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109 Cards in this Set

  • Front
  • Back
_____ member of the REC must be appointed from the general public.
One
Four of the members of the REC must have _____ years experience in the real estate busienss and be active licensees as principal brokers, associate brokers, or sales agents.
5 yrs
T/F: No more than one member of the REC may be appointed from a single county, unless 2 members come from the same county.
False.
No more than one member may be appointed from a single county.
Members of the Commission shall annually select a member to serve as _____.
Chairman
The REC is required to meet at least _____.
Monthly
In Utah, a _____ is required when for a fee, someone, with the intent or for promise of compensation attempts to perform the services of a licensee whether as a part of a transaction or as the entire transaction, or represents oneself as the licensee.
Real Estate license
T/F: A real estate sales agent or associate broker may employ an unlicensed personal assistant as long as the assistant only performs the allowed duties outlined in the Utah Code.
False.
A real estate sales agent or associate broker may employ an unlicensed personal assistant with the permission of the principal broker with whom the licensee is affiliated.
Allowed duties of a personal assistant #5
Having keys made for listed properties.
Allowed duties of a personal assistant #6
Securing public records form the County Recorder's Office, zoning offices, sewer districts, water districts, or similar entities.
Allowed duties of a personal assistant #4
Placing brokerage signs on listed properties.
Allowed duties of a personal assistant #3
Acting only as a courier in delivering documents, picking up keys, or similar services, so long as the courier does not engage in any discussion of, or filing in of, the documents.
Allowed duties of a personal assistant #2
At an open house, distributing pre-printed literature written by a licensee, so long as a licensee is present and the unlicensed person furnishes no additional information concerning the property or financing and does not become involved in negotiating, offering, selling or filing of contracts.
Allowed duties of a personal assistant #1
Clerical duties, including making appointments for prospects to meet with real estate licensees, but only if the contact has been initiated by the prospect and not by the unlicensed person.
a license in good standing when you went inactive. Has paid all current fees. Obtain inactive status by sending written requirements to the Division.
Inactive license
is mixing trust funds with the broker’s own funds. It’s illegal.
Commingling
is responsible for the administration and regulation of the real estate license law, the real estate Recovery Fund, the Utah Uniform Land Sales Practices Act and the Timeshare and Camp Resort Act.
Utah Division of Real Estate (UDRE)
is appointed by the Executive Director of the Department of Commerce with the approval of the governor and holds office at the pleasure of the governor. The Division is under the direction and control of the “…”.
Director
The REC is appointed by the ______ and its members are not paid state employees.
governor
is a person who has qualified as a principal broker but who is employed or engaged as an independent contractor by or on behalf of a principal broker to act on the behalf of the principal broker in performing any of the above state acts (principal broker activities) of a principal broker for compensation.
Associate broker
is a person employed or engaged as an independent contractor by or on behalf of a principal broker to perform any of the above-stated acts of a principal broker for compensation.
Real estate sales agent
-Suspension, revocation, or nonrenewal of license of the licensee’s principal broker
-Death of the licensee’s principal broker, or
-Inactivation of a sales agent or associate broker’s license by a principal broker when the licensee is unavailable to execute the transfer forms.
Involuntary Inactivation
terms of REC members are staggered to provide that the appointment of one member of the commission ends _____ of each year (with the exception of the year when 2 commission members are up for replacement).
June 30
______ authorizes the Commission of Real Estate to regulate rules, licensing, funds, procedures, fees, hearings, and actions against real estate licensees in Utah.
Police power
A RE license is required when...
When receiving commission for selling, negotiating, listing, auctioning, or prospecting for real estate.
A RE license is not required when… #1
Selling your own home.
A RE license is not required when… #2
When you have power of attorney.
A RE license is not required when… #3
When you're an attorney at law.
A RE license is not required when… #4
When under court order.
A RE license is not required when… #5
When you're the trustee on a trust deed.
A RE license is not required when… #6
You're a public utillity officer.
A RE license is not required when… #7
You're a Broker/Dealer.
Nonresident licensee requirement #1
a nonresident must be actively licensed in another state.
Nonresident license requirement #2
A nonresident must pass the Utah exam.
Nonresident license requirement #3
A nonresident must establish a trust account in Utah.
Nonresident license requirement #4
A nonresident must maintain records in Utah.
Nonresident license requirment #5
A nonresident must sign an irrevocable consent for legal actions.
Nonresident license requirement #6
A nonresident must provide documentation of license history.
Nonresident license requirement #7
A nonresident must prove ongoing fulfillment of the Nonresident licensing requirements.
