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Utah Real Estate Exam Prep Questions and Answers
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Utah Real Estate Exam Prep Questions and Answers Trust accounts are designed for other people's money - ANSWER-True The Real Estate Trust Account can draw interest not to exceed..... - ANSWER-0% According to Utah Law, the earnest money must be deposited within ---- business/banking/working days...

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  • November 4, 2024
  • 16
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • utah real estate exam prep questions and answers

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  • 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 Exam Prep Questions

and Answers


Trust accounts are designed for other people's money - ANSWER✔✔-True


The Real Estate Trust Account can draw interest not to exceed..... - ANSWER✔✔-0%


According to Utah Law, the earnest money must be deposited within ---- business/banking/working days

- ANSWER✔✔-3


In the real estate trust account, the broker can deposit no more than ------ of his or her own money -

ANSWER✔✔-500


If brokers place more than the allowed amount of their own money in the trust account, they are guilty

of commingling. - ANSWER✔✔-True


Typically, earnest money checks would be written in the name of the trust account - ANSWER✔✔-True


If there is no agreement to the contrary, can earnest money be used to complete construction? -

ANSWER✔✔-No


If there is no agreement, can large amounts of money be used as a non-refundable deposit? -

ANSWER✔✔-True


A separate property management trust account must be opened if servicing more than ____ accounts. -

ANSWER✔✔-6




Copyright ©Stuvia International BV 2010-2024 Page 1/16

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


Which of the following is NOT one of the ways a principal broker is allowed to disburse money from the

trust account? - ANSWER✔✔-a. As directed in the contract


b. As directed by the buyer and seller


c. As directed by the court


d.* As directed by the lender


Audits are ordered by the real estate division and are to be done by a certified public accountant at the

expense of the sales agent. - ANSWER✔✔-False


The name of the trust account must contain the words: - ANSWER✔✔-Real Estate Trust Account


According to the REPC, the earnest money must be deposited in accordance with State law after: -

ANSWER✔✔-a. The agent receives it


b.* Acceptance


c. It is turned in to the brokerage


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: - ANSWER✔✔-Payor


When a dispute between seller and buyer arises, the principal broker has _____ days to notify the

parties involved in the dispute. - ANSWER✔✔-15


If a sale fails, the broker is entitled to a portion of the earnest money only with _________ of the buyer

and seller. - ANSWER✔✔-Written Consent


In writing an offer on a property where no certificate of occupancy has been issued, the agent is to use

the REPC for: - ANSWER✔✔-Residential construction

Copyright ©Stuvia International BV 2010-2024 Page 2/16

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


If an agent received earnest money in the following amounts, $500 cash, $500 personal check, the agent

would be responsible for: - ANSWER✔✔-$1,000 earnest money


How many counties does the Commission represent? - ANSWER✔✔-5


Which of the following is NOT one of the three types of real estate licenses in Utah. They are: -

ANSWER✔✔-a. Sales Agent


b.* Mortgage Lender


c. Principal Broker


d. Associate Broker


A real estate license authorizes a person to be paid for all of the following activities EXCEPT: -

ANSWER✔✔-a.* Sign documents for and in behalf of a buyer or seller


b. Act as a property manager


c. Negotiate the exchange of real estate


d. Arrange for the purchase and/or sale of real estate


All of the following can perform real estate activities without having a real estate license EXCEPT: -

ANSWER✔✔-a. Persons buying or selling property for themselves


b.* A lawyer, because he/she has a license to practice law


c. An attorney-in-fact in isolated situations


d. A trustee auctioning property at a Trustee's Sale


e. A sheriff selling property at a Sheriff's Sale



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