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Dennis and Sarah are the listing agent and principal broker for a Utah
transaction scheduled for settlement next week. Which closing
document tells the title insurance company the commission amounts
they'll each receive when the sale closes?
a. Closing Disclosure
b. Closing instructions
c. Closing statement
d. Loan Estimate --- correct answer ---Closing instructions
Leslie represents Mr. and Mrs. Connelly. The three of them just met
with Mick, a consumer, who signed a Notice of No Agency
Relationship form. Which of the following is true about this situation?
a. Leslie can now legally facilitate a real estate transaction between
these two parties.
b. Leslie is now a dual agent for the Connellys and Mick on any
upcoming sales transaction.
c. Leslie may now legally be paid commission.
,d. Mick is now Leslie's client. --- correct answer ---Leslie can now
legally facilitate a real estate transaction between these two parties.
To claim adverse possession, a possessor must file an action to
______.
a. Invoke the principle of tacking
b. Meet hostile possession requirements
c. Prove open and notorious possession
d. Quiet title --- correct answer ---Quiet title
A licensee may be convicted of multiple felonies under what
circumstances?
a. Found guilty of a civil or criminal conviction
b. Found guilty of more than two civil or criminal convictions
c. Found guilty of more than two misdemeanors
d. Not paying court-imposed fines --- correct answer ---Found guilty
of more than two civil or criminal convictions
The State of Utah created the Office of the State Engineer (and its
name was changed in 1967 to Division of Water Rights) in order to do
which of the following?
,a. Adjudicate water right disputes
b. Administer water rights
c. Create water right application forms
d. Measure water usage rates in Utah cities --- correct answer ---
Administer water rights
You're the listing agent for the Browns, so you have a duty of
obedience to them. They've noticed moisture in the basement but only
after very hard rains. They've asked you not to disclose that to any
potential buyers. What should you do?
a. You must always disclose all material facts, even if your client
doesn't want you to.
b. You must not disclose because clients are owed obedience.
c. You must not disclose because of the duty of confidentiality.
d. You should ignore their request because customer duties always
outweigh client duties. --- correct answer ---You must always disclose
all material facts, even if your client doesn't want you to.
A recovery claim against broker Neil for a judgment of
misrepresenting his client Joseph has been approved. What action will
the division take?
a. Ban him from practicing real estate in Utah.
, b. Revoke his license until he repays the fund.
c. Revoke his license until he repays the fund, including interest.
d. Suspend his license for 60 days. --- correct answer ---Revoke his
license until he repays the fund, including interest.
Which of these is the best definition of adverse possession?
a. Emmett brings a claim to court in order to quiet title on a small
piece of land.
b. Gloria gives her interest in a property to her son via a quitclaim
deed.
c. Jay agrees to sell his lakefront condo to Monica and they proceed
with only a verbal agreement.
d. Matt lives by himself in a cabin in the woods, thinking it's his when
it actually belongs to someone else. --- correct answer ---Matt lives by
himself in a cabin in the woods, thinking it's his when it actually
belongs to someone else.
Which of the following commission transactions is illegal?
a. For referring his client to Highland Mortgage Services, one of the
lenders there gives licensee Jimmy a commission.
b. Julian, a property manager, pays one of his tenants a $200
commission for finding a tenant for a nearby empty unit.