The division must be notified within _____ of personal information changes.
10 days
The Termination notification must be sent to the ____ within 3 dys.
Division
The Termination notification must be sent to the RED within _____.
3 dys
Licenses are issued for 2 yrs with a 12 hour CE requisite for renewal.
After expiration, there is a 30 day renewal period with a late fee charge. After _____, all licensing requirements need to be redone.
6 months
After _____, there is a 30 day renewal period with a late fee charge. After 6 months, all licensing requirements need to be redone.
expiration
After Expiration, there is a ______ with a late fee charge. After 6 months, all licensing requirements need to be redone.
30 day renewal period
For 30 days after the expiration date, the license may be renewed by paying the renewal fee and a $____ late fee, and upon providing proof of having completed the hours of education or demonstrated competence.
$10
For 30 days after the expiration date, the license may be renewed by ...
-paying renewal fee
-paying $10 late fee
-getting 12 CE credits
For 30 days after the expiration date, the license may be renewed by paying the _____ and a $10 late fee, and upon providing proof of having completed the hours of education or demonstrated competence.
renewal fee
Voluntary inactivation is done with a _____ to the Division. To activate, CE hours are required.
written request
Voluntary inactivation is done with a written request to the Division. To activate, _____ are required.
CE hours
"..." is one who has a license in good standing, has paid all current fees and is not affiliated with a real estate brokerage.
inactive licensee
A licensee may place his license on "inactive status" by sending a _____ signed by both the licensee and principal broker for the change to inactive status to the RED on a Division form.
written request
A licensee may place his license on "inactive status" by sending a written request signed by both the licensee and principal broker for the change to inactive status to the ____ on a Division form.
RED
A principal broker who changes to inactive status must first give written notice of the intended change to _____.
each licensee affiliated with him.
To return to 'active status,' a licensee must submit a written request to change to active status on a _____, along with the required non-refundable activation fee.
Division form
To return to 'active status,' a licensee must submit a written request to change to active status on a Division form, along with the required ______.
non-refundable activation fee
If a license has been on 'inactive status' in excess of one year, the licensee must also submit proof of completing one of the following education requirements:
1.) successfully comleting the ___a___ within 6 months preceding the activation, or
2.) successfully completing __b____ credits for each ___c___ renewal period that the licensee has been inactive, up to the minimum number required for original licensure (the education must ahve been taken within the preceding 5 yrs and at least 6 hrs must have been taken during the preceding yr).
a.) licensing examination
b.) 12 CE
c.) 2 year
If a license has been on 'inactive status' in excess of one year, the licensee must also submit proof of completing one of the following education requirements:
1.) successfully comleting the licensing examination within ___a___ preceding the activation, or
2.) successfully completing 12 CE credits for each 2 yr renewal period that the licensee has been inactive, up to the minimum number required for original licensure (the education must have been taken within the preceding ___b___ and at least ___c___ must have been taken during the ___d___).
a.) 6 months
b.) 5 yrs
c.) 6 hrs
d.) preceding yr
"Associate Broker" is a person who has qualified as a principal broker but who is employed or engaged as an _____ by or on behalf of a principal broker to act on the behalf of the principal broker in performing any of the above state acts (principal broker activities) of a principal broker for compensation.
independent contractor
Who must provide affiliated licensees Notice of a principal broker's license suspension or revocation?
(1) the principal broker must provide written notice to each licensee affiliated with him of that status change, and (2) The RED shall send written notice to each affiliated licensee of the effective date of inactivation and the process for transfer.
Prior to a principal broker's license becoming inactive, he must provide written notice to all affiliated licensees. But how does the RED know that notice has been sent to all the affiliated licensees?
The principal broker must have provided evidence to the RED of the notice sent to affiliated licensees.
Brokers will not be responsible for sales agents' violations if ... #1
a licensee violates rules in contravention of written policies.
Brokers will not be responsible for sales agents' violations if ... #2
reasonable procedures were established to supervise.
Brokers will not be responsible for sales agents' violations if ... #3
the broker attempted to prevent the violation.
Brokers will not be responsible for the sales agent's violations if ... #4
the broker did not participate.
Brokers will not be responsible for sales agents' violations if ... #5
Broker didn't ratify the violation.
Brokers will not be responsible for sales agent's actions if ... #6
The broker did not attempt to avoid learning of the violation.
No one can sue for a real estate commission unless ...
licensed at the time of services.
Sales agents and associate brokers are allowed to sue clients for non-payment of commissions.
False.
The Principle Broker may sue the client, but sales agents and associate brokers may not.
