Real Estate Utah Law Real Exam Questions And Correct Detailed Answers.
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Course
SAE 3701
Institution
SAE 3701
1. Trust accounts are designed for other peoples money. - correct answer True
2. The Real Estate Trust Account can draw interest not to exceed ____% - correct answer 0
3. According to Utah Law, the e...
Real Estate Utah Law
1. Trust accounts are designed for other peoples money. - correct answer True
2. The Real Estate Trust Account can draw interest not to exceed ____% - correct answer 0
3. According to Utah Law, the earnest money must be deposited within _______ business/banking/working days. - correct answer 3
4. In the real estate trust account, the broker can deposit no more than $________ of his/her own money. - correct answer 500
5. If brokers place more than the allowed amount of their own money in the trust account, they are guilty of commingling. - correct answer True
6. Typically, earnest money checks would be written in the name of the broker, the trust account, or the brokerage. - correct answer True
7. If there is no agreement to the contrary, can earnest money be used to complete construction? - correct answer No
8. If there is no agreement, can large amounts of money be used as a non-refundable deposit? - correct answer No
9. A separate property management trust account must be opened if servicing more than ____ accounts. - correct answer 6
10. Which of the following is NOT one of the ways a principal broker is allowed to disburse money from the trust account? - correct answer As directed by the lender 11. Audits are ordered by the real estate division and are to be done by a certified public accountant at the expense of the sales agent. - correct answer False
12. The name of the trust account must contain the words: - correct answer Real Estate Trust Account
13. According to the REPC, the earnest money must be deposited in accordance with State law after: - correct answer Acceptance
14. If a promissory note is taken as earnest money, it is to be kept in the transaction file and the maker of the note is called the: - correct answer Payor
15. When a dispute between seller and buyer arises, the principal broker has _____ days to notify the parties involved in the dispute. - correct answer 15
16. As stated in UCA 61:2, if a sale fails, the broker is entitled to a portion of the earnest money only with _________ of the buyer and seller. - correct answer Written consent
17. In writing an offer on a property where no certificate of occupancy has been issued, the agent is to use the REPC for: - correct answer Residential construction
18. If an agent received earnest money in the following amounts, $500 cash, $500 personal check, the agent would be responsible for: - correct answer 1,000 earnest money
19. How many counties does the Commission represent? - correct answer 5
20. Which of the following is NOT one of the three types of real estate licenses in Utah. They are: - correct answer Mortgage Lender
21. A real estate license authorizes a person to be paid for all of the following activities EXCEPT: - correct
answer Sign documents for and in behalf of a buyer or seller
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