepresentation
* pursuing a continued and flagrant course of
misrepresentation
* making a false representation or promise through an agent, sales agent, advertising, or otherwise; or
* making a false representation or promise of a character likely to influence, persuade, or induce;

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5
Q

The person responsible for the accuracy of all documents signed at Closing is the:
A: Client
B: Real Estate Agent
C: Real Estate Broker
D: Escrow Officer

A

C: Real Estate Broker

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6
Q

Seller Scott decides he doesn’t want to disclose to potential buyers that his roof is 20 years old and leaked last spring when the snow melted. When he hires his agent, Alexis, he tells her she can have his listing on the condition that she keeps the leaking roof confidential. This is an example of:
A: A Lawsuit Waiting To Happen
B: A Potential Failure Of The Seller To Fail To Disclose A Material Fact
C: A Potential Violation Of Law For The Agent, If She Fails To Disclose The Material Fact
D: All Of The Above

A

D: All Of The Above

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7
Q
  1. Acting for more than one party
A

in a transaction without the informed
consent of the parties

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8
Q

First offense

A

Class B Misdemeanor, Up to 6 Months

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9
Q

Second offense

A

Felony punishable by jail up to 2 years;
and/or fines

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10
Q

Limited Agency Contract

A

You must get a limited Agency Contract that is fully informed and disclosed with written consent of both parties and the details of everything must be included, then make sure everyone has a copy and understands it.

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11
Q
  1. Representation
A

(a) acting as an associate broker or sales agent while not affiliated with a principal broker; Your license must be registered with an affiliate
broker to do business.
(b) representing or attempting to represent a principal broker other than the principal broker
with whom the person is affiliated; or
(c) representing as sales agent or having a contractual relationship similar to that of sales
agent with a person other than a principal broker;

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12
Q
  1. Messing With Money
A

(a) failing, within a reasonable time, to account for or to remit money that belongs to another and comes into the person’s possession You must account for the Earnest Check.

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13
Q

The first time an agent fails to fully disclose Limited Agency and get the Limited Agency Consent Agreement signed BEFORE their client enters into a Real Estate Purchase Contract, that agent has committed:
A: A Class A Misdemeanor
B: A Class B Misdemeanor
C: A Class C Misdemeanor
D: No Crime

A

B: A Class B Misdemeanor

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14
Q

The second time an agent fails to fully disclose Limited Agency and get the Limited Agency Consent Agreement signed BEFORE their client enters into a Real Estate Purchase Contract, that agents has committed:
A: A Class A Misdemeanor
B: A Class B Misdemeanor
C: A Class C Misdemeanor
D: A Felony, Punishable By Jail Time

A

D: A Felony, Punishable By Jail Time

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15
Q

Agent Alice works for Sunshine Realty. She has a listing that she wants to hold an open house for on Saturday. Agent Amanda also works for Sunshine Realty and she offers to sit at the open house, in hopes of meeting buyers. What potential problems do you see?
A: Amanda Might Inadvertently Practice Undisclosed Dual Agency
B: Amanda Might Be Wasting Her Time
C: Amanda Might Get More Buyers Than She Has Time To Take Care Of
D: Amanda Might Not Have Brought Enough Business Cards

A

A: Amanda Might Inadvertently Practice Undisclosed Dual Agency

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16
Q

Commingling Money

A

b) commingling money with the person’s
own money; Not accurately accounting for the clients money or depositing into the wrong account

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17
Q

Diverting Money

A

(c) diverting money from the purpose for
which the money is received;

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18
Q
  1. Paying an Unlicensed Person
A

Exceptions: Another principal broker in another
area

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19
Q
  1. A Principal Broker
A

paying an agent not affiliated with that broker at the time the commission was earned.

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20
Q
  1. Incompetence
A

Being incompetent to act as a principal broker, associate broker, or sales agent in such a manner as to safeguard the interest of the public.

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21
Q
  1. Failing to voluntarily furnish
A

a copy of a document to the parties before and after the execution of a document.

