New Real Estate Administrative Rules
| Rule Number | Rule Sub-Heading | Effective Date |
| R162-2f-102 | The definition of "brokerage records" is amended so as to specify that trust account records include records of deposits and conveyances. | August 21, 2012 |
| R162-2f-201 | New language requires an applicant with criminal history involving violence or physical coercion to provide records from which the Commission may assess whether the applicant might pose an ongoing threat to the public. | August 21, 2012 |
| R162-2f-202b | Existing language is clarified to state that a trust account name must contain the term "real estate trust account" or "property management trust account" as applicable, and that trust accounts must be separate from operating accounts. Additionally, new language states that a principal broker license may not be awarded to an applicant whose sales agent license is on suspension or probation at the time of application. | August 21, 2012 |
| R162-2f-205 | Language specifies that a principal broker is required to inform the Division of where trust accounts and brokerage records are maintained. All trust and operating accounts must be in a bank or credit union that is located in Utah. | August 21, 2012 |
| R162-2f-207 | Amendments clarify that a brokerage must obtain a new registration whenever a corporate change results in a new business license or a new registration with the Division of Corporations and Commercial Code. Other changes in corporate structure or ownership require written notification to the Division, but do not nullify an existing entity registration. | August 21, 2012 |
| R162-2f-401b | New language prohibits licensees from making a misrepresentation to the Division in an investigation, and from having a sellar sign a document allowing the licensee to lien the seller's property in a short sale transaction. | August 21, 2012 |
Rule amendments that are out for public comment and may be viewed at: http://www.rules.utah.gov/publicat/bulletin.htm.