Title 12, Professions and Occupations

(1) Every licensee under this part 2, except an inactive broker or an attorney licensee who maintains a policy of professional malpractice insurance that provides coverage for errors and omissions for their activities as a licensee under this part 2, shall maintain errors and omi…

The commission shall make available for each licensee a license in such form and size as the commission shall prescribe and adopt. The real estate license shall show the name of the licensee and shall have imprinted thereon the seal, or a facsimile, of the department and, in addi…

(1) There is created a commission of five members, appointed by the governor, which shall administer parts 2 and 5 of this article 10. This commission is known as the real estate commission. The commission is a type 1 entity, as defined in section 24-1-105, and consists of three …

(1) There is created in the department the division of real estate. The executive director is authorized by this section to employ, subject to the provisions of the state personnel system laws of the state, a director of the division, who in turn shall employ such attorneys, depu…

(1) A nonresident of the state may become a real estate broker in this state by conforming to all the conditions of this part 2; except that the nonresident broker shall not be required to maintain a place of business within this state if that broker maintains a definite place of…

The commission shall maintain a record of the names and addresses of all licensees licensed under the provisions of parts 2 and 5 of this article 10, together with such other information relative to the enforcement of the provisions as deemed by the commission to be necessary. Pu…

(1) The commission shall have the authority to obtain information from each educational institution authorized to offer courses in real estate for the purpose of compiling the number of applicants who pass the real estate licensure examination from each educational institution. T…

(1) Immediate notice shall be given in a manner acceptable to the commission by each licensee of any change of business location or employment. A change of business address or employment without notification to the commission shall automatically inactivate the licensee's license.…

(1) Fees established pursuant to section 12-10-215 shall be charged by and paid to the commission or the agent for the commission for the following: (a) Each broker's examination; (b) Each broker's original application and license; (c) Each renewal of a broker's license; (d) Any …

(1) A broker applying for renewal of a license pursuant to section 12-10-212 (4) shall include with the application a certified statement verifying successful completion of real estate courses in accordance with the following schedule: (a) For licensees applying for renewal of a …

All fees collected by the commission under parts 2 and 5 of this article 10, not including administrative fees that are in the nature of an administrative fine and fees retained by contractors pursuant to contracts entered into in accordance with section 12-10-203 or 24-34-101, s…

(1) This section applies to all activities of the division under parts 2, 5, 6, and 7 of this article 10. (2) (a) (I) The division shall propose, as part of its annual budget request, an adjustment in the amount of each fee that it is authorized by law to collect under parts 2, 5…

(1) The executive director shall adopt a seal by which all proceedings authorized under parts 2 and 5 of this article 10 shall be authenticated. Copies of records and papers in the office of the commission or department relating to the administration of parts 2 and 5 of this arti…

(1) The commission, upon its own motion, may, and, upon the complaint in writing of any person, shall, investigate the activities of any licensee or any person that assumes to act in the capacity of a licensee within the state, and the commission, after holding a hearing pursuant…

(1) As used in this section, unless the context otherwise requires: (a) "Affiliated business arrangement" means an arrangement in which: (I) A provider of settlement services or an associate of a provider of settlement services has either an affiliate relationship with or a direc…

(1) Except as otherwise provided in this section, all proceedings before the commission with respect to disciplinary actions and denial of licensure under this part 2 and part 4 of this article 10 and certifications issued under part 5 of this article 10 shall be conducted by an …

All rules adopted or amended by the commission are subject to sections 24-4-103 (8)(c) and (8)(d) and 24-34-104 (6)(b). Source: L. 2019: Entire title R&RE with relocations, (HB 19-1172), ch. 136, p. 640, § 1, effective October 1.

The commission shall promulgate rules to implement section 38-35.7-112 (2)(c). Source: L. 2023: Entire section added, (SB 23-206), ch. 356, p. 2138, § 5, effective August 7.

It is unlawful for a real estate broker registered in the commission office as in the employ of another broker to accept a commission or valuable consideration for the performance of any of the acts specified in this part 2 from any person except the broker's employer, who shall …

Any unlawful act or violation of any of the provisions of this part 2 upon the part of an employee, officer, or member of a licensed real estate broker shall not be cause for disciplinary action against a real estate broker, unless it appears to the satisfaction of the commission…

Any natural person, firm, partnership, limited liability company, association, or corporation violating the provisions of this part 2 by acting as real estate broker in this state without having obtained a license or by acting as real estate broker after the broker's license has …

The commission, the director, or the administrative law judge appointed for hearings may issue a subpoena compelling the attendance and testimony of witnesses and the production of books, papers, or records pursuant to an investigation or hearing of the commission. The subpoenas …

A person that willfully fails or neglects to appear and testify or to produce books, papers, or records required by subpoena, duly served upon the person in any matter conducted under this part 2 and part 5 of this article 10, commits a petty offense. Each day a person so refuses…

The commission may apply to a court of competent jurisdiction for an order enjoining any act or practice that constitutes a violation of parts 2 and 5 of this article 10, and, upon a showing that a person is engaging or intends to engage in any such act or practice, an injunction…

