Utah License Law
A Utah broker's trust account must be:
AAn interest-bearing account in the broker's personal name
BA separate bank account used solely for client funds✓ Correct
CLocated at a bank in the same county as the property
DReviewed monthly by the Division of Real Estate
Explanation
Utah law requires brokers to maintain a separate trust (escrow) account exclusively for holding client funds. Mixing these funds with personal funds is commingling—a disciplinable offense.
Related Utah Utah License Law Questions
- A 'team' of agents operating under one principal broker in Utah must ensure:
- A Utah broker's trust account reconciliation must be performed:
- A Utah agent who operates under a business entity (such as an LLC) must ensure that:
- A Utah real estate licensee must provide the agency disclosure to a seller at:
- In Utah, which of the following activities by an unlicensed person is legal?
- Which of the following activities requires a Utah real estate license?
- Under Utah Code 61-2f, which of the following is NOT required on a Utah real estate license?
- Referral fees paid to Utah licensees from out-of-state agents are:
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