Utah License Law
The Utah Recovery Fund compensates consumers who have suffered financial loss due to a licensed agent's conduct. The maximum claim per licensee per transaction is:
A$5,000
B$15,000✓ Correct
C$25,000
D$50,000
Explanation
Utah's Real Estate Education, Research, and Recovery Fund compensates victims of licensed agents' fraud or misrepresentation. Maximum recovery is $15,000 per transaction, with a $30,000 lifetime cap per licensee.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Math Concepts
State-Specific Concepts
License Law
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