Closing Statements
The outline gives this area 6 to 8 of the 90 state items and prints no subtopics. It mixes ordinary settlement arithmetic with the Utah rules that make a broker responsible for the figures.
Reading the Statement
A settlement statement lists each party's credits and debits. A credit increases what a party receives or reduces what a party must bring; a debit does the reverse. The seller's largest credit is the sale price, and a prepaid item covering time after closing is credited to the seller and debited to the buyer. The seller's debits include the loan payoff, unpaid taxes and assessments, and the brokerage fee. The buyer's credits include the earnest money already on deposit and the proceeds of a new loan; the buyer's debits include the purchase price and the costs of financing. Each party's own statement balances; the two columns are not netted against one another, because many items appear on only one side.
Prorations
Proration divides an ongoing cost so that each party bears the share attributable to the period that party owns the property, measured at the closing date. Utah taxes are assessed at fair market value as of January 1 under Section 59-2-103(2) but are not due until November 30 under Section 59-2-1331(1)(a), so a mid-year sale usually leaves an unpaid amount to split; where the seller has already paid, the buyer reimburses the seller for the remainder of the year. Pearson VUE's outline states that a proration question will specify whether to use a 360-day or a 365-day year and whether the day of closing belongs to the buyer or the seller, and that standard rounding applies. Work the daily rate first, then count the days on the side the question asks for, then decide which party is credited.
The Broker's Responsibility for the Figures
Rule R162-2f-401c(1)(c)(i) requires the principal broker, regardless of who closes the transaction, to ensure that final settlement statements are reviewed for content and accuracy at or before the time of closing, by the principal broker, an affiliated associate or branch broker, or the sales agent representing the principal. Subsection (1)(c)(ii) requires the principals in each closed transaction to receive copies of every document executed at the closing. Subsection (1)(b) requires a detailed transaction status statement at the earlier of 30 days after an offer is accepted or a client demand, and updates at 30-day intervals until the transaction closes or fails. Rule R162-2f-403a(15) sets the sequence before a commission may leave the real estate trust account: written authorization, closing or termination, delivery of the settlement statement to buyer and seller, payment of the represented party the amount the statement shows, a record of each disbursement, and deposit into the operating account before any further disbursement. Section 61-2f-308(1)(c) defines closed to mean the documents are executed, the money is paid in collected or cleared funds, any new loan proceeds are delivered by the lender to the seller, and the applicable documents are recorded with the county recorder.
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State-specific details
State exam facts
- State regulator
- Utah Division of Real Estate (Dept. of Commerce)
- Exam vendor
- Pearson VUE
- Prelicensing education
- 120 hours (30-hour Utah Law + 45-hour Broker Principles + 45-hour Broker Practices)
- Passing score
- Scaled score of 75 on each portion (not a percentage)
- Scored questions
- 170
- Time limit
- 240 minutes
Who regulates real estate brokers in Utah?
The Utah Division of Real Estate, within the Department of Commerce, licenses brokers, associate brokers and sales agents under the Real Estate Licensing and Practices Act (Utah Code Title 61, Chapter 2f) and the R162-2f rules. The Division contracts with Pearson VUE to deliver the licensing exams.
What experience do I need before the Utah broker exam?
Utah Code § 61-2f-203(1)(f) requires three years' full-time experience as a sales agent or the equivalent. Rule R162-2f-202b(1)(f) defines the equivalent and adds a second test: within the five years before you apply, either three years of full-time licensed active experience, or two years of it plus one year of full-time professional real estate experience from the rule's Appendix 3 table, AND at least 60 documented experience points, submitted in a package of 60 to 80 points, with at least half of the Table 1 and Table 2 points from Utah properties. The education is 120 hours of approved broker prelicensing (45 Broker Principles, 45 Broker Practices, 30 Utah Law).
How is the Utah broker exam structured?
170 scored questions in two separately scored portions: an 80-question national/general portion and a 90-question Utah state portion, taken in one 4-hour session, plus 5 unidentified pretest items on the national portion and 5 to 10 on the state portion. The Utah broker state portion is nearly twice the 50-item salesperson state portion, so salesperson material does not cover it. You must pass both portions; if you pass one and fail the other, Rule R162-2f-202b(5) gives you six months from the passed component to retake and pass the failed one.
What score do I need to pass the Utah broker exam?
A scaled score of 75 on the general portion and 75 on the state portion. The Pearson VUE candidate handbook is explicit that this is a scaled score and that the number reported to you "is neither the number of questions you answered correctly nor the percentage of questions you answered correctly" — so 75 is not 75%. Salesperson candidates are held to 70 on each portion.
What does the Utah broker state portion actually test?
Pearson VUE's Utah broker outline (document #094502, state outline effective July 15, 2016) divides the 90 state items into eight areas, each published as a range: Definitions (5-7), Licensing (15-17), Licensee Practice (33-35), Disciplinary Action (9-11), Real Estate Recovery Fund (2-3), Additional Utah State Topics (8-10), Property Management (4-6) and Closing Statements (6-8). Licensee Practice alone is about a third of the state exam, and its heaviest subtopic is the role of the broker — supervision and trust accounts.
Sources: https://realestate.utah.gov, https://www.pearsonvue.com/content/dam/VUE/vue/en/documents/publications/094502.pdf, https://www.pearsonvue.com/content/dam/VUE/vue/en/documents/publications/094500.pdf, https://le.utah.gov/xcode/Title61/Chapter2F/61-2f.html, https://adminrules.utah.gov/public/rule/R162-2f/Current%20Rules
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