Real estate utah law - Study guides, Class notes & Summaries

Where should a broker keep sales agents' licenses? - Broker's file What happens to sales agents' licenses when the broker's license is revoked? - Their license is inactivated How does the broker get back in the business if his/her license is revoked? - Must start over with sales agent license, after waiting five years What is the main purpose of the continuing education? - To protect the public What is a double contract as contrasted with double commission or dual agency? - When a second ...

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 dep...

Escrow Sample Test – Utah| 100 QUESTIONS| WITH COMPLETE SOLUTIONS. An Escow is an arrangement that: (Select all that apply) (A) holds documents (B) holds funds (C) creates documents to affect a transfer of interest in a property (D) acts as an attorney (E) is responsible for guaranteeing funds correct answer: (A) holds documents (B) holds funds (C) creates documents to affect a transfer of interest in a property (E) is responsible for guaranteeing funds When is it necessary to have...

REAL ESTATE UTAH LAW QUESTIONS & ANSWERS (2023/2024)(VERIFIED ANSWERS)

Real Estate Utah Law Exam With Verified Answers...

Utah real estate exam questions and answers graded A+ Before a licensee's license may be suspended or revoked for prohibited discriminatory practices, the licensee must:b. be afforded a hearing before the Utah Real Estate Commission b. be afforded a hearing before the Utah Real Estate Commission After being notified of passing the license exam, an applicant has how many days to pay the appropriate license fee? b. 90 days Where must a sales agent have his license displayed? c. Pro...

Utah Real Estate Exam (Utah Law Final Exam) 2024 Questions With 100% Correct Answers.

Utah Law Real Estate Questions and Answers 100% Pass who needs a real estate license? anyone who is compensated or paid for their services in helping someone lease property. licensing Exceptions Anyone acting for themselves for sale by owner Licensing Exceptions salaried employees can sell, lease and manage property for their employers. Exempt from needing a real estate license resident property managers, as long as their pay is in the form of free or reduced rent on the unit t...

A real estate principal broker must maintain a copy of closing statements: - b. for three years following the year in which closing occurred An earnest money deposit received by a sales agent should be turned over to the: - c. the sales agent's principle broker Which of the following would be required to have a real estate principal broker present? - a. An auctioneer auctioning real estate A real estate principal broker is prohibited from purchasing real estate on his own behalf by - a. ...

Escrow Sample Test Questions and Answers Rated A An escrow is an arrangement that: a) Holds documents, b) Holds funds, c) Creates documents to affect a transfer of interest in property, d) is responsible for guaranteeing funds. A, B, C, E When is it necessary to have closing documents recorded prior to disbursement of escrow funds? a) it is not necessary, b) in almost all situations, c) when instructed by one of the parties to the escrow, d) only when the written instructions require recording...