Real estate utah law Study guides, Class notes & Summaries

Escrow Sample Test – Utah 100% Correct Score An Escow is an arrangement that: (Select all that apply) (A) holds documents (B) holds funds (C) creates documents to affect a transfer of interest in a property (D) acts as an attorney (E) is responsible for guaranteeing funds - Correct Answer ️️ -(A) holds documents (B) holds funds (C) creates documents to affect a transfer of interest in a property (E) is responsible for guaranteeing funds When is it necessary to have closing docum...

All of these items must have happened in order for settlement to have occurred according to the Utah REPC EXCEPT the following: - The proceeds of any new loan have been delivered by the lender to the seller or escrow/title office. 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? - one year A Closing Disclosure is a five-page form that pro...

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 commi...

Utah Real Estate General Sales Questions and Answers Already Passed Bob the buyer has made an offer on Sam the seller's property. That offer has been accepted. Bob is working on finalizing his loan for the purchase as part of the contingencies of the agreement. What kind of agreement exists between Bob and Sam? (a) Executed (b) Sale pending (c) Executory (d) Voidable (c) Executory J carried back a 2nd mortgage when his home was sold. Now he needs some ready cash and is going t...

Utah Real Estate Test Exam 2023-2024 Questions and Answers 100% CorrectUtah Real Estate Test Exam 2023-2024 Questions and Answers 100% CorrectUtah Real Estate Test Exam 2023-2024 Questions and Answers 100% CorrectThe word "Ownership" means the same thing as the word A.Freehold B.Leasehold C.Possession D.Both A & C - ANSWERSD. Both A & C The highest interest in real estate recognized by law is: A.Fee Simple Defeasible B.Legal Life Estate C.Fee Simple Absolute D.Fee Simple Determinabl...

A licensee has ________ _______ to notify the division in a signed statement of a felony, misdemeanors involving moral turpitude ---- this is not a DUI - 10 Business days A ___________ involving fraud, misrepresentation, theft, or dishonesty that resulted in a convistion or incarceration with in __________ years preceding the date of the application warrants an __________ denial of licensure. - Misadaminor, 3 Years, Attomatic 1 of the 9 supporting services situation/people who do not need a...

GENERAL PARTNER - A partner who has full authority to make decisions, act for the partnership, and has full liability for the business dealings of the partnership. ACCELERATION CLAUSE - Allows a loan to become due and payable immediately if certain requirements are not met, such as making payments, maintaining the physical condition of the property or paying property taxes and hazard insurance. IMPOUND, RESERVE OR ESCROW ACCOUNT - A trust account established to set aside funds for future n...

The word "Ownership" means the same thing as the word A.Freehold B.Leasehold C.Possession D.Both A & C - Answer D. Both A & C The highest interest in real estate recognized by law is: A.Fee Simple Defeasible B.Legal Life Estate C.Fee Simple Absolute D.Fee Simple Determinable - Answer C.Fee Simple Absolute The highest interest in real estate recognized by law is: A.Fee Simple Defeasible B.Legal Life Estate C.Fee Simple Absolute D.Fee Simple Determinable - Answer C.Fee Simple A...

Escrow Sample Test 100% Correct Solved An escrow is an arrangement that: a) Holds documents, b) Holds funds, c) Creates documents to affect a transfer of interest in property, d) is responsible for guaranteeing funds. - Correct Answer ️️ -A, B, C, E When is it necessary to have closing documents recorded prior to disbursement of escrow funds? a) it is not necessary, b) in almost all situations, c) when instructed by one of the parties to the escrow, d) only when the written instruction...