Free Utah Real Estate Practice Exam Questions (November 2024) 50+

Jackie is responsible. It is up to each and every licensee to track their own continuing education.

“The principal broker must maintain in his office and make available for inspection and copying by the Division all records pertaining to a real estate transaction for a period of at least three calendar years following the year in which an offer was rejected or the transaction either closed or failed.” Per Utah R162-4-1. Records and Copies of Documents.

A fiduciary relationship is one in which the agent is held in a position of special trust and confidence by the principal.

In the state of Utah, in order for a buyer-brokerage contract to be enforceable, the agreement must be in writing.

Remember, salespeople must include their sponsoring broker's information in every circumstance per Utah License Law.

“Within 30 days of the day on which the division receives a notice under Subsection (1), the division has an unconditional right to intervene in the civil action.” Per Utah Real Estate Education, Research, and Recovery Fund

Credit is not protected. “...prohibits discrimination on the basis of race, color, sex, religion, national origin, disability, source of income, familial status, sexual orientation, or gender identity.” Per Utah Fair Housing Act

In Utah, sales agents must work in association with and under the supervision of a principal broker; they may not work independently.

All of the options licensees must notify the Utah Real Estate Division. These would all require licensees to notify the division within 10 days.

“If a person receives money or its equivalent, as commission, compensation, or profit by or in consequence of a violation of this chapter, that person is liable for an additional penalty of not less than the amount of the money received and not more than three times the amount of money received, as may be determined by the court. This penalty may be sued for in any court of competent jurisdiction and recovered by any person aggrieved for the person's own use and Benefit.” Per 61-2f-405, Criminal penalties for violation of chapter

Once you pass the Utah real estate exam, you have 90 days to submit your application and its accompanying paperwork and pay the license fee.

“A licensee shall notify the division of the following by sending the division a signed statement
within 10 business days.” Per Utah 61-2f-301 Reporting requirements.

Dual agency is legal in Utah as long as there is written consent from all parties prior to entering into negotiations. Per Utah License Law

Gender Identity is protected. “...prohibits discrimination on the basis of race, color, sex, religion, national origin, disability, source of income, familial status, sexual orientation, or gender identity.” Per Utah Fair Housing Act

Once you pass the Utah real estate exam, you have 90 days to submit your application and its accompanying paperwork and pay the license fee.

If a Utah real estate license is revoked, the former licensee may not apply for a new license for 12 months.

“The commission shall be comprised of five members appointed by the governor and approved by the Senate.” Per Utah 61-2f-103 Real Estate Commission

In Utah, you can sell as much real estate as you’d like as long as you are doing it legally. Establishing a net listing, however, is not legal in the state of Utah, while open listings are.

You have one year from the time you complete your pre-licensing to pass the exam and apply for your license.

“imposing a civil penalty not to exceed the greater of $5,000 for each violation.” Per Utah 61-2f-404 Disciplinary action.

“Associate broker. Employed or engaged as an independent contractor by or on behalf of a principal broker to perform an act described in Subsection (20) for valuable consideration, and (b) licensed under this chapter as an associate broker.” Per 61-2f-102 Definitions. In other words, an associate broker is a licensed principal broker who chooses to associate with and be supervised by another principal broker.

Unlike some states, in Utah, there is no state law that dictates what a broker may charge for a commission. The commission is completely negotiable in the listing contract.

“ (a) Upon conviction of a second or subsequent violation, an individual is guilty of a third degree Felony. (b) Imprisonment for a conviction under this Subsection (2)(a) shall be for a term not to exceed two years.” Per 61-2f-405, Criminal penalties for violation of chapter

Utah is NOT a Community Property state. The states that have community property laws are: Louisiana, Arizona, California, Texas, Washington, Idaho, Nevada, New Mexico, and Wisconsin. Community property is property acquired that is considered to be obtained by mutual effort.

None, all agents and brokers are required to complete required continuing education.

Real estate license law is administered by the Utah Division of Real Estate.

Utah real estate license applicants will not qualify for licensure if they’ve been convicted of a misdemeanor involving misrepresentation, fraud, dishonesty, or theft within the past three years.