This part 2 is repealed, effective September 1, 2037. Before the repeal, the division, including the commission, is scheduled for review in accordance with section 24-34-104. Source: L. 2019: Entire title R&RE with relocations, (HB 19-1172), ch. 136, p. 642, § 1, effective Octobe…

No real estate agent or broker is entitled to a commission for finding a purchaser who is ready, willing, and able to complete the purchase of real estate as proposed by the owner until the same is consummated or is defeated by the refusal or neglect of the owner to consummate th…

A real estate agent or broker is not entitled to a commission when a proposed purchaser fails or refuses to complete the proposed purchaser's contract of purchase because of defects in the title of the owner, unless the owner, within a reasonable time, has the defects corrected b…

An owner is not required to begin legal or other proceedings for the correction of a title until the agent or broker secures from the proposed purchaser an enforceable contract in writing, binding the proposed purchaser to complete the purchase whenever the defects in the title a…

(1) A person licensed under part 2, 3, or 5 of this article 10 shall not pay or receive a referral fee except in accordance with the federal "Real Estate Settlement Procedures Act of 1974", as amended, 12 U.S.C. sec. 2601 et seq., and unless reasonable cause for payment of the re…

This part 3 is repealed, effective September 1, 2037. Before the repeal, this part 3 is scheduled for review in accordance with section 24-34-104. Source: L. 2019: Entire title R&RE with relocations, (HB 19-1172), ch. 136, p. 643, § 1, effective October 1. L. 2026: Entire section…

(1) The general assembly finds, determines, and declares that the public will best be served through a better understanding of the public's legal and working relationships with real estate brokers and by being able to engage any such real estate broker on terms and under conditio…

As used in this part 4, unless the context otherwise requires: (1) "Broker" shall have the same meaning as set forth in section 12-10-201 (6), except as otherwise specified in this part 4. (2) "Customer" means a party to a real estate transaction with whom the broker has no broke…

(1) When engaged in any of the activities enumerated in section 12-10-201 (6), a broker may act in any transaction as a single agent or transaction-broker. The broker's general duties and obligations arising from that relationship shall be disclosed to the seller and the buyer or…

(1) As used in this section, unless the context otherwise requires, "broker engagement contract" means a written contract in which a seller, buyer, landlord, or tenant of a residential premises becomes the client of a broker or agrees to retain the services of a broker in the fut…

(1) A broker engaged by a seller or landlord to act as a seller's agent or a landlord's agent is a limited agent with the following duties and obligations: (a) To perform the terms of the written agreement made with the seller or landlord; (b) To exercise reasonable skill and car…

(1) A broker engaged by a buyer or tenant to act as a buyer's or tenant's agent shall be a limited agent with the following duties and obligations: (a) To perform the terms of the written agreement made with the buyer or tenant; (b) To exercise reasonable skill and care for the b…

A broker shall not establish dual agency with any seller, landlord, buyer, or tenant. Source: L. 2019: Entire title R&RE with relocations, (HB 19-1172), ch. 136, p. 650, § 1, effective October 1.

(1) A broker engaged as a transaction-broker is not an agent for either party. (2) A transaction-broker shall have the following obligations and responsibilities: (a) To perform the terms of any written or oral agreement made with any party to the transaction; (b) To exercise rea…

(1) (a) Any person, firm, partnership, limited liability company, association, or corporation acting as a broker shall adopt a written office policy that identifies and describes the relationships offered to the public by the broker. (b) A broker shall not be required to offer or…

When a broker is representing a consumer in a transaction for which a principal to the transaction, including a home builder, a bank, or a buyer, requires the use of a purchase contract that was created by the principal, the broker shall advise the consumer to seek legal advice f…

(1) (a) The relationships set forth in this part 4 shall commence at the time that the broker is engaged by a party and shall continue until performance or completion of the agreement by which the broker was engaged. (b) If the agreement by which the broker was engaged is not per…

(1) In any real estate transaction, the broker's compensation may be paid by the seller, the buyer, the landlord, the tenant, a third party, or by the sharing or splitting of a commission or compensation between brokers. (2) Payment of compensation shall not be construed to estab…

The violation of any provision of this part 4 by a broker constitutes an act pursuant to section 12-10-217 (1)(m) for which the real estate commission may investigate and take administrative action against any such broker pursuant to sections 12-10-217 and 12-10-219. Source: L. 2…

As used in this part 5, unless the context otherwise requires: (1) "Accredited investor" has the same meaning as defined in the securities and exchange commission's rule 501 of regulation D, 17 CFR 230.501 (a). (1.5) "Commission" means the real estate commission established under…

(1) Unless exempt under the provisions of section 12-10-501 (3), a developer, before selling, leasing, or transferring or agreeing or negotiating to sell, lease, or transfer, directly or indirectly, any subdivision or any part thereof, shall register pursuant to this part 5. (2) …

(1) Every person who is required to register as a developer under this part 5 shall submit to the commission an application that contains the information described in subsections (2) and (3) of this section. If the information is not submitted, the commission may deny the applica…