Contracts
A Utah buyer's earnest money deposit is typically held by:
AThe listing agent personally
BThe title company or broker's trust account✓ Correct
CThe Utah Division of Real Estate
DThe seller until closing
Explanation
Earnest money in Utah is typically held in the listing broker's trust account or by the title/escrow company as a neutral third party until closing or contract termination.
People Also Study
Related Utah Questions
- In Utah, earnest money must be deposited into the broker's trust account within:Contracts
- A Utah licensee who deposits earnest money into their personal bank account instead of the broker's trust account has committed:Utah License Law
- Under Utah's REPC (Real Estate Purchase Contract), the default earnest money deposit period after acceptance is:Contracts
- Under Utah Code 61-2f, a real estate licensee who receives earnest money must deposit it into the broker's trust account:Utah License Law
- A Utah agent who makes an earnest money deposit into a personal bank account rather than the broker's trust account is committing:Utah License Law
- In Utah, earnest money in a real estate transaction is typically held by:Contracts
- Under Utah's Residential Purchase Contract, which party typically pays for the owner's title insurance policy?Contracts
- A title company in Utah acts as an escrow agent by:Escrow & Title
Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
EscrowA neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Math Concepts
State-Specific Concepts
Trust Account RulesEscrow Disputes
Study This Topic
Practice More Utah Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Utah Quiz →