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Real Estate Salesperson Exam — National Portion

Trust money (UT): practice questions

Our Real Estate (National) bank has 8 questions on this topic. Here are 5 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1 · Utah

Within what time after closing must a Utah principal broker move commissions due to the brokerage out of the real estate trust account?

  1. One year
  2. 60 days
  3. Ten days
  4. 180 days
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B. 60 days — Utah Admin. Code R162-2f-403a(13)(a)(ii).

Question 2 · Utah

A Utah principal broker of a sales company regularly manages seven or more rental units. What must the broker set up?

  1. A surety bond filed with the Division of Real Estate
  2. A second operating account in the owners' names
  3. A separate property management trust account
  4. A dual broker license and a separate entity
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C. A separate property management trust account — Utah Admin. Code R162-2f-403a(14).

Question 3 · Utah

Where must a Utah principal broker's real estate trust account be held?

  1. In any federally insured bank in the country
  2. With a title company chosen by the buyer
  3. With the Utah Division of Real Estate
  4. In a bank or credit union located in Utah
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D. In a bank or credit union located in Utah — Utah Admin. Code R162-2f-403a(1)(a)(i).

Question 4 · Utah

Unless the contract says otherwise, within what time must a Utah principal broker deposit a client's money received in a sales transaction?

  1. Ten calendar days
  2. Three business days
  3. Five business days
  4. The next banking day
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B. Three business days — Utah Admin. Code R162-2f-401c(1)(h)(i).

Question 5 · Utah

Both parties claim earnest money held by a Utah principal broker, and no signed agreement settles it. What may the broker do?

  1. Keep the deposit as a commission until the parties sign a mutual release
  2. Release the money to the seller, since the seller's listing pays the commission
  3. Interplead the funds into court, or refer the parties to agreed mediation within 15 days
  4. Split the deposit equally and send each party a check within 30 days
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C. Interplead the funds into court, or refer the parties to agreed mediation within 15 days — Utah Admin. Code R162-2f-403a(8).

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