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Sales UTAH Law Exam Practice Questions & Answers. The maximum amount that would be paid from the Utah Recovery Fund for a single transaction of a dishonest licensee is: a. $2,000 b. $5,000 c. $15,000 d. $50,000 - CORRECT ANSWER c. $15,000 In the following sales situations, which person i...

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  • November 25, 2024
  • 24
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • utah
  • sales utah law exam practice questions answers

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  • UTAH.
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Sales UTAH Law Exam Practice
Questions & Answers.
The maximum amount that would be paid from the Utah Recovery Fund for a single transaction of a
dishonest licensee is:

a. $2,000

b. $5,000

c. $15,000

d. $50,000 - CORRECT ANSWER c. $15,000



In the following sales situations, which person is required to have a real estate license?

a. N is writing and presenting an offer for a neighbor

b. An employee of the phone company buying property for the company

c. L, who is signing the settlement papers under a power of attorney

d. An attorney selling a residence as administrator of an estate - CORRECT ANSWER a. N is writing and
presenting an offer for a neighbor



Which of the following changes would NOT be required to be reported to the R. E. Division within ten
days?

(a) A personal or brokerage bankruptcy.

(b) Marital status change

(c) The personal address change of a licensee.

(d) A change of name, such as a woman who got married - CORRECT ANSWER (b) Marital status change



Which item on the list is NOT a cause for an agent to lose his/her license?

(a) Failing to furnish copies to the parties executing documents

(b) Diverting other peoples monies coming into the possession of the licensee.

(c) A flagrant course of misrepresentation.

(d) Changing from one brokerage to another during the term of a listing - CORRECT ANSWER (d)
Changing from one brokerage to another during the term of a listing

,If a licensee has a complaint filed against him/her by a member of the public, upon receiving notice of
the complaint, what is next in the complaint process?

(a) The licensee has 30 days to respond to the R. E. Division.

(b) The licensee can request a hearing before the commission.

(c) The licensee must respond in writing within three days.

(d) The licensee will appear before the commission to respond to the complaint - CORRECT ANSWER (a)
The licensee has 30 days to respond to the R. E. Division.



When someone is guilty of practicing real estate without a license, they will be disciplined by what
entity?

(a) The board of REALTORS

(b) The Director of the R. E. Division (c) The commission

(d) The county attorney - CORRECT ANSWER (d) The county attorney



A copy of the Closing Disclosure should go to:

(a) Buyer and seller

(b) Buyer, seller and broker(s)

(c) Seller and broker

(d) Buyer and broker - CORRECT ANSWER (b) Buyer, seller and broker(s)



Assuming a REPC is accepted on January 25th and a check for $1,000 earnest money is given the same
day,

what is the latest it can be deposited into the Brokerage Trust Account?

(a) January 26

(b) January 29

(c) January 28

(d) January 30 - CORRECT ANSWER (b) January 29



(Utah law says earnest money must be deposited within 3 days, unless the contract says otherwise.

, We know that the REPC says the deposit must be made within 4 days after Acceptance. However,
Section 21 of the REPC dictates that the clock begins on the day after Acceptance. Therefore, the 4-day
timeframe begins on January 26th, which is the first day; January 29th is final day to deposit the earnest
money)



Which of the following is NOT a purpose for the Real Estate Recovery Fund?

(a) Pay the per diem expense of commissioners

(b) Reimburse the public for damages

(c) Education of licensees

(d) Provide revenue for research - CORRECT ANSWER (a) Pay the per diem expense of commissioners



A promissory note for earnest money should be made out in the name of the:

(a) broker

(b) seller

(c) buyer

(d) agent who wrote the offer. - CORRECT ANSWER (b) seller



How long must a broker retain rejected offers?

(a) 3 years following the year of the transaction.

(b) 5 years following the year of the transaction

(c) Rejected offers never have to be retained in the files.

(d) 90 days following date of the transaction - CORRECT ANSWER (a) 3 years following the year of the
transaction.



What is the difference in educational requirements between a principal broker and an associate broker?

(a) No difference.

(b) Associate broker needs 90 hours, principal broker needs 130 hours.

(c) Associate broker needs only three years of experience, principal broker needs 120 hours of
education.

(d) Associate broker needs 120 hours, principal broker needs 30 additional hours. - CORRECT ANSWER
(a) No difference.

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