Unit 25

Question 1

Which of the following is NOT information the principal broker must report for their real estate trust account?

Answer 1

PIN number

Question 2

Principal brokers must provide what kind of supervision to both licensed and unlicensed employees?

Answer 2

Active and reasonable

Question 3

Which of the following would Utah code view as a branch office that needs to be registered?

Answer 3

A shopping mall real estate office open regular mall hours

Question 4

Who is responsible for supplying information detailing who should be paid for a real estate transaction?

Answer 4

Principal broker

Question 5

In any real estate transaction, which of the following are strictly forbidden?

Answer 5

Kickbacks

Question 6

A principal broker keeping $15,000 of their own funds in their trust account is considered

Answer 6

commingling

Question 7

Personal assistants in real estate can be valuable in keeping a broker on track with multiple clients. Personal assistants must be paid a predetermined wage that can’t be contingent on

Answer 7

real estate commissions.

Question 8

If a licensed sales agent working for a dual broker wants to work in property management, the sales agent would need to provide to the Division

Answer 8

a property management sales agent identification.

Question 9

Which of the following cannot legally go in a property management trust account?

Answer 9

Holiday party fund money

Question 10

All records to do with the principal broker’s business must be kept safe and stored for

Answer 10

3 calendar years.

Question 11

A broker must respond to the Division within 10 days after a request for

Answer 11

records.

Question 12

A principal broker has the responsibility to provide an updated transaction status statement at 30-day intervals until the transaction closes or

Answer 12

fails.

Question 13

Which of the following would NOT be something an associate broker assigned to supervise a branch would be responsible for?

Answer 13

Designating branch brokers

Question 14

What is NOT prohibited by Utah after closings with a client?

Answer 14

Closing gifts

Question 15

A property management broker can compensate a tenant for referring a new tenant for their property an amount up to

Answer 15

$250.

Question 16

If a dual broker sells 12 homes a year and rents 12 properties a year, how many trust accounts do they need?

Answer 16

2

Question 17

Unlicensed employees in a real estate office are available to do work that is categorized as

Answer 17

clerical.

Question 18

If after three years, a buyer and seller have not resolved any issues with their trust account funds, the state authorizes the broker to

Answer 18

submit the money to the Treasurer’s Office as unclaimed property.

Question 19

Within 30 days after a contract for property management ends, the principal broker must deliver to the property owner all

Answer 19

trust money.

Question 20

Principal brokers have supervision and oversight of the licensees who work for them, and they also must be available to

Answer 20

talk to customers to hear complaints or resolve disputes.