Utah Stringham Real Estate (A+ Guaranteed)

Trust accounts are designed for correct answers other people's money. The Real Estate Trust Account can draw interest not to exceed ____% correct answers 0 According to Utah Law, the earnest money must be deposited within _______ business/banking/working days. correct answers 3 In the real estate trust account, the broker can deposit no more than $________ of his/her own money. correct answers 500 If brokers place more than the allowed amount of their own money in the trust account, they are guilty of correct answers commingling. Typically, earnest money checks would be written in the name of correct answers the trust account. If there is no agreement to the contrary correct answers earnest money cannot be used to complete construction. If there is no agreement, large amounts of money correct answers may not be used as a non-refundable deposit. A separate property management trust account must be opened if servicing more than ____ accounts. correct answers 6 Which ways is a principal broker allowed to disburse money from the trust account? correct answers as directed in the contract, as directed by the buyer and seller, as directed by the court The Division has the right to audit brokerage trust accounts at any time. If the Division's audit finds evidence of "gross mismanagement, commingling, or misuse of funds," the Division may order a complete audit by a CPA correct answers at the licensee's expense. The name of the trust account must contain the words: correct answers Real Estate Trust Account According to the REPC, the earnest money must be deposited in accordance with State law after: correct answers acceptance If a promissory note is taken as earnest money, it is to be kept in the transaction file and the maker of the note is called the: correct answers payor When a dispute between seller and buyer arises, the principal broker has _____ days to notify the parties involved in the dispute. correct answers 15