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Real Estate > Who needs a license > Flashcards

Who needs a license Flashcards

1
Q

The Application Fee for a Utah Sales Agent License is:
A: 109
B: 152
C: 189
D: 209

A

B: 152

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2
Q

A Broker is:
A: A REALTOR®
B: A Specific Utah Real Estate Licensee
C: A Sales Affiliate
D: A Property Inspector

A

B: A Specific Utah Real Estate Licensee

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3
Q

Utah Real Estate License

A

Granted and Regulated by the State Must Meet the Minimum Requirements Non-Transferrable

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4
Q

A License Is Required

A

Anytime you act on behalf of another person representing real estate.

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5
Q

How to obtain a license

A
  • Coursework
  • Connected to broker
  • 120 hours requirement
  • Testing for the school
  • Apply to take the state/national exam
  • Pass by at least 70 percent on both parts
  • Apply to the division of real estate
  • Activate with broker or with inactive status
  • Pay the Application Fee $152.00
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6
Q

A licensed real estate professional who facilitates real estate transactions on behalf of clients is a:
A: Property Inspector
B: Real Estate Appraiser
C: Sales Agent
D: Mortgage Originator

A

C: Sales Agent

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7
Q

In order to obtain a Utah Broker’s License, a real estate licensee needs to be licensed for a minimum of:
A: 1 Year
B: Three Years
C: Five Years
D: Ten Years

A

B: Three Years

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8
Q

Sales Agent

A

A licensed real estate professional who facilitates real estate transactions on behalf of clients.

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9
Q

Broker

A

A specific Utah real estate license that allows
you to run a real estate business.

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10
Q

Associate Broker

A

Acts as a sales person

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11
Q

Branch Broker

A

Runs a branch office for the Principle broker.

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12
Q

Principle Broker

A

Oversees full operations of the company.

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13
Q

Changing Broker Affiliation

A
  • Agent goes online to RELMS and logs on will
    make the change there.
  • There is no fee.
  • Communicate intent with broker
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14
Q

If the principle broker dies

A

No one will not be authorized to work until there is another principle broker,
unless you transfer to a different broker.

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15
Q

What about bankruptcy? Incapacity?

A

Agent needs to find a new company quickly.
In case of incapacity, the principle would be replaced.

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16
Q

Agent’s Responsibilities

A

Work On Behalf Of The Broker
Keeping Broker Informed
Documentation Bring Issues/Challenges
Cc Broker On All Emails
Aware Of The Brokerage Policies And Procedures

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17
Q

A licensed individual who facilitates mortgage loans on behalf of clients is a:
A: Property Inspector
B: Real Estate Appraiser
C: Sales Agent
D: Mortgage Originator

A

D: Mortgage Originator

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18
Q

A licensed individual who does property evaluations for the purposes of establishing value on behalf of clients is a:
A: Property Inspector
B: Real Estate Appraiser
C: Sales Agent
D: Mortgage Originator

A

B: Real Estate Appraiser

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19
Q

Trust Accounts

A

Earnest money goes into the trust account and conveyed to the broker to be processed
quickly.

20
Q

Transfer

A

Log into the RELMS system and move your
license from one branch to another.

21
Q

Termination

A

The broker will make you aware of termination, you will also be notified by RELMS. You will then have a chance to affiliate with another broker. Until you are affiliated with a new broker and set up on RELMS, You are not licensed to practice real estate.

22
Q

Mortgage Originator

A

is a licensed individual who facilitates
mortgage loans on behalf of clients

23
Q

Real Estate Appraiser

A

does property evaluations for the purpose of
establishing value on behalf of clients.

