Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
14 Cards in this Set
- Front
- Back
|
List the 3 things someone must do to obtain a real estate license |
1. Complete the required pre-licensing real estate course hours 2. Pass a state administered exam with 70% or higher. 3. Associate with a broker. |
|
|
What are some of the minimum requirements to be eligible for a real estate license? |
Must be at least 18 y/o High school diploma or equivalent Be of good moral character |
|
|
Once licensed, how long do you have to report changes such as new address, name change, or criminal violation? |
10 Days |
|
|
What is the difference between the Division and the Commission? |
The Division are government employees that license and regulate real estate, mortgage and appraisal licenses. The Commission is a group of volunteers appointed by the Governor to help the Division in regulation licensees and administering the real estate statutes. |
|
|
What are the fiduciary duties owed to a client? |
COLD AC Care Obedience Loyalty Disclosure Accountability Confidentiality |
|
|
What is limited Agency? |
Some of the fiduciary duties become limited when an agent or broker represents the interests of both the buyer and the seller at the same time |
|
|
What must every Utah agent do in behalf of their client in the state of Utah as the minimum level of service that can be offered to any real estate client? |
Accept delivery of and present all offers, counter offers and addendums, be available to explain these documents and answer questions the client may have about them, and to help the client draft counter offers , addendums and notices in the transaction. |
|
|
What are the main purposes of the Real Estate Education, Research and Recovery Fund? |
Educate Real Estate Licensees Reimbursement to the public for harm done by a Utah Real Estate Licensee. |
|
|
How much money can a member of the public receive from the Real Estate Recovery Fund? |
15000 per single transaction and not more than 50000 per licensee. |
|
|
What does the Utah Land Sales Practices Act cover? |
Subdivided lots of 10 or more that are not governed by a city or county planning and zoning board |
|
|
The Utah Uniform Land Sales Practices Act gives how many days for right of rescission? |
5 days |
|
|
What does it cost to register subdivided lots with the Utah Division of Real Estate? |
500 for up to 30 units 3 per unit above 30 maximum of 2500 Deposit of 300 |
|
|
How long is the right of rescission for a time share? |
5 days |
|
|
The Utah Exemptions Act is also called |
Homestead Act |
