State
Consists of 5 members appointed by the governer
Have at least 5 years of experience in the real estate business
One member shall be a member of the general public
The Utah Commission
Who can legally manage a branch office in Utah
associate broker only
Arms Length Transaction
An agreement in which neither side has an unusual advantage, or overriding influence.
In utah, where are real estate recovery funds kept?
In a separate trust find in the state treasury.
What does the Real Estate Education and Research and Recovery fund do?
Reimburse the public for damages caused in a real estate transaction by a licensed individual.
100,000 in fund at any time
Who is responsible for appointing to the Real Estate Director in Utah
Executive Director of the Department of Commerce
Who must sign the irrevocable consent form certifying that if they are sued in the state of utah they have personally appear in court?
A non resident license
Specific performance
contract must be fulfilled by parties involved
60 points is needed for a licensee to apply for a what in utah?
Brokers license
What is the max amount of a utahs brokers personal funds can be in the trust account?
500
Arbitrate commission disputes between sales agents and brokers is not one of the responsibilities of the...
The Utah Real Estate Commission
The listing contract
Point of Beginning
The origination and termination point in a metes and bonds legal description
If a utah licensee is found guilty of improper conduct and the plantiff receives a judgement, what is the maximum amount the recovery fund will pay for reach transaction?
$15,000
How many days are required to notify the real esatate division if you change brokerages?
3 days
Prohibits credit discrimination on race, color, etc. Legally can only consider.....
Equal Credit opportunity Act. Income, networth, credit rating, job stability.
A utah licensee is sued by several clients for improper conduct. Clients prevail and receive judgment. What is the max that will be paid out from the recovery fund for that license?
$50,000
Situs
personal preference of an area or position of real estate
imposing an education requirement
$5,000 fine for each violation
revoke, suspend, place on probation, or deny renewal of license.
What happens when a Utah license is not renewed in the 6 month period after it expires?
start over
3 years of experience is needed as a sales agent in order to apply for a what?
Principle or associate broker license
Unless a person is licensed, it is unlawful to...
engage in the business of the personal broker, act in the capacity of above, advertise or assume to act as above.
Broker is entitled to keep any amount over a certain amount of money.
Net listing
In utah, a separate property management trust account must be opened if servicing more than how many accounts?
6
What must a new utah licensee do before their 2 year renewal?
Complete new agent course of 12 hours
6 hours of any other CE