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22
Q
  1. Failure to Keep Records
A

Must keep records AND make them available to the Division for inspection: The Division has a ten year period to go back to any transaction Names, the ID of real estate, the sale or rental price, money received in trust, agreements from the parties Any other information required by rule

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23
Q
  1. Failing to disclose in writing
A

in the purchase, sale, or rental of real estate, whether the purchase, sale or rental is made for that person or for an undisclosed principle.

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24
Q

VA Agent Dave does an outstanding job representing his seller, Joe. To thank Dave for his extraordinary service, Joe sends Dave a $1000 “Thank You” gift via Venmo. What should Dave do in this situation?
A: Keep The Money And Say Nothing To His Broker
B: Return The Money
C: Gift The Money To A Worthy Charity
D: Thank Joe, Return The Money, And Let Joe Know That He Can Only Receive Compensation From His Broker

A

D: Thank Joe, Return The Money, And Let Joe Know That He Can Only Receive Compensation From His Broker

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25
Q

The Utah Division of Real Estate issues their newsletter:
A: Monthly
B: Quarterly
C: Semi-Annually
D: Annually

A

B: Quarterly

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26
Q

The Utah Division of Real Estate Newsletter contains:
A: An Informative Article By The Director Of The Division Of Real Estate
B: Timely Articles Designed To Assist Licensees Better Serve Their Clients
C: Notification Of Licensing Law Violators And The Amount They Were Fined
D: All Of The Above

A

D: All Of The Above

27
Q

Division Newsletter

A

Quarterly Publication
Online at
www.realestate.utah.gov
Directors Message
Great Articles
Photos
Licensing and disciplinary actions section
- Name, date and conviction, fines

28
Q

Utah Administrative Code

A

It’s a violation of the rules to violate the statute, and it’s a violation of the statute to violate the rules.

29
Q

R162-2f-401b

A

Prohibited Conduct As Applicable
to All Licensed Individuals.

30
Q

(1) engage in any of the practices described

A

whether acting as agent or on the licensee’s own account, in a manner that:
(a) fails to conform with accepted standards of the real estate sales, leasing, or management industries;
(b) could jeopardize the public health, safety, or welfare; or (c) violates any provision or the rules of thischapter;

31
Q

(2) require parties to acknowledge receipt

A

of a final copy of any document prepared by the licensee prior to all parties signing a contract evidencing agreement to the terms thereof

32
Q

(3) make a misrepresentation to the division:

A

(a) in an application for license renewal;
or (b) in an investigation. Remember when they say EVER they mean have you EVER.

33
Q

(4) (a) propose, prepare, or cause to be prepared

A

(a) a document, agreement, settlement statement, or other device that the licensee knows or should know does not reflect the true terms of the transaction; or (b) knowingly participate in a transaction in which such a false device is used;

34
Q

(5) participate in a transaction

A

in which a buyer enters into an agreement that: (a) is not disclosed to the lender; and (b) if disclosed, might have a material effect on the
terms or the granting of the loan;

35
Q

(6) use or propose

A

of a double contract;

36
Q

(8) take a net listing

A

a guarantee a specific amount to a seller and the agent takes the difference

37
Q

(8) take a net listing

A

a guarantee a specific amount to a seller and the agent takes the difference

38
Q

(9) sell listed properties

A

other than through the listing broker

39
Q

(10) subject a principal to paying

A

a double commission without the principal’s
informed consent

40
Q

(11) enter or attempt to enter

A

into a concurrent agency representation when the licensee knows or should know that the principal has an existing agency representation
agreement with another licensee

41
Q

(12) pay a finder’s fee

A

or give any valuable consideration to an unlicensed person or entity for referring a
prospect

42
Q

Except that:

A

(a) a licensee may give a gift valued at $150 or less to an individual in appreciation for an unsolicited referral of a prospect that results in a real estate transaction; and (b) as to a property management transaction, a licensee may compensate an unlicensed employee or current tenant up to $200 per lease for assistance in retaining an existing tenant or securing a new tenant;

43
Q

(13) accept a
referral fee from:

A

(a) a lender; or (b) a mortgage broker;

44
Q

(14) act as a real estate agent or broker

A

in the same transaction in which the licensee also acts as a:
(a) mortgage loan originator, associate lending manager, or principal lending manager;
(b) appraiser or appraiser trainee;
(c) escrow agent; or
(d provider of title services