T/F: Commission is paid only by the agent’s affiliated principle broker.
True.
T/F: A sales agent can collect commission from a second broker if he has Limited Agency for a transaction for two different brokerages.
False.
Agents may only have one broker at a time. And brokers may only have one brokerage at a time. That would make this transaction impossible.
What fees must be disclosed to all parties in a real estate transaction?
If a real estate licensee who is acting as an agent in a transaciton will receive any type of fee in connection with a real estate transaction in addition to a real estate commission, that fee must be disclosed in writing to all parties to the transaction.
(7) "Residential building" means any structure intended for occupation as a residence which, at the time of an offer or disposition of the unit on which it is situated, or on which there is a legal obligation on the part of the seller to complete construction of it within ___a____, has, or if completed would have, ready access to water, gas, electricity, and roads.
a.) two years from date of disposition
[“UULSPA” 57-11-2 (7)]
"Disposition" includes sale, lease, assignment, award by lottery, or any other transaction concerning a ______, if undertaken for gain or profit. It does not include the sale or lease of land held by railroads for right of way if the land is within 400 feet of the center line of any railroad tract [“UULSPA” 57-11-2(1)].
subdivision
"..." means the owner of any interest in subdivided lands who offers them for disposition or the principal agent of an inactive owner.
Subdivider
“UULSPA” 57-11-2 (8)
(9) "Subdivision" and "subdivided lands" means land which is divided or is proposed to be divided for the purpose of disposition into ___a___ including land, whether contiguous or not, if ten or more units are offered as a part of a common promotional plan of advertising and sale. If a subdivision is offered by a developer or group of developers, and the land is contiguous or is known, designated, or advertised as a common tract or by a common name, that land is presumed, without regard to the number of units covered by each individual offering, to be part of a common promotional plan.
a.) ten or more units
The ULSPA is administered by the _____.
RED
This chapter shall be administered by the Division of Real Estate of the Department of Commerce, which hereinafter is referred to as the division.
T/F: Subdivided lands must be registered with a Real Estate Broker who has an active license in order for them to be sold to the public.
False.
(1) No person may offer or dispose of any interest in subdivided lands located in this state nor offer or dispose in this state of any interest in subdivided lands located outside of this state prior to the time the subdivided lands are registered in accordance with this chapter.
ULSPA 57-11-5 (1)
How can you get a temporary permit to sale subdivided lands, while waiting for approval of the subdivision?
Yes
(2) Notwithstanding Subsection (1), the division may grant a temporary permit allowing the developer to begin a sales program while the registration is in process.
ULSPA 57-11-5 (2)
In order to obtain a temporary permit the developer must: ... (a)
(a) submit an application to the division for a temporary permit in the form required by the division;
In order to obtain a temporary permit the developer must: (b)
(b) submit a substantially complete application for registration to the division, including all appropriate fees and exhibits required under Sections 57-11-6 and 57-11-7 in addition to a temporary permit fee of $100;
In order to obtain a temporary permit the developer must: (c)
(c) provide evidence acceptable to the division that all funds received by the developer or marketing agent will be placed into an independent escrow with instructions that funds will not be released until a final registration has been granted;
In order to obtain a temporary permit the developer must: (e)
(e) give to each purchaser the opportunity to rescind the purchase in accordance with this section. The purchaser must be granted an additional opportunity to rescind upon the issuance of an approved registration if the division determines that there is a substantial difference in the disclosures contained in the final property report and those given to the purchaser in the proposed property report.
ULSPA 57-11-5(3) "Any contract or agreement of disposition for an interest in subdivided lands may be rescinded by the purchaser without cause by ________ after the execution of the contract or agreement of disposition. This right of rescission may not be waived by agreement..."
midnight of the fifth calendar day ["Right of Rescission"].
(4) No person may dispose of any interest in subdivided lands without delivering to the purchaser an effective, current ___a____ and obtaining a dated, signed receipt for the "..." in a form to be approved by the division from each purchaser. The subdivider shall retain each receipt for ___b___ from the date of its execution.
a.) public offering statement
b.) two years
ULSPA 57-11-7 "The Public offering statement"
(1) Every public offering statement shall disclose completely and accurately to prospective purchasers:
(a) the physical characteristics of the subdivided lands offered; and
(b) unusual and material circumstances or features affecting the subdivided lands.
No person may dispose of any interest in subdivided lands without delivering to the purchaser an effective, current public offering statement and obtaining a dated, signed _____ for the public offering statement in a form to be approved by the division from each purchaser.
'receipt'

