Utah Law Review Questions 1-100

The Division has the power to subpoena witnesses, books, papers, ect.

The sales office and the property management office can have different names, but agents can't be assigned to both

After passing the Exam, the candidate must pay for the license in 60 days and either make the license active or inactive

The Primary purpose of the Utah Real Estate Recovery Fund Act is to protect the :

The difference between an active and inactive license (agent/associate) is that the licensee has named a:

To obtain a sales agent license, the sales agent candidate must do all of the following EXCEPT:

The Director is a member of the Commission

Before working for a broker or changing brokers you must notify the Real Estate Division

Utah Real Estate Recovery Fund Act: At the beginning of the fiscal year, the fund must have a balance of at least $____

To maintain a license, each licensee must complete ___ hours of CE every __ years. The required Core Course is ___ hours

Candidates obtaining a non-residential broker license (principal) in Utah must establish a real estate ___ in Utah

The Branch Manager must be a(n):

An inactive licensee must obtain ___ hours of continuing education each two years.

The Real Estate Trust Account can draw interest not to exceed:

Bookkeepers in a property management office must have a real estate license

The wall license is placed in the principal broker's:

All of the following are State Approved Forms EXCEPT:

Property Managers who are required to have a license must work under the supervision of a principal broker

A property manager acts as a general agent of the owner

There are 3 categories of people who can place mechanic's liens. Choose the answer that is ordered in 1st-3rd priority.

Which of the following does not need to satisfy the 120 hour education requirement?

Typically, earnest money checks would be written in the name of the trust account

Shares of water are personal property and, unless specifically notes, are the property of the:

If a promissory note is take as earnest money, is to be kept in the transaction file and the maker of the note is called

The secondary purpose of the Utah Real Estate Recovery Fund Act is for all of the following EXCEPT:

With regards to the complaint process, how much time is given to respond to a complaint

If the license is not renewed in the ___ month period after it expires, it lapses and the licensee must ____

There are two forms of any real estate license. They are:

A cubic foot of water flowing past a specific point in one second of time is called the beneficial right.

Utah Real Estate Recovery Fund Act: For a single transaction, no more than $___ will be paid

How many counties does the Commission represent?

The only remedy for enforcement of mechanic's lien is a lien waiver

With regards to Water Law, other states adhere to the law of riparian rights

All of the following are State Approved Forms EXCEPT:

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

Audits are ordered by the real estate division and are to be done by a CPA at the expense of the sales agent.

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

The Real Estate Commission CANNOT suspend a license

Condominium projects can include all of the following EXCEPT:

Utah Exemption Act (Homestead Act), exemptions are granted for debts not secured by the property. Which does not apply?

An associate broker or sales agent must work under the supervision of a(n):

The Real Estate Commission can revoke a license

The Real Estate Commission can fine the licensee up to $1000 per violation

Closing documents can be filled out only by a principal broker or sale agent

According to Utah Law, the earnest money must be deposited within _____ business days.

When obtaining a non-resident sales agent license the candidates must sign the legal form called Irrevocable Consent

When tow states agree to allow each other to give non-residence licenses, they are said to be practicing reciprocity

Property Managers are never required to have a real estate license

Mechanic's lien's cannot be placed on government property

The Real Estate Commission can put the licensee on probation

Both forms of the license are the responsibility of the:

The law governing the distribution of water in Utah is prior appropriation sometimes called statutory appropriation

Utah Exemption Act (Homestead Act), exemption amounts for dependents $0 and for spouse/head of household is $30,000

Regarding the complaint process, who can complain?

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

Which of the following can a licensee NOT legally fill out?

The name of the trust account must contain the words:

The Director is responsible for preparing a ___ for the fiscal year

Which of the following is NOT one of the three types of real estate licenses in UT?

The Real Estate Division's representative during the complaint process is:

The Division has the power to initiate suit against a licensee in the courts.

The licensee keeps the ___ license in his/her___

The Real Estate Commission can order the licensee to do up to 40 hours of public service

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

The Licensee's representative during the complaint process is

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

In the real estate trust account, the broker can deposit no more than $________ of his/her own money.

To become an active principal broker, the candidate must open a real estate ____, get company name and business going

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

Individuals who are owners or regular salaried employees of an owner, do not need a real estate license

Utah Real Estate Recovery Fund Act: For one licensee, the division will not pay more than a total of $____

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

A separate property management tryst account must be opened if servicing more than _____ accounts.

The Real Estate Commission can imprison the licensee in severe cases, no more than 2 years

People who work as secretaries in a property management office do not need to have a license

Resident property managers do not need a real estate license

If a broker has both a real estate and a property management office, he must license his sales agents with both offices

Trust accounts are designed for other peoples' money.

Utah Real Estate Recovery Fund Act: When a license has been revoked, the licensee must wait ___ years to reapply

A sales agent and principal broker disagree on the split of a commission. If they can't settle it, who would resolve it?

The penalty for failing to respond to a complaint is an additional complaint

If a main office has a branch, the name of the branch must be:

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

Regarding the complaint process, the legal order the division can issue is a Cease and Desist

The Director prepares a ____ for the governor and the legislature each year.

Condominium development and ownership is governed by the:

When a dispute between seller and buyer arises the principal broker has ? days to notify parties involved in the dispute

Condominiums: taxes on the individual units (air space) and the common area undivided interest are a parcel & paid by:

If an agent received earnest money by $500 cash & $500 personal check, agent is responsible for:

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

It is legal for a principal broker to have both a real estate office and a property management office at the same time

The Real Estate Commission can fine up to $5000 for each violation.

The Commission decides which questions will be on the State exam

Records of branch office transactions are to be kept in the ___ office or in the ___ as appropriate

The Division can investigate a licensee

An acre foot of water contains ___ cubic feet.

When obtaining a non-resident sales agent license, the candidate must be sure their ____ also has a ____ license.

The Commission is responsible for the ___ of the State exam

The Commission makes rules and regulations

Real Estate license law is contained in the Utah Code (UCA) Title ___ Chapter ___