45
Q

(15) act or attempt to act as a limited agent

A

agent in any transaction in which: (a) the licensee is a principal in the transaction; or 2 (b) any entity in which the licensee is an officer, director, partner, member, employee, or
stockholder is a principal in the transaction

46
Q

(16) make a counteroffer

A

by striking out, whiting out, substituting new language, or otherwise altering: (a) the boilerplate provisions of the Real Estate Purchase Contract; or (b) language that has been inserted to complete the blanks of the
Real Estate Purchase Contract;

47
Q

(17) advertise or offer

A

or lease property without the written consent of: (a) the owner of the property; and (b) if the
property is currently

48
Q

(18) advertise or offer

A

to sell or lease property at a lower price than that listed without the written consent of the
seller or lessor;

49
Q

(19 represent on any form or contract

A

that the individual is holding client funds without actually receiving funds and securing them

50
Q

(20) when acting as a limited agent

A

disclose any information given to the agent by either principal that would likely weaken that party’s bargaining position if it were known, unless the licensee has permission from the principal to disclose the information

51
Q

(21) disclose, or make any use

A

of a short sale demand letter outside of the purchase transaction for which it is issued

52
Q

(22) in a short sale

A

have the seller sign a document allowing the licensee to lien the property

53
Q

(23) charge any fee that represents

A

the difference between: (a) the total concessions authorized by a seller and the actual amount of the buyer’s closing costs; or (b) in a short sale, the sale price approved by the lender and the total amount required to clear encumbrances on title and close the transaction.

54
Q

All Violations

A

Are Published In the Quarterly
Newsletter

55
Q

Which of the following statements is TRUE?
A: Violating A State Statute Also Violates State Rules
B: Violating A State Rule Also Violates A State Statute
C: Licensees Must Value And Uphold State Statutes As Well As State Rules
D: All Of The Above

A

D: All Of The Above

56
Q

The website to go to for locating the DRE newsletter that contains licensing infractions and disciplinary actions is:
A: The Local Board Of Realtors
B: The State Association Of Realtors
C: The National Association Of Realtors
D: The Utah Division Of Real Estate

A

D: The Utah Division Of Real Estate

57
Q

The Utah Division of Real Estate regulates which type(s) of licensees?
A: Real Estate
B: Mortgage
C: Appraisal
D: All Of The Above

A

D: All Of The Above

58
Q

Which online platform can provide you the instructions on how to renew your real estate license? This website is the:
A: The Local Board Of Realtors
B: The State Association Of Realtors
C: The National Association Of Realtors
D: The Utah Division Of Real Estate

A

D: The Utah Division Of Real Estate

59
Q

Real estate license renewal is required:
A: Every Year
B: Every Two Years
C: Every Three Years
D: Every Four Years

A

B: Every Two Years

60
Q

One of the most common violations of State Law for new licensees is:
A: Failure To Disclose Past Criminal History
B: Failure To Disclose Previously Holding A License In Another State
C: Failure To Disclose Their Broker Affiliation
D: Failure To Disclose Their Legal Name

A

A: Failure To Disclose Past Criminal History

61
Q

It is not the role of the Utah Division of Real Estate to handle:
A: The Public’s Complaints Against Licensees
B: Agents’ Complaints About Each Other
C: Broker Complaints About Other Brokers
D: Agents’ Complaints Regarding Commission Disputes

A

D: Agents’ Complaints Regarding Commission Disputes

62
Q

All violations are published in the _______ newsletter issued by the Real Estate division.
A: Quarterly
B: Monthly
C: Annual Report
D: None Of The Above

A

A: Quarterly

63
Q

The practice of limited agency:
A: The Practice Of Limited Agency:
B: Is Only Allowed With Full Disclosure And Informed Consent
C: Is Not Allowed If The Agent Is A Principal In The Same Transaction
D: Both B And C

A

D: Both B And C

64
Q

The most common reason agents get sued is:
A: Failure To Handle Earnest Money Properly
B: Failure To Execute Contracts Properly
C: Failure To Disclose
D: Blind Ads

A

C: Failure To Disclose

Real Estate (52 decks)

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