[Registration, public offering statement, and receipt required for sale of subdivided land]
ULSPA 57-11-5(4)
Any person having the legal capacity to own land in this state, who has an unbroken chain of title of record to any interest in land for ___a___ years or more, shall be deemed to have a marketable record title to such interest.
a.) forty
Marketable Title Act 57-9-1
"Real property" or "real estate" means any right, title, estate, or interest in land, including all nonextracted minerals located in, on, or under the land, all buildings, fixtures and improvements on the land, and all water rights, rights-of-way, easements, rents, issues, profits, income, tenements, hereditaments, possessory rights, claims, including mining claims, privileges, and appurtenances belonging to, used, or enjoyed with the land or any part of the land.
Utah Code -- Title 57 -- Chapter 01 -- Conveyances
57-1-1(3)
With respect to a recently received 'cease and desist' order from the Director;
(b) The person served may request _____ within ten days after receiving the order.
an adjudicative proceeding
With respect to a recently received 'cease and desist' order from the Director;
(b) The person served may request an adjudicative proceeding within ____ after receiving the order.
ten days
T/F: The Director can make cease and desist orders permanent, upon finding reasonable facts to lead him to believe a hanous violation has occured.
False.
"Enforcement powers of division " 57-11-13(2) (a) 'After the hearing' the director may issue an order making the cease and desist order permanent if the director finds there has been a violation of this chapter.
(1) Any person who willfully violates any provision of this act or of a rule adopted under it or any person who willfully, in an application for registration under this act or under the federal act, makes any untrue statement of a material fact or omits to state a material fact may be fined not less than ____ or double the amount of gain from the transaction, whichever is the larger, but not more than $50,000; or he may be imprisoned for not more than two years; or both. No indictment or information may be returned or complaint filed under this act more than five years after the alleged violation.
$1,000

