1
Utah Real Estate School - Utah Office
Procedures Practice Exam Questions
and Answers (100% Correct Answers)
Already Graded A+
A brokerage sets up a temporary branch office in
a model home. They do not need to register with
the Division of Real Estate unless their branch
© 2025 Assignment
will be there for more than Ans: 12 months.
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P wants to manage a Branch Office for her
Expert
broker. What does she need to have? Ans:
Associate Broker License.
Under what circumstances might an associate
broker or sales agent be licensed under two
different principal brokers? Ans: A non-resident
licensee from Idaho, licensed under both an
Idaho and a Utah broker.
If a client signed a listing agreement with a
broker, and the broker passed away, what
happens to the listing agreement? Ans: It is
nullified, and the client can seek out another
agent or broker.
A Real Estate Trust Account may be used for
Ans: real estate transactions.
, 2
A promissory note received as earnest money
must be made out to: Ans: The seller.
The Real Estate Purchase Contract contains a
provision, added by the buyers, which states
that the earnest money will be deposited 10
calendar days after acceptance. If the offer were
accepted on Wednesday the 11th, the day before
Lincoln's birthday, the earnest money would be
© 2025 Assignment
deposited no later than the ____. Ans: 21st.
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If a brokerage closes, what must they do to
Expert
comply with the Division requirement to keep
records for 3 years? Ans: they must notify the
Division where the records will be kept within 10
days.
If the broker dies, what happens to the agent's
license? Ans: It becomes inactive.
A separate property management trust account
is required of a brokerage that services more
than ____ accounts. Ans: 6.
According to rule, if a real estate transaction
takes place in Utah, the earnest money Ans:
must be deposited in a Utah bank or credit
union.
, 3
K a principal broker just received an accepted
offer from his sales agent dated Friday before
the Labor Day Monday holiday, stating the
earnest money was to be deposited upon
acceptance. According to Utah statute, the
money must go into the bank no later than: Ans:
Thursday following acceptance.
If closing takes place at the title company, who
© 2025 Assignment
is responsible to ensure that the settlement
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statement is accurate? Ans: Principal broker.
Expert
When a brokerage closes, records must be kept
and made available for ___ years, plus the year
that the transaction took place. Ans: 3
The principal broker is responsible for the
accuracy of the: Ans: Settlement Statement.
In a trust account in Utah commingling would
occur anytime that the broker allowed more than
_____ of brokerage money to remain in the trust
account. Ans: $1,000.
A licensed broker who is not acting as a branch
or principal broker is called Ans: an associate
broker.
Utah Real Estate School - Utah Office
Procedures Practice Exam Questions
and Answers (100% Correct Answers)
Already Graded A+
A brokerage sets up a temporary branch office in
a model home. They do not need to register with
the Division of Real Estate unless their branch
© 2025 Assignment
will be there for more than Ans: 12 months.
Guru01 - Stuvia
P wants to manage a Branch Office for her
Expert
broker. What does she need to have? Ans:
Associate Broker License.
Under what circumstances might an associate
broker or sales agent be licensed under two
different principal brokers? Ans: A non-resident
licensee from Idaho, licensed under both an
Idaho and a Utah broker.
If a client signed a listing agreement with a
broker, and the broker passed away, what
happens to the listing agreement? Ans: It is
nullified, and the client can seek out another
agent or broker.
A Real Estate Trust Account may be used for
Ans: real estate transactions.
, 2
A promissory note received as earnest money
must be made out to: Ans: The seller.
The Real Estate Purchase Contract contains a
provision, added by the buyers, which states
that the earnest money will be deposited 10
calendar days after acceptance. If the offer were
accepted on Wednesday the 11th, the day before
Lincoln's birthday, the earnest money would be
© 2025 Assignment
deposited no later than the ____. Ans: 21st.
Guru01 - Stuvia
If a brokerage closes, what must they do to
Expert
comply with the Division requirement to keep
records for 3 years? Ans: they must notify the
Division where the records will be kept within 10
days.
If the broker dies, what happens to the agent's
license? Ans: It becomes inactive.
A separate property management trust account
is required of a brokerage that services more
than ____ accounts. Ans: 6.
According to rule, if a real estate transaction
takes place in Utah, the earnest money Ans:
must be deposited in a Utah bank or credit
union.
, 3
K a principal broker just received an accepted
offer from his sales agent dated Friday before
the Labor Day Monday holiday, stating the
earnest money was to be deposited upon
acceptance. According to Utah statute, the
money must go into the bank no later than: Ans:
Thursday following acceptance.
If closing takes place at the title company, who
© 2025 Assignment
is responsible to ensure that the settlement
Guru01 - Stuvia
statement is accurate? Ans: Principal broker.
Expert
When a brokerage closes, records must be kept
and made available for ___ years, plus the year
that the transaction took place. Ans: 3
The principal broker is responsible for the
accuracy of the: Ans: Settlement Statement.
In a trust account in Utah commingling would
occur anytime that the broker allowed more than
_____ of brokerage money to remain in the trust
account. Ans: $1,000.
A licensed broker who is not acting as a branch
or principal broker is called Ans: an associate
broker.
