Utah Real Estate Broker Exam — All Questions
3 questions
The Utah Real Estate Education, Research, and Recovery Fund primarily exists to:
- a.Fund the Division's marketing
- b.Reimburse a consumer who has an unpaid court judgment against a licensee for fraud or misrepresentation in a licensed transaction✓
- c.Provide mortgages to first-time buyers
- d.Pay licensees' continuing-education costs
The Recovery Fund reimburses consumers who obtain a final court judgment against a licensee for fraud, misrepresentation, or deceit in a licensed transaction and cannot otherwise collect. Statutory caps apply, and a licensee whose conduct triggers a payment can have the license suspended until the fund is repaid. It is a consumer-protection backstop, not a general operating or lending fund.
Utah's Residential Lien Recovery Fund is designed to protect:
- a.Real estate brokers who are not paid a commission
- b.Lenders whose loans go into default
- c.An owner of an owner-occupied residence who paid in full but faces a mechanics' lien from an unpaid subcontractor or supplier✓
- d.Tenants who break a lease
Utah's Residential Lien Recovery Fund can protect an owner of an owner-occupied residence who has paid in full from losing the home to a mechanics' lien filed by an unpaid subcontractor or supplier. It is a distinctive Utah consumer-protection scheme tied to the state's lien law, and a broker should be able to explain it to clients.
Under the Statute of Frauds as applied in Utah, a contract for the sale of real estate is generally enforceable only if it is:
- a.In writing and signed✓
- b.Witnessed by a notary only
- c.Recorded with the Division of Real Estate
- d.Approved by the county assessor
The Statute of Frauds requires that contracts for the sale of real estate, and certain leases, be in writing and signed to be enforceable. Utah licensees must ensure that agreements affecting real property, including listing and buyer representation agreements and purchase contracts, are properly documented in writing. A broker's supervision includes confirming this.