Utah Law Final UPDATED Exam Questions and CORRECT Answers
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Course
Utah Law
Institution
Utah Law
Utah Law Final UPDATED Exam
Questions and CORRECT Answers
What is the Offer Reference Date on the Utah REPC and where does it appear?
(A) It is the date the buyer first drafts the offer and it appears on the first page of the REPC.
(B) It is the date the offer is first presented to the seller ...
Utah Law Final UPDATED Exam Questions and CORRECT Answers What is the Offer Reference Date on the Utah REPC and where does it appear? (A) It is the date the buyer first drafts the offer and it appears on the first page of the REPC. (B) It is the date the offer is first presented to the seller and it appears on the fifth page of the REPC. (C) It is the date the buyer and seller agree to the terms of their contract and it appears on the last page of the REPC. (D) It is the date the buyer and seller agree to the terms of their contract and appears either on the last page of the REPC or on a subsequent addendum or counter offer to that contract. - CORRECT ANSWER - (A) It is the date the buyer first drafts the offer and it appears on the first page of the REPC. Which of the phrases listed below would be considered acceptable for advertising purposes? (A) Handyman special. (B) Bachelor pad. (C) Perfect for a large family. (D) Luxury home. - CORRECT ANSWER - (D) Luxury home. The office manager for a local real estate firm is responsible for the following activities: coordinating the flow of paperwork through the off ice, preparing forms and advertising copy, and hiring and supervising clerical and sales personnel. This type of office manager is: (A) violating Utah license law. (B) required to have a broker's license. (C) required to have a salesperson's license. (D) e xempt from real estate licensing requirements. - CORRECT ANSWER - (B) required to have a broker's license. When it comes time for a real estate licensee to renew their real estate license, they will do so through which entity? (A) National Association of R ealtors (B) Utah Association of Realtors (C) Utah Division of Real Estate (D) Their local board or association of Realtors - CORRECT ANSWER - (C) Utah Division of Real Estate If a member of the public has been financially damaged by the actions of a real estate licensee in Utah and has applied for reimbursement to the Utah Division of Real Estate's Education, Research, & Recovery Fund, how much money can they receive? (A) The f ull amount of their damage. (B) 1/2 the amount of their damage. (C) The lesser of $10,000 or the amount of their damage. (D) The lesser of the amount of their damage or $15,000 - CORRECT ANSWER - (D) The lesser of the amount of their damage or $15,000 An o ffer is made and accepted subject to the buyer's ability to achieve the indicated financing. The Financing and Appraisal deadline is March 31st. The buyer receives word from their lender that they cannot qualify on April 4th. What happens now? (A) The buye r gets their earnest money back and should go find a property that is within their financial ability to qualify. (B) The buyer has already agreed to forfeit the earnest money and the seller has already agreed to accept this amount as liquidated damages. (C) The buyer may not purchase the property through any other financing options. (D) The seller has already agreed to extend the period of time in which the buyer can qualify for their loan. - CORRECT ANSWER - The buyer has already agreed to forfeit the earne st money and the seller has already agreed to accept this amount as liquidated damages. The purpose of the Real Estate Recovery Fund is to protect the public from monetary losses due to fraudulent acts of licensees and: (A) to help finance Utah Community Home Buyer's loans. (B) to help finance the Real Estate Commission. (C) to help finance a fund for the homeless in Utah. (D) to provide funds for Real Estate Research and Education. - CORRECT ANSWER - (D) to provide funds for Real Estate Research and Educat ion Which of the following BEST describes a clause in a sales contract providing that unless the buyer is able to obtain a first mortgage, the contract can be terminated? (A) Defeasance clause. (B) Contingency clause. (C) Subordination clause. (D) Habendu m clause. - CORRECT ANSWER - (B) Contingency clause A candidate for real estate licensing in Utah must apply for their license and place it on either active or inactive status within how many days of passing their real estate exam, assuming they are within the one -year requirement? (A) 90 days. (B) Six months. (C) 120 days. (D) 30 days. - CORRECT ANSWER - (A) 90 days. A buyer signs a buyer agency contract with agent A, but agent A looses contact with the buyer. Months later, the buyer meets another agent, B, who asks them if they are working with an agent. The buyer indicates they had signed a contract with agent A, but they haven't heard from them for a long time. Agent B then has the buyer sign a new buyer agency contract and proceeds to sell them a house. Prior to closing, agent A contacts the buyers, who indicate they have purchased a home through agent B. Upon closi ng, agent A asks to be paid the commission. What happens to this situation? (A) Agent B has subjected the buyer to the payment of two commissions, a license violation. (B) Agent A must maintain contact with their buyers to keep the agency contract in force . (C) Agent B is rightfully owed the commission because they were the last agent to have a contract signed with the buyers. (D) Agent A can only collect a commiss - CORRECT ANSWER - (A) Agent B has subjected the buyer to the payment of two commissions, a li cense violation. The loan estimate form must be issued within how many days of loan application? (A) Three calendar days. (B) Three business days. (C) Four calendar days. (D) Five business days. - CORRECT ANSWER - (B) Three business days.
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