Utah portion of the Real Estate Exam
Questions With 100% Verified Answers.
With regard to assignability, Utah's REPC states what? - answer✔no assignment without prior
written consent of the seller
A Closing Disclosure is a five-page form that provides final details regarding what? -
answer✔The buyer's real estate transaction.
Where is a new loan amount to be acquired by the buyer indicated on a Utah REPC? -
answer✔page 1
On the REPC, where does the sales price being offered by the buyer appear? - answer✔page 1
A real estate agent wishes to hire other real estate agents to work with them in a team. What is
required in order for them to do this? - answer✔They must get their broker's permission.
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? - answer✔90 days.
A hotel manager receives compensation from the hotel owner for managing the hotel property. -
answer✔This hotel manager is not required to have a real estate license.
A student in a real estate school applies to take their real estate exam before completing their 120
hours of schooling. As the date of their scheduled exam draws near, they have not yet passed all
their exams at the school with the required passing rate. They should: - answer✔contact the
testing center prior to 4 days before their test date to reschedule without financial penalty.
When must the closing disclosure form be issued? - answer✔Three business days before the loan
consummation.
The Statute of Frauds refers to: - answer✔agreements concerning real estate must be in writing
to be enforceable.
The prime obligation of an agent to the principal is: - answer✔loyalty.
In order to collect any funds from the Real Estate Education, Research, and Recovery Fund, the
aggrieved person must first obtain: - answer✔a judgment from a court of jurisdiction.
If engaged in real estate activities, all of the following are exempt from the real estate licensing
requirements EXCEPT - answer✔a neighbor who assists in the sale of their neighbor's home for
a small fee.
A principal broker who regularly engages in property management on behalf of seven or more
individual units shall establish at least one property management trust account that is: -
answer✔separate of their other trust accounts.
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? - answer✔The full amount of
their damage.
A salesperson serving the needs of a buyer with a signed buyer agency contract may be
compensated for their services by: - answer✔the broker
What does TIP stand for on the Closing Disclosure Form? - answer✔Total Interest Percentage.
According to Utah law, an aggrieved person may sue a real estate licensee for an amount up to
what? - answer✔three times the amount of the licensee's gain.
The amount of the fine that can be imposed against a real estate licensee by the Utah Real Estate
Commission is: - answer✔$5,000 or the amount the agent gained by their wrongdoing,
whichever is greater.
Which list of documentation best describes those that a real estate licensee must provide their
broker? - answer✔Listing contracts, Buyer Agency Contracts, Sales Contracts, Rejected Offers,
and Settlement Documents.
Once you have completed all real estate pre-licensing classes and received a school certifying
document, how long do you have in which to pass your licensing exam and apply for your real
estate license? - answer✔one year
What is the maximum amount that can be paid from the Utah Real Estate Education, Research &
Recovery Fund in behalf of any one licensee? - answer✔$50,000
An applicant for a real estate license in Utah must: - answer✔show proof of passing both
portions of the exam within three-months previous to applying for a license.
All of these items must have happened in order for settlement to have occurred according to the
Utah REPC EXCEPT the following: - answer✔The proceeds of any new loan have been
delivered by the lender to the seller or escrow/title office.
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