Who needs a license

Question 1

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

Answer 1

B: 152

Question 2

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

Answer 2

B: A Specific Utah Real Estate Licensee

Question 3

Utah Real Estate License

Answer 3

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

Question 4

A License Is Required

Answer 4

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

Question 5

How to obtain a license

Answer 5

• 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

Question 6

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

Answer 6

C: Sales Agent

Question 7

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

Answer 7

B: Three Years

Question 8

Sales Agent

Answer 8

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

Question 9

Broker

Answer 9

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

Question 10

Associate Broker

Answer 10

Acts as a sales person

Question 11

Branch Broker

Answer 11

Runs a branch office for the Principle broker.

Question 12

Principle Broker

Answer 12

Oversees full operations of the company.

Question 13

Changing Broker Affiliation

Answer 13

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

Question 14

If the principle broker dies

Answer 14

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

Question 15

What about bankruptcy? Incapacity?

Answer 15

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

Question 16

Agent’s Responsibilities

Answer 16

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

Question 17

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

Answer 17

D: Mortgage Originator

Question 18

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

Answer 18

B: Real Estate Appraiser

Question 19

Trust Accounts

Answer 19

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

Question 20

Transfer

Answer 20

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

Question 21

Termination

Answer 21

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.

Question 22

Mortgage Originator

Answer 22

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

Question 23

Real Estate Appraiser

Answer 23

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

Question 24

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

Answer 24

D: Illegal

Question 25

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

Answer 25

B: Every Two Years

Question 26

Activities That Require A License

Answer 26

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

Question 27

Unlicensed Assistant

Answer 27

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.

Question 28

Inactive Status

Answer 28

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.

Question 29

License Renewal

Answer 29

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

Question 30

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

Answer 30

D: All Of The Above

Question 31

Enforcement

Answer 31

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.

Question 32

Disciplinary action

Answer 32

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

Question 33

Due Process

Answer 33

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

Question 34

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

Answer 34

A: Www.realestate.utah.gov

Question 35

RELMS

Answer 35

Real Estate License Management System

Question 36

Where do l access the RELMS

Answer 36

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.

Question 37

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

Answer 37

D: I Have To Do It Myself Online

Question 38

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

Answer 38

D: There Is No Grace Period

Question 39

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

Answer 39

A: Www.realestate.utah.gov

Question 40

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

Answer 40

A: License

Question 41

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

Answer 41

A: True

Question 42

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

Answer 42

A: Mortgage Originator

Question 43

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

Answer 43

A: Branch Broker

Question 44

________ 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

Answer 44

A: Real Estate Appraiser

Question 45

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

Answer 45

D: All Of The Above