Utah Real Estate Licensing - Practice Exam Short Version

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1. The Truth in Lending Act is part of which regulation? *
A. Regulation W
B. Regulation X
C. Regulation Y
D. Regulation Z
2. How deep into the earth do subsurface rights go? *
A. 10 feet down
B. 100 feet down
C. As far as the owner can dig
D. To the center of the earth
3. Who may hold an ownership interest in real estate? *
A. People
B. Corporations
C. Government Entities
D. All of the Above
4. What gives the right to the government to construct a highway through the fields of local farmers? *
A. The first amendment
B. Eminent Domain
C. Police Power
D. The government can print money
5. Blake grants an easement to Larry to drive across his field. What type of tenement is Blake's field? *
A. Dominant
B. Servient
C. Servant
D. Dominator
6. What act requires Utah developers to submit an application to the Division of Real Estate in order to create a subdivision? *
A. The Uniform Land Sales Practices Act
C. The Utah Subdivision Act
D. The Utah Construction Registry Act
7. Who may a broker legally accept a referral fee from? *
A. The lender
B. The Escrow Officer
C. A Licensed Real Estate Broker
D. The Loan Officer
8. A property manager is paid 4% of the yearly revenue on a property with 300 units. If the average unit rents out for $750 per month, and is vacant for one month per year, how much will the manager be paid? *
A. $8,250
B. $9,000
C. $108,000
D. $99,000
9. A lead based paint disclosure must be included with the REPC for homes built before which year? *
A. 1968
B. 1978
C. 1988
D. 1998
10. What requires contracts to be in writing? *
A. Statue of Frauds
B. Statute of Frauds
C. Statute of Limitations
D. The Statue of Liberty
11. _______________ contracts are contracts that are yet to be completed. *
A. Executed
B. Executory
C. Offer
D. Fraud
12. In a township, which section is directly above section #19? *
A. 18
B. 20
C. 30
D. 29
13. The amount paid to a seller by a buyer for a property is known as which of the following? *
A. Down Payment
B. Duress
C. Earnest Money
D. Consideration
14. Which of the following is not an example of a possible disciplinary sanction issued by the real estate commission? *
A. Ordering an education requirement
B. Revoking a license
C. Suspending a license
D. Ordering a short term jail sentence
15. The sales price of a property is the best indicator of which of the following? *
A. Market Value
B. Appraised Value
C. Market Index
D. Depreciation
16. How much profit would Earl make if he buys a property for $100,000 invests $35,500 into the property and sells the property for $1 million after 10 years? *
A. $135,500
B. $864,500
C. $500,000
D. $1,000,000
17. Winning a suit for which of the following would require a party to move forward with the terms of the contract? *
A. Monetary Damages
B. Liquidated Damages
C. Duress
D. Specific Performance
18. What act encourages competition and discourages monopolies? *
A. Sherman Anti-Trust Act
B. National Price Fixing Act
D. Civil Right Act
19. Which of the following is not a direct lender? *
A. Banks
B. Credit Unions
C. Mortgage companies that do not lend their own funds
D. Grandpa Eddie loaning Susan $40,000 on her first property
20. Who is the purchaser of an option? *
A. Optionor
B. Optionee
C. The seller
D. The agent
21. What gives the right to purchase a property to someone before anyone else is able to purchase it? *
A. First right to purchase
B. First right of response
C. First right of refusal
D. None of the Above
22. What is the correct term of forcing someone to sign a contract? *
A. Duress
B. Rescission
C. Just Cause
D. Duress
23. A listing agent charging a commission of any amount greater than what the owner is asking is what type of listing? *
A. Net Listing
B. Open Listing
C. Legal Listing
D. Exclusive Listing
24. What kind of payment is due at the end of a term loan? *
A. Big payment
B. Balloon payment
C. Disclosure payment
D. Closing payment
25. Who determines whether giving a loan to a potential borrower is a good idea for the lending company? *
A. The loan officer
B. The underwriter
C. The agent
D. The borrower
26. How long does a buyer have to cancel the purchase contract for a new construction property? *
A. 5 days after signing the contract
B. 10 days after signing the contract
C. 30 days after signing the contract
D. 180 days after signing the contract
A. Dual or Limited Agency
B. A commission amount over 7%
C. A commission amount over 8%
D. Submitting a counteroffer
28. The income approach to estimating value is most likely to be used on which type of property? *
A. Single family homes
B. Recreational property
C. A commercial storage income property
D. Single family condominium
29. At closing, the earnest money paid by the buyer would appear as which of the following on the settlement statement? *
A. Debit to the buyer
B. Credit to the buyer
C. Allowance for the buyer
D. Charge to the buyer
30. What regulates the sale of personal property? *
C. The Uniform Commercial Code
31. If Mike buys a property for $200,000 and invests $45,000 into it and then sells it for $560,000 what amount would be subject to capital gains taxes on the transaction? *
A. $200,000
B. $245,000
C. $360,000
D. $315,000
32. Which of the following was not directly affected by the Americans with Disabilities Act? *
A. Employment
B. Public accessibility
C. Telecommunications
D. Accessibility to private properties
33. What should an agent do before calling a certain number to solicit for business? *
A. Check to make sure the number is on the Do-Not-Call Registry
B. Check to make sure the number is NOT on the Do-Not-Call Registry
C. Ask his broker if it is okay
D. Call the division of real estate
A. 3 business days
B. 4 business days
C. 3 calendar days
D. 4 calendar days
35. What is the volume of a cube measuring 10 inches on every side? *
A. 100 square inches
B. 100 cubic inches
C. 1,000 square inches
D. 1,000 cubic inches
36. How many square feet are an acre? *
A. 43,560
B. 43,580
C. 44,560
D. 44,580
37. When a trigger term is used in an advertisement, what also must be disclosed? *
A. The Capitalization Rate
B. The APR
C. The BPA
D. The COR
38. What is the correct label of a township that is located one township west of the meridian and two townships north of the baseline? *
A. T2N R2E
B. T1N R1W
C. T2N R2W
D. T2N R1W
39. Which of the following is not an encumbrance? *
A. Mortgage
B. Lein
C. Encroachment
D. Improvement
40. Which of the following is a listing of all of the transfers of a property? *
A. Chain of Title
B. Marketability of Title
C. Link of Title
D. Chance of Title