Utah Real Estate Exam (Repc)

Front 1

What is the offer reference date and where does it appear in the REPC?

Back 1

The offer reference date is the date the buyer writes the offer. It first appears just below the Offer to Purchase and Earnest Money Deposit and then, assuming the buyer signs the REPC on the same date, it will appear again following the buyer's signature.

Front 2

How will a client know that the REPC is a legally binding contract?

Back 2

An agent should always cover the first words of the REPC with each client to make sure they understand this is a legally binding contract and that if they have any questions, they should ask their agent, the agent's broker, or their attorney or tax adviser.

Front 3

If the buyer and seller want to use a different contract other than the REPC, Can they do so?

Back 3

Buyers and sellers may use any contract they wish; however, when a Utah licensee will be writing the contract, they must use the REPC, as it is the only form a licensee is authorized to fill out.

Front 4

How should an agent advise their client regarding how to take title?

Back 4

An agent should never advise a client regarding how they should date title. An agent should always refer the client to the title company and/or the clients attorney, sot eh client can get legal advice as to the best way for them to take title given the client's own situation.

Front 5

Buyer's due diligence

Back 5

The period of time in which the buyer may review and approve/disapprove of the seller's property condition disclosure and any other test, evaluations and verifications the buyer felt it was appropriate to conduct and/or review.

Front 6

If the agent checks the "may" option in the mediation paragraph in the REPC, what happens in the event of a dispute?

Back 6

buyer and seller have the option to attempt to mediate their dispute or go right to the court system in an attempt to resolve the dispute

Front 7

Who can sign the REPC?

Back 7

only the buyers, sellers, or those with authority to sign in behalf of the buyers or sellers

Front 8

If the seller defaults on the terms of a REPC, the seller has already agreed to do what, and the buyer must accept it?

Back 8

give back the earnest money and also pay the buyer an additional amount equal to the amount of the buyer's earnest money

Front 9

What should appear in the section regarding water rights (1.4) on page 1 of the REPC if the seller wants to sell their existing water shares to their neighbor rather than include them with the sale of their property to the buyer named on the REPC?

Back 9

the water shares should be specifically named in 1.4 and excluded from this sale of the seller's real property to the buyer

Front 10

If the buyer cancels the REPC after the due diligence deadline, what happens to the earnest money deposit?

Back 10

the buyer is now in default, so it can be retained by the seller as liquidated damages

Front 11

What is covered in Section 1 of the REPC?

Back 11

Property location, standard included items, additional included items, excluded items, Water service/rights.

Front 12

What is covered in Section 1.1 of the REPC?

Back 12

Standard Included Items

Front 13

What is covered in Section 1.2 of the REPC?

Back 13

Other Included Items.

Front 14

What is covered in Section 1.3 of the REPC?

Back 14

Excluded Items.

Front 15

What is covered in Section 1.4 of the REPC?

Back 15

Water Service.

Front 16

What is covered in Section 2 of the REPC?

Back 16

PURCHASE PRICE.

Front 17

What is covered in Section 2.a-d of the REPC?

Back 17

(a) Earnest Money Deposit.

(b) New Loan.

(c) Seller Financing

(d) Balance of Purchase Price in Cash at Settlement

Front 18

What is covered in Section 3 of the REPC?

Back 18

SETTLEMENT AND CLOSING.

Front 19

What is covered in Section 3.1 of the REPC?

Back 19

Settlement.

Front 20

What is covered in Section 3.2 of the REPC?

Back 20

Prorations.

Front 21

What is covered in Section 3.3 of the REPC?

Back 21

Special Assessments.

Front 22

What is covered in Section 3.4 of the REPC?

Back 22

Fees/Costs/Payment Obligations.

Front 23

What is covered in Section 3.5 of the REPC?

Back 23

Closing.

Front 24

What is covered in Section 4 of the REPC?

Back 24

POSSESSION.

Front 25

What is covered in Section 5 of the REPC?

Back 25

5. CONFIRMATION OF AGENCY DISCLOSURE.

Front 26

What is covered in Section 6 of the REPC?

Back 26

TITLE & TITLE INSURANCE.

Front 27

What is covered in Section 6.1 of the REPC?

Back 27

Title to Property.

Front 28

What is covered in Section 6.2 of the REPC?

Back 28

Title Insurance.

