100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Financial Responsibility (Utah) Exam Questions With 100% Verified Answers $10.49   Add to cart

Exam (elaborations)

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

 0 view  0 purchase
  • Course
  • Financial Responsibility
  • Institution
  • Financial Responsibility

©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...

[Show more]

Preview 2 out of 13  pages

  • September 29, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Financial Responsibility
  • Financial Responsibility
avatar-seller
Brainbarter
©BRAINBARTER 2024/2025




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)

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Brainbarter. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $10.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

78799 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$10.49
  • (0)
  Add to cart