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Utah Real Estate School - Utah Office Procedures Practice Exam Questions and Answers 100% Pass $12.49   Add to cart
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Utah Real Estate School - Utah Office Procedures Practice Exam Questions and Answers 100% Pass
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Utah Real Estate School - Utah Office Procedures Practice Exam Questions and Answers 100% Pass A brokerage sets up a temporary branch office in a model home. They do not need to register with the Division of Real Estate unless their branch will be there for more than - ANSWER-12 months. P wants...

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  • November 4, 2024
  • 11
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • utah real estate school utah office procedures p

Written for

  • Real Estate
  • Real Estate

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KaylinHoffman

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Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024




Utah Real Estate School - Utah Office Procedures Practice

Exam Questions and Answers 100% Pass



A brokerage sets up a temporary branch office in a model home. They do not need to register with the

Division of Real Estate unless their branch will be there for more than - ANSWER✔✔-12 months.


P wants to manage a Branch Office for her broker. What does she need to have? - ANSWER✔✔-Associate

Broker License.


Under what circumstances might an associate broker or sales agent be licensed under two different

principal brokers? - ANSWER✔✔-A non-resident licensee from Idaho, licensed under both an Idaho and a

Utah broker.


If a client signed a listing agreement with a broker, and the broker passed away, what happens to the

listing agreement? - ANSWER✔✔-It is nullified, and the client can seek out another agent or broker.


A Real Estate Trust Account may be used for - ANSWER✔✔-real estate transactions.


A promissory note received as earnest money must be made out to: - ANSWER✔✔-The seller.


The Real Estate Purchase Contract contains a provision, added by the buyers, which states that the

earnest money will be deposited 10 calendar days after acceptance. If the offer were accepted on

Wednesday the 11th, the day before Lincoln's birthday, the earnest money would be deposited no later

than the ____. - ANSWER✔✔-21st.


If a brokerage closes, what must they do to comply with the Division requirement to keep records for 3

years? - ANSWER✔✔-they must notify the Division where the records will be kept within 10 days.



Copyright ©Stuvia International BV 2010-2024 Page 1/11

, Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024


If the broker dies, what happens to the agent's license? - ANSWER✔✔-It becomes inactive.


A separate property management trust account is required of a brokerage that services more than ____

accounts. - ANSWER✔✔-6.


According to rule, if a real estate transaction takes place in Utah, the earnest money - ANSWER✔✔-must

be deposited in a Utah bank or credit union.


K a principal broker just received an accepted offer from his sales agent dated Friday before the Labor

Day Monday holiday, stating the earnest money was to be deposited upon acceptance. According to

Utah statute, the money must go into the bank no later than: - ANSWER✔✔-Thursday following

acceptance.


If closing takes place at the title company, who is responsible to ensure that the settlement statement is

accurate? - ANSWER✔✔-Principal broker.


When a brokerage closes, records must be kept and made available for ___ years, plus the year that the

transaction took place. - ANSWER✔✔-3


The principal broker is responsible for the accuracy of the: - ANSWER✔✔-Settlement Statement.


In a trust account in Utah commingling would occur anytime that the broker allowed more than _____ of

brokerage money to remain in the trust account. - ANSWER✔✔-$1,000.


A licensed broker who is not acting as a branch or principal broker is called - ANSWER✔✔-an associate

broker.


A promissory note received as earnest money must be made payable to: - ANSWER✔✔-the seller.




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