Sales Utah Law Exam Questions & Answers.
3. Proof of completion of continuing education must be kept for how long? - CORRECT ANSWER (d) There is no such requirement
4. If a broker or sales agent buys a property for him or herself, he/she: - CORRECT ANSWER (d) must disclose that he/she is a ...
Sales Utah Law Exam Questions &
Answers.
3. Proof of completion of continuing education must be kept for how long? - CORRECT ANSWER (d)
There is no such requirement
4. If a broker or sales agent buys a property for him or herself, he/she: - CORRECT ANSWER (d) must
disclose that he/she is a licensed real estate broker or sales agent.
5. In relation to one's water rights, the term "littoral" - CORRECT ANSWER (a) The owner has land with
ocean-front access.
6. The maximum amount that would be paid from the Utah Recovery Fund for a single transaction of a
dishonest licensee is: - CORRECT ANSWER (d) $15,000
7. A plumber did some work on a home. After waiting a few weeks while the owner kept promising to
pay, the plumber decided to place a mechanic's lien against the property. Which of the following would
accomplish that? - CORRECT ANSWER (b) Perfect a lien at the county recorder's office.
8. According to the rules, the broker must furnish a statement of account showing the current status of
the transaction when: - CORRECT ANSWER (d) it is demanded by either party, or 30 days have passed
from acceptance.
11. Sales agent Q is working with Company X who is going to buy a large parcel of land and subsequently
subdivide it and sell the individual smaller parcels. Q should inform Company X - CORRECT ANSWER (d)
X should inquire through the R. E. Division to determine if they need to register under the Land Sales
Practices Act.
12. The term for Utah's water law, which determines who gets to have rights to use and distribution of
water, is: - CORRECT ANSWER (b) Prior appropriation
13. What are the requirements for continuing education in the state of Utah? - CORRECT ANSWER (c)
Eighteen hours every two years, including at least 9 hours of core courses.
, 14. Which of the following is NOT a purpose for the Real Estate Recovery Fund? - CORRECT ANSWER (d)
Pay the per diem expense of commissioners
15. Which of the following changes would NOT be required to be reported to the R. E. Division within
ten days? - CORRECT ANSWER (b) Marital status change
17. Who can legally pay a commission to a licensed real estate salesagent? - CORRECT ANSWER (a) the
employing broker
18. A timeshare development company wants to hire a licensed real estate agent to sell timeshare
interests. Which of the following is true? - CORRECT ANSWER (b) The agent must register with the R. E.
Division
19. The REPC for Residential Construction must be used: - CORRECT ANSWER (d) When a Certificate of
Occupancy has not yet been issued
20. Licensees must disclose their interest in a transaction if they own more than this percent of stock in
a corporation: - CORRECT ANSWER (b) Any
21. A broker in Vernal lists a property in Roosevelt under an exclusive right to sell listing. The selling
broker does not sell through the listing broker. This could create: - CORRECT ANSWER (c) Double
commission
23. In a condominium subdivision, who owns the supporting structure of each individual unit? -
CORRECT ANSWER (c) All tenants own it as tenants in common.
24. What is the difference in educational requirements between a principal broker and an associate
broker? - CORRECT ANSWER (c) No difference.
25. The buyer wants J, the agent, to write up the offer as a seller carry back for the financing of the sale.
What statement is applicable to this situation? - CORRECT ANSWER (b) J must disclose to both parties
there might be a "due on sale" clause and its effect.
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