Real Estate

R162-2f-202b - Broker Licensing Fees and Procedures (Effective date: 08/16/2023)

(2) A broker applicant must accumulate a minimum of 45 experience points of the minimum 60 required experience points according to Experience Tables 1, 2, or 3, Section R162-2f-501, Appendices, which experience points comply with agency requirements specified in Section R162-2f-401a. A broker applicant may receive partial experience points for up to 15 of the 60 required experience points if the applicant can successfully document from signed agency agreements or purchase contracts that the applicant created or confirmed their agency with the clients they represented. Partial experience points must be documented from the transactions originally submitted by applicant totaling the maximum of 80 experience points and approved for partial experience points by the division.

(3) To obtain a Utah license to practice as a broker, an individual who is currently and actively licensed as a broker in another state shall:

(a) evidence honesty, integrity, truthfulness, and reputation pursuant to Subsection R162-2f-201(1);

(b) evidence competency to transact the business of real estate pursuant to Subsection R162-2f-201(2);

(c) successfully complete division approved prelicensing education relating to Utah law and administrative rules;

(d)(i) apply with a testing service designated by the division to sit for the state component of the licensing examination; and

(ii) pay a nonrefundable examination fee to the testing center;

(e) pursuant to Subsection (5)(a), take and pass the state component of the licensing examination;

(f) pursuant to Subsection (5)(b), submit to the division an application for licensure including:

(i) documentation indicating successful completion of the required prelicensing education;

(ii) a report of the examination showing a passing score for the state component of the examination; and

(iii) the applicant's business, home, and email addresses;

(g) provide from each state where licensed:

(i) a written record of the applicant's license history; and

(ii) complete documentation of any disciplinary action taken against any license held by the applicant; and

(h) pay the nonrefundable fees required for licensure, including the nonrefundable fee required under Section 61-2f-505 for the Real Estate Education, Research, and Recovery Fund.

R162-2f-202e - Procedure to Designate an Acting Principal Broker (Effective date: 08/16/2023)

(1) The division may inactivate the registration of a real estate brokerage if, upon the death or in capacity of its principal broker, the real estate brokerage fails to replace the principal broker within 14 days.

(2) The real estate business activities of an inactive brokerage may not continue and each licensee affiliated with the principal broker must stop any activity that requires a real estate license, until:

(a) the brokerage appoints another principal broker;

(b) the licensee affiliates with another principal broker; or

(c) an acting principal broker for the brokerage is qualified and designated.

(3) Before the death or incapacitation of a principal broker, a brokerage may identify in a written instrument signed by the owners of the brokerage an individual to become the acting principal broker to take effect when the principal broker dies or becomes incapacitated.

(a) If the designated acting principal broker is an associate broker within the brokerage, this individual will become the acting principal broker upon notifying the division.

(b) If the designated acting principal broker is not an associate broker within the brokerage, this individual will become the acting principal broker upon the approval of the commission.

(4) Following the death or incapacity of its principal broker, a real estate brokerage may, within 14 days:

(a) appoint another principal broker; or

(b) designate an associate broker affiliated with the brokerage to act as the principal broker.

(5) The commission, with the concurrence of the division, may designate an individual to act as principal broker giving preference to individuals in the following order:

(a) a licensee currently affiliated with the real estate brokerage;

(b) a licensee from another registered real estate brokerage;

(c) an attorney representing the real estate brokerage; or

(d) any other person designated by the commission.

(6) An acting principal broker may close out those transactions, listings, purchase contracts, and property management agreements that are active or pending when an incident occurs that requires the designation of an acting principal broker.

(7) An acting principal broker may not:

(a) agree to represent new clients; or

(b) continue the business activities of the brokerage for more than four months after the occurrence of the death or incapacity of the principal broker.

(8) The acting principal broker shall:

(a) maintain or supervise each escrow or trust account until the money is transferred or disbursed as agreed;

(b) arrange for pending transactions to be closed; and

(c) notify in writing the following persons of the individual's designation as acting principal broker;

(i) each licensee affiliated with the deceased or incapacitated principal broker; and

(ii) each client and party to a pending real estate contract.

R162-2f-206c -  Certification of Continuing Education Course (Effective date: 08/16/2023)Updated topics that qualify as core topics:

(6)(b) Upon determining that a course qualifies for certification, the division shall determine whether the content satisfies core or elective requirements.
(c) Core topics include the following:

(i) state-approved forms and contracts;
(ii) other industry used forms or contracts;
(iii) ethics;
(iv) agency, agency agreements, and fiduciary duties;
(v) short sales or sales of bank-owned property;
(vi) environmental hazards;
(vii) property management;
(viii) prevention of real estate and mortgage fraud, including wire fraud;
(ix) federal and state real estate laws;
(x) fair housing, diversity, identifying bias, promoting equity, and inclusion;
(xi) division administrative rules;
(xii) broker trust accounts;
(xiii) water law, rights and transfer; and
(xiv) multiple offers.

R162-2f-401f - Approved Forms (Effective date: 08/16/2023)

Remove the Uniform Real Estate Contract.

R162-2f-501 -  Appendices (Effective date: 08/16/2023)

(2) A minimum of 45 experience points of the required 60 experience points for qualification as a broker must comply fully with the requirements in Section R162-2f-401a. As provided for in Subsection R162-2f-202b(2), a broker applicant may receive partial experience points for up to 15 of the 60 required experience points if the applicant can successfully document from signed agency agreements or purchase contracts that the applicant created or confirmed their agency with the clients they represented. Partial experience points must be documented from the transactions originally submitted by applicant totaling the maximum of 80 experience points and approved by the division.

Rule amendments that are out for public comment and may be viewed at: https://rules.utah.gov/publications/utah-state-bull/