Real Estate Licence Test for Utah

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Question 1 of 1

Time Left

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Trust accounts are designed for other peoples money.

Select the correct answer(s).

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Explanation

The answer is True! Trust account or escrow accounts are accounts managed by an authorized custodian (like a bank or a trust company) to be used for a specific purpose; pay property tax, insurance premiums, handle rent etc.

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The Real Estate Trust Account can draw interest not to exceed _%

Select the correct answer(s).

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According to Utah Law, the earnest money must be deposited within _______ business/banking/working days.

Select the correct answer(s).

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In the real estate trust account, the broker can deposit no more than $____ of his/her own money.

Select the correct answer(s).

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If brokers place more than the allowed amount of their own money in the trust account, they are guilty of commingling.

Select the correct answer(s).

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Explanation

Commingling as it sounds is mingling personal funds with other investment moneys/trust. That is a nono

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Typically, earnest money checks would be written in the name of the trust account.

Select the correct answer(s).

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Explanation

Earnest money is a deposit made to the seller as a sign of good faith, usually used to buy additional time to complete financing.

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If there is no agreement to the contrary, can earnest money be used to complete construction?

Select the correct answer(s).

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Explanation

Earnest money can't be spent for any reason, as it has been finalized by signing the contract

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If there is no agreement, can large amounts of money be used as a non-refundable deposit?

Select the correct answer(s).

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A separate property management trust account must be opened if servicing more than ____ accounts.

Select the correct answer(s).

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Which of the following is NOT one of the ways a principal broker is allowed to disburse money from the trust account?

Select the correct answer(s).

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Explanation

In this instant the lender has no control over disburesement

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Real Estate Licence Test for Utah

Question 1 of 1

Time Left

Trust accounts are designed for other peoples money.

Select the correct answer(s).

(0/0)

Explanation

The Real Estate Trust Account can draw interest not to exceed _%

Select the correct answer(s).

(0/0)

According to Utah Law, the earnest money must be deposited within _______ business/banking/working days.

Select the correct answer(s).

(0/0)

In the real estate trust account, the broker can deposit no more than $____ of his/her own money.

Select the correct answer(s).

(0/0)

If brokers place more than the allowed amount of their own money in the trust account, they are guilty of commingling.

Select the correct answer(s).

(0/0)

Explanation

Typically, earnest money checks would be written in the name of the trust account.

Select the correct answer(s).

(0/0)

Explanation

If there is no agreement to the contrary, can earnest money be used to complete construction?

Select the correct answer(s).

(0/0)

Explanation

If there is no agreement, can large amounts of money be used as a non-refundable deposit?

Select the correct answer(s).

(0/0)

A separate property management trust account must be opened if servicing more than ____ accounts.

Select the correct answer(s).

(0/0)

Which of the following is NOT one of the ways a principal broker is allowed to disburse money from the trust account?

Select the correct answer(s).

(0/0)

Explanation

Audits are ordered by the real estate division and are to be done by a certified public accountant at the expense of the sales agent.

Select the correct answer(s).

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