24
Q

Travis is a licensed mortgage loan originator. He also holds a Utah Real Estate License. He wants to help his best friend to purchase a new home, and also wants to help him with his mortgage needs for this same transaction. In Utah, this is:
A: Perfectly Legal
B: Perfectly Legal, But Only With Written Permission From The Client
C: Perfectly Legal, But Only With Written Permission From His Broker
D: Illegal

A

D: Illegal

25
Q

A real estate licensee needs to renew their real estate license:
A: Annually
B: Every Two Years
C: Every Three Years
D: Every Four Years

A

B: Every Two Years

26
Q

Activities That Require A License

A

When Acting On Behalf Of someone else
Doing A CMA
Place Property On MLS
Saying Anything About Price
Marketing Property
Being Compensated for real estate service
Showing a property
writing/negotiating offers
listing a property

27
Q

Unlicensed Assistant

A

Facilitates and takes care of secretarial duties, delivers documents, places key boxes, locks up properties, create marketing material and distribute, manage database. Paid through the
brokerage.

28
Q

Inactive Status

A

Login to RELMS and move to inactive status. Once inactive you cannot receive any fees from real estate. To move back your CE course must be current for the last renewal period, and a minimal fee is required. You can stay inactive
for any amount of time.

29
Q

License Renewal

A

License Renewal
Pay $60 fee
State every 2 years
Requires 18 hours of CE
Renew prior to the Deadline
There is no grace period.

30
Q

Which of the following are examples of a Utah Broker’s License?
A: Associate Broker
B: Branch Broker
C: Principal Broker
D: All Of The Above

A

D: All Of The Above

31
Q

Enforcement

A

Division of Real Estate Once a complaint is filed, it is reviewed and the division agrees then gives out disciplinary action of either penalties or fines.

32
Q

Disciplinary action

A

Real Estate Commissioner hears the complaint and reviews further. The commissioner delivers disciplinary action out as either penalties,
fines or both.

33
Q

Due Process

A

Having the right to a hearing in front of the commission (5 members)
who renders a decision

34
Q

The website to access licensing requirements for real estate licensees can be found at:
A: Www.realestate.utah.gov
B: Www.realtor.org
C: Www.utahrealtors.com
D: Www.slrealtors.com

A

A: Www.realestate.utah.gov

35
Q

RELMS

A

Real Estate License Management System

36
Q

Where do l access the RELMS

A

Realestate.utah.gov
Go to The Real Estate Page
Click RELMS login in online services once you are licensed.
Real Estate License Management System
Keep all your information current email and address.

37
Q

The only appropriate method for the renewal of a real estate license is:
A: Go In Person To The Utah Division Of Real Estate
B: Go In Person To The Closest Local Board Of Realtors
C: Have My Broker Do It Online
D: I Have To Do It Myself Online

A

D: I Have To Do It Myself Online

38
Q

The grace period for renewing a real estate license after it expires is:
A: 3 Days
B: 5 Days
C: 10 Days
D: There Is No Grace Period

A

D: There Is No Grace Period

39
Q

The website to locate the requirements for obtaining a Utah Broker’s License can be located at:
A: Www.realestate.utah.gov
B: Www.realtor.org
C: Www.utahrealtors.com
D: Www.slrealtors.com

A

A: Www.realestate.utah.gov

40
Q

A ______ is required anytime you act on behalf of another person representing real estate
A: License
B: Seller’s Requirements
C: Buyer’s Requirements
D: Agents’ Requirements

A

A: License

41
Q

A real estate agent MUST be affiliated with a broker:
A: True
B: Not In Utah
C: Depends On The Situation
D: None Of The Above

A

A: True

42
Q

A ____________ is a licensed individual who faciliates mortgage loans on behalf of clients
A: Mortgage Originator
B: Agent
C: Brokers
D: Seller’s Agent

A

A: Mortgage Originator

43
Q

A ________ operates the branch office for the principle broker.
A: Branch Broker
B: Sales Agent
C: Broker Sales Agent
D: None Of The Above

A

A: Branch Broker

44
Q

________ conducts the property valuation in the process of developing an opinion of the value for a home.
A: Real Estate Appraiser
B: Real Estate Agent
C: Buyer
D: Seller

A

A: Real Estate Appraiser

45
Q

Which of the following are agent’s responsibilities ?
A: Be Aware Of The Brokerages’ Policies And Procedures
B: Keep The Broker Informed
C: Always Put The Clients’ Interest First
D: All Of The Above

A

D: All Of The Above

46
Q
A

Real Estate (52 decks)

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