Utah real estate license applicants will not qualify for licensure if they’ve been convicted of or pled guilty to a felony within the last five years.

Source of income is state-specific; the rest are all protected by the federal fair housing act, NOT the Utah fair housing act. “...prohibits discrimination on the basis of race, color, sex, religion, national origin, disability, source of income, familial status, sexual orientation, or gender identity.” Per Utah Fair Housing Act

Generally speaking, everyone must comply. The law applies to owners, managers, salespersons, brokers, builders, appraisers, rental agents, and more.

10 days after the division is notified, they can file a claim. “A person may not bring a claim against the fund for money owed under a civil judgment unless, within 10 business days of the day on which the person brings the civil action that results in the civil judgment, the person sends to the division a signed notification alleging fraud, misrepresentation, or deceit by a real estate licensee.” Per Utah Real Estate Education, Research, and Recovery Fund

Commingling is when a licensee mixes funds held in care for a client with their own funds.

“As a condition of renewal, an active licensee shall demonstrate competence by completing 18 hours of continuing education within a two-year renewal period subject to rules made by the commission, with the concurrence of the division.” Per Utah 61-2f-204 Licensing fees and procedures

“The Division of Real Estate (DRE) is one of seven agencies within the Utah Department of Commerce. The Mission of the Division of Real Estate is to protect the public and promote responsible business practices through education, licensure, and regulation of real estate, mortgage, and appraisal professionals.”

All of the following actions are allowed aside from making cold calls. Unlicensed assistants are not permitted to make any form of real estate related cold call. Per Utah Admin. Rule R-162-6.2-14, R162-2f-401

“The commission shall be comprised of five members appointed by the governor and approved by the Senate.” Per Utah 61-2f-103 Real Estate Commission

“Commingling money described in Subsection (4)(a) with the person's own money; or (c) diverting money described in Subsection (4)(a) from the purpose for which the money is received” Per Utah 61-2f-401 Grounds for disciplinary action.

Sales agent, associate broker, and principal broker are the three levels of real estate licensure in Utah.

Put simply, the purpose of the Utah Real Estate Licensing and Practices Act is to protect the public.

Regarding real estate license reciprocity, Utah has reciprocity with some other states but not all.

“Four of the commission members shall: (i) have at least five years’ experience in the real estate business; and (ii) hold an active principal broker, associate broker, or sales agent license.” Per Utah 61-2f-103 Real Estate Commission

All of the following actions are prohibited aside from having keys made for listed properties. Per Utah Admin. Rule R-162-6.2-14, R162-2f-401

In lien theory states banks or mortgage lenders never retain title to the property. Instead, the mortgage lender holds a lien against the property. Utah practices lien theory.

“ (a) Upon conviction of a second or subsequent violation, an individual is guilty of a third-degree Felony. (b) Imprisonment for a conviction under this Subsection (2)(a) shall be for a term not to exceed two years.” Per 61-2f-405, Criminal penalties for violation of chapter

“As a condition of renewal, an active licensee shall demonstrate competence by completing 18 hours of continuing education within a two-year renewal period subject to rules made by the commission, with the concurrence of the division.” Per Utah 61-2f-204 Licensing fees and procedures

According to Utah real estate law, ONLY brokers can directly receive fees or bonuses. After the fee is received, then the broker can distribute the funds to the salesperson if applicable.

A judgment from a court of jurisdiction. Before funds can be dispersed and cases can be examined, a judgment must be made by a court within the jurisdiction.

“An individual required to be licensed under this chapter who violates this chapter, in addition to being subject to a license sanction or a fine ordered by the commission, is, upon conviction of a first violation, guilty of a class A misdemeanor.” Per 61-2f-405, Criminal penalties for violation of chapter

Placing a sign on any property offering it for sale or lease without the written consent of the owner or the owner’s authorized agent is a violation of Utah Law. It's essential agents get written permission before they put down a for-sale sign.

Title 61 Chapter 2f of the Utah Statutes is otherwise known as Utah License Law. The two are often used interchangeably, so you must be familiar with their use.