57-11-16. Violations -- Criminal penalty -- Limitation
With respect to a recently received 'cease and desist' order from the Director;
(b) The person served may request _____ within ten days after receiving the order.
an adjudicative proceeding
With respect to a recently received 'cease and desist' order from the Director;
(b) The person served may request an adjudicative proceeding within ____ after receiving the order.
ten days
T/F: The Director can make cease and desist orders permanent, upon finding reasonable facts to lead him to believe a hanous violation has occured.
False.
"Enforcement powers of division " 57-11-13(2) (a) 'After the hearing' the director may issue an order making the cease and desist order permanent if the director finds there has been a violation of this chapter.
(1) Any person who willfully violates any provision of this act or of a rule adopted under it or any person who willfully, in an application for registration under this act or under the federal act, makes any untrue statement of a material fact or omits to state a material fact may be fined not less than ____ or double the amount of gain from the transaction, whichever is the larger, but not more than $50,000; or he may be imprisoned for not more than two years; or both. No indictment or information may be returned or complaint filed under this act more than five years after the alleged violation.
$1,000

57-11-16. Violations -- Criminal penalty -- Limitation
(1) Any person who willfully violates any provision of this act or of a rule adopted under it or any person who willfully, in an application for registration under this act or under the federal act, makes any untrue statement of a material fact or omits to state a material fact may be fined not less than $1,000 or _____ , whichever is the larger, but not more than $50,000; or he may be imprisoned for not more than two years; or both. No indictment or information may be returned or complaint filed under this act more than five years after the alleged violation.
"double the amount of gain from the transaction"

57-11-16. Violations -- Criminal penalty -- Limitation
(1) Any person who willfully violates any provision of this act or of a rule adopted under it or any person who willfully, in an application for registration under this act or under the federal act, makes any untrue statement of a material fact or omits to state a material fact may be fined not less than $1,000 or double the amount of gain from the transaction, whichever is the larger, but not more than ______; or he may be imprisoned for not more than two years; or both. No indictment or information may be returned or complaint filed under this act more than five years after the alleged violation.
$50,000

57-11-16. Violations -- Criminal penalty -- Limitation
(1) Any person who willfully violates any provision of this act or of a rule adopted under it or any person who willfully, in an application for registration under this act or under the federal act, makes any untrue statement of a material fact or omits to state a material fact may be fined not less than $1,000 or double the amount of gain from the transaction, whichever is the larger, but not more than $50,000; or he may be imprisoned for not more than _____ years; or both. No indictment or information may be returned or complaint filed under this act more than five years after the alleged violation.
two

57-11-16. Violations -- Criminal penalty -- Limitation
(1) Any person who willfully violates any provision of this act or of a rule adopted under it or any person who willfully, in an application for registration under this act or under the federal act, makes any untrue statement of a material fact or omits to state a material fact may be fined not less than $1,000 or double the amount of gain from the transaction, whichever is the larger, but not more than $50,000; or he may be imprisoned for not more than two years; or both. No indictment or information may be returned or complaint filed under this act more than _____ after the alleged violation.
five years

57-11-16. Violations -- Criminal penalty -- Limitation
(1) Any person who willfully violates any provision of this act or of a rule adopted under it or any person who willfully, in an application for ___a___ under this act or under the federal act, makes any untrue statement of a material fact or omits to state a material fact may be fined not less than $1,000 or double the amount of gain from the transaction, whichever is the ___b___, but not more than $50,000; or he may be imprisoned for not more than two years; or ___c___. No indictment or information may be returned or complaint filed under this act more than five years after the alleged violation.
a.) registration
b.) larger
c.) both

57-11-16. Violations -- Criminal penalty -- Limitation
The present right to possession with the right to acquire legal title once a preceding condition has been met.
Equitable Title
"..." is any plan in which a licensee guarantees that the seller's property will be sold or in which the licensee or anyone affiliated witha licensee agrees to buy the seller's property if it is not sold to someone else within a specific time period.
"guaranteed sales plan"
Under the Federal Fair Housing Act of 1988, "Handicapped" is defined as: (a) having physical or mental impairment which substantially limits one or more ___a___, (b) having a ___b___ of having such an impairment, or (c) being ___c___ as having such an impairment.
a.) major life activities
b.) record
c.) regarded
T/F: (wwt property tax) Retal properties are eligable for an examption up to 25% of the assessed value of the property.
False.
Rental properties are eligible for the exemption, but the exemption is up to 45%.
The Utah Constitution permits the Legislature to exempt up to 45% of the FMV of _______ from property taxation.
primary residential property
(wwt property taxes) Tax valuation notice is mailed to the owner of the property as of ____.
January 1
(wwt property taxes) Tax Notice is sent on _______, which is when the tax is 'payable.'
January 1
(wwt property taxes) real property taxes, if still unpaid by ____a___, become delinquent, and a ___b___ penalty is levied.
a.) November 30
b.) 2%