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Exam (elaborations)

Financial Responsibility (Utah) Exam Questions With 100% Verified Answers

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©BRAINBARTER 2024/2025 Financial Responsibility (Utah) Exam Questions With 100% Verified Answers Real Estate Trust Account - answerAn *account for holding other people's money that is set up with a state approved depository.* The principal broker is personally responsible for this account and...

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  • September 29, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Financial Responsibility
  • Financial Responsibility
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Financial Responsibility (Utah) Exam
Questions With 100% Verified Answers




Real Estate Trust Account - answer✔An *account for holding other people's money that is set up

with a state approved depository.*




The principal broker is personally responsible for this account and all monies.




Trust account is to be non-interest bearing unless the parties agree in writing (wording in the

REPC).




Broker will have a non-interest bearing trust account and an interest bearing trust account. The

interest on the one account will go to the Utah Affordable Housing program.




*Must be reconciled monthly*

, ©BRAINBARTER 2024/2025


*Unlimited number of trust accounts*


Reconciliation - answer✔*Make accounts consistent*




*Reconciled monthly*




Trust account should be reconciled monthly when the bank statement arrives:

• maintain proper records of all transactions, including client/transaction file numbers

• maintain a current account balance

• maintain records, ensure all closed transactions balance to zero

• cross reference bank statements monthly

• *make all accounts available to the Division for auditing or investigation if requested*


Setting up a Trust Account - answer✔• Account is to be a bank, credit union, savings and loan or

other approved escrow depository within Utah (FDIC approved and insured)




• *Within 10 days, broker must notify the Real Estate Division in writing*:

- the names (responsible parties)

- location

- purpose of account (type of activity)

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