Unit 27

Question 1

The Real Estate Education, Research, and Recovery Fund exists to provide revenue for improving the real estate profession through education and

Answer 1

compensate members of the public damaged by real estate licensees.

Question 2

When selling an interest in subdivided land in Utah, the seller must deliver an effective, current public offering statement and obtain a dated, signed receipt for the public offering statement in a form to be approved by the Division from each purchaser. The subdivider must keep these receipts for

Answer 2

two years after the date of execution.

Question 3

Once a judgment has been won in court, what must the claimant do before they contact the Division for compensation?

Answer 3

Determine if the licensee can pay them

Question 4

Before subdivided lands in Utah are sold, an individual must

Answer 4

register them in accordance with Utah law.

Question 5

A water right in Utah is the right to beneficially use water by continually

Answer 5

diverting it from its natural source.

Question 6

The State Construction Registry is for

Answer 6

filing and managing the pre-lien process.

Question 7

People who want to request compensation from the Recovery Fund must notify the Utah Division of Real Estate within 10 days from when they

Answer 7

file court action.

Question 8

In Utah, a person has marketable title if they have the legal capacity to own land in Utah and have an unbroken chain of title of record to any interest in land for

Answer 8

40 years or more.

Question 9

Under the Uniform Sales Act, the law does not apply to an offer or disposition of an interest in land of which of the following?

Answer 9

All of these

Question 10

The statute of frauds revolves around the belief that to be enforceable, agreements must be

Answer 10

in writing.

Question 11

Riparian water law relates to those that own property on

Answer 11

a river.

Question 12

The Lien Recovery Act requires a Notice of Completion to be filed. The notice can be filed by the contractor, lender, or

Answer 12

owner

Question 13

“The one first in time is first in rights” is the guiding phrase for the water right called the

Answer 13

prior appropriation system.

Question 14

According to the statute of frauds, contracts for any interest of any lands are void unless they are in writing and

Answer 14

signed by the interested parties.

Question 15

What can be established by a substantial enclosure, cultivation, or other improvement, or at least $5 per acre expended on irrigation improvements?

Answer 15

Adverse possession

Question 16

Under the Lien Recovery Act, lien claimants must file an action with a court of competent jurisdiction within

Answer 16

180 days from the day on which the notice of claim is filed.

Question 17

Claimants must get a court judgment of fraud, deceit, or misrepresentation to collect any compensation from the

Answer 17

Real Estate Education, Research, and Recovery Fund.

Question 18

If there is a lien on land that is proposed to be developed under the Timeshare and Camp Resort Act, it may not be accepted under the act if the liens are

Answer 18

not released.

Question 19

Any contract or agreement of disposition for an interest in subdivided lands may be rescinded by the purchaser without cause by midnight of the

Answer 19

fifth calendar day after execution of the contract.