Front 29

What is covered in Section 7 of the REPC?

Back 29

SELLER DISCLOSURES.

Front 30

What is covered in Section 8 of the REPC?

Back 30

BUYER’S CONDITIONS OF PURCHASE

Front 31

What is covered in Section 8.1 of the REPC?

Back 31

DUE DILIGENCE CONDITION.

Front 32

What is covered in Section 8.1 a-c of the REPC?

Back 32

(a) Due Diligence Items.

(b) Buyer’s Right to Cancel or Resolve Objections.

(c) Failure to Cancel or Resolve Objections.

Front 33

What is covered in Section 8.2 of the REPC?

Back 33

APPRAISAL CONDITION.

Front 34

What is covered in Section 8.2 a-b of the REPC?

Back 34

(a) Buyer’s Right to Cancel.

(b) Failure to Cancel.

Front 35

What is covered in Section 8.3 of the REPC?

Back 35

FINANCING CONDITION.

Front 36

What is covered in Section 8.3 a-b of the REPC?

Back 36

(a) Buyer’s Right to Cancel Before the Financing & Appraisal Deadline.

(b) Buyer’s Right to Cancel After the Financing & Appraisal Deadline.

Front 37

What is covered in Section 8.4 of the REPC?

Back 37

ADDITIONAL EARNEST MONEY DEPOSIT.

Front 38

What is covered in Section 9 of the REPC?

Back 38

ADDENDA.

Front 39

What is covered in Section 10 of the REPC?

Back 39

HOME WARRANTY PLAN / AS-IS CONDITION OF PROPERTY

Front 40

What is covered in Section 10.1 of the REPC?

Back 40

Home Warranty Plan.

Front 41

What is covered in Section 10.2 of the REPC?

Back 41

Condition of Property/Buyer Acknowledgements.

Front 42

What is covered in Section 10.3 of the REPC?

Back 42

Condition of Property/Seller Acknowledgements.

Front 43

What is covered in Section 11 of the REPC?

Back 43

FINAL PRE-SETTLEMENT WALK-THROUGH INSPECTION.

Front 44

What is covered in Section 11.1 of the REPC?

Back 44

Walk-Through Inspection.

Front 45

What is covered in Section 11.2 of the REPC?

Back 45

Escrow to Complete the Work.

Front 46

What is covered in Section 12 of the REPC?

Back 46

CHANGES DURING TRANSACTION.

Front 47

What is covered in Section 13 of the REPC?

Back 47

AUTHORITY OF SIGNERS.

Front 48

What is covered in Section 14 of the REPC?

Back 48

COMPLETE CONTRACT.

Front 49

What is covered in Section 15 of the REPC?

Back 49

MEDIATION.

Front 50

What is covered in Section 16 of the REPC?

Back 50

DEFAULT.

Front 51

What is covered in Section 16.1 of the REPC?

Back 51

Buyer Default.

Front 52

What is covered in Section 16.2 of the REPC?

Back 52

Seller Default.

Front 53

What is covered in Section 17 of the REPC?

Back 53

ATTORNEY FEES AND COSTS/GOVERNING LAW.

Front 54

What is covered in Section 18 of the REPC?

Back 54

NOTICES.

Front 55

What is covered in Section 19 of the REPC?

Back 55

NO ASSIGNMENT.

Front 56

What is covered in Section 20 of the REPC?

Back 56

INSURANCE & RISK OF LOSS.

Front 57

What is covered in Section 20.1 of the REPC?

Back 57

Insurance Coverage.

Front 58

What is covered in Section 20.2 of the REPC?

Back 58

Risk of Loss.

Front 59

What is covered in Section 21 of the REPC?

Back 59

TIME IS OF THE ESSENCE.

Front 60

What is covered in Section 22 of the REPC?

Back 60

ELECTRONIC TRANSMISSION AND COUNTERPARTS.

Front 61

What is covered in Section 23 of the REPC?

Back 61

ACCEPTANCE.

Front 62

What is covered in Section 24 of the REPC?

Back 62

CONTRACT DEADLINES.

(a) Seller Disclosure Deadline

(b) Due Diligence Deadline

(c) Financing & Appraisal Deadline

(d) Settlement Deadline

Front 63

What is covered in Section 24 of the REPC?

Back 63

OFFER AND TIME FOR ACCEPTANCE.