Title 61, Title 61: Securities Division - Real Estate Division

61-2f-106. Severability. If a provision of this chapter, or the application of a provision to any person or circumstance, is held invalid, the remainder of this chapter shall be given effect without the invalid provision or application. The provisions of this chapter are severabl…

61-2f-201. License required -- Scope of license. (1) Unless a person is licensed under this chapter, it is unlawful for the person to do the following with respect to real estate located in this state: engage in the business of a principal broker, associate broker, or sales agent…

61-2f-202. Exempt persons and transactions. (1) As used in this section, "owner" does not include: a person that holds an option to purchase real property; a mortgagee; a beneficiary under a deed of trust; a trustee under a deed of trust; or a person that owns or holds a claim th…

61-2f-202.5. Exempt individuals and transactions involving property management. A license under this chapter is not required for: (1) an individual who, as an owner or lessor, performs an act described in Subsectionin connection to real estate owned or leased by that individual; …

61-2f-203. Licensing requirements. (1) The division shall determine whether an applicant with a criminal history qualifies for licensure. If the division, acting under Subsection, denies or restricts a license or places a license on probation, the applicant may petition the commi…

61-2f-204. Licensing fees and procedures -- Renewal fees and procedures. (1) Upon filing an application for an examination for a license under this chapter, the applicant shall pay a nonrefundable fee established in accordance with Sectionfor admission to the examination. 63J-1-5…

61-2f-205. Form of license. The division shall issue to a licensee a license that contains: (1) the name and address of the licensee; (2) the seal of the state; and (3) any other matter prescribed by the division.

61-2f-206. Registration of person or branch office -- Certification of education providers and courses -- Specialized licenses. (1) A person may not engage in an activity described in Section, unless: 61-2f-201 the person is registered with the division; or an exemption to regist…

61-2f-207. Change of information -- Failure to notify. (1) An applicant, licensee, registrant, or certificate holder shall send the division a signed statement in the form required by the division notifying the division within 10 business days of any change of: principal broker; …

61-2f-208. Surrender of license. (1) The division may, by written agreement, accept the voluntary surrender of a license issued under this chapter. (2) Tender and acceptance of a voluntary surrender of a license under Subsection: (1) does not prevent the division from pursuing ad…

61-2f-301. Reporting requirements. (1) A licensee shall notify the division of the following by sending the division a signed statement within 10 business days after the day on which: a personal or brokerage bankruptcy is filed, if the licensee is a principal broker; a license or…

61-2f-302. Affiliation with a principal broker. (1) An individual who is not a principal broker may not engage in an act described in Sectionunless the individual is affiliated with a principal broker as: 61-2f-201 an associate broker; or a sales agent. (2) An inactive associate …

61-2f-303. Sale agents or associate broker -- Affiliated with principal broker as independent contractors or employees -- Presumption. (1) A sales agent or associate broker may be affiliated with a principal broker either as an independent contractor or as an employee. The relati…

61-2f-304. Termination of associate broker or sales agent by principal broker -- Notice. (1) If a principal broker terminates an associate broker or sales agent, the principal broker shall notify the division and the associate broker or sales agent of the termination in a manner …

61-2f-305. Restrictions on commissions. (1) Except as provided in Subsection, an associate broker or sales agent may not accept valuable consideration for the performance of an act specified in this chapter from a person except the principal broker with whom the associate broker …

61-2f-306. Rights and privileges of real estate licensees to fill out forms or documents. (1) Except as provided in Subsection, a real estate licensee may fill out only those legal forms approved by the commission and the attorney general, and those forms provided by statute. (2)…

61-2f-307. Rights and privileges of a property manager to fill out a form or document. A property manager may fill out any form, contract, or lease agreement associated with the renting and management of real property.

61-2f-308. Brokerage agreements. (1) As used in this section: "Brokerage agreement" means a written agreement between a client and a principal broker: to list for sale, lease, or exchange, real estate, an option on real estate, or an improvement on real estate; or for representat…

61-2f-309. Record requirements. A brokerage and a property manager described in Subsection 61-2f-302(8) shall: (1) maintain and safeguard the following records to the extent the records relate to the business of a principal broker: trust account records, including the monthly rec…

61-2f-401. Grounds for disciplinary action. The following acts are unlawful and grounds for disciplinary action for a person licensed or required to be licensed under this chapter: (1) making a substantial misrepresentation, including in a licensure statement; making an intention…

61-2f-401. Grounds for disciplinary action. The following acts are unlawful and grounds for disciplinary action for a person licensed or required to be licensed under this chapter: (1) making a substantial misrepresentation, including in a licensure statement; making an intention…

61-2f-402. Investigations -- Disciplinary actions. (1) The division may conduct a public or private investigation within or outside of this state as the division considers necessary to determine whether a person has violated, is violating, or is about to violate this chapter or a…

61-2f-403. Mishandling of trust money. (1) The division may audit principal brokers' trust accounts or other accounts in which a licensee maintains trust money under this chapter. If the division's audit shows, in the opinion of the division, gross mismanagement, commingling, or …

61-2f-404. Disciplinary action -- Judicial review. (1) On the basis of a violation of this chapter, the commission with the concurrence of the director, may issue an order: imposing an educational requirement; imposing a civil penalty not to exceed the greater of: except as provi…

61-2f-405. Other penalties for violation of chapter. (1) An officer or agent of a corporation, a member or agent of a partnership or association, or an individual in a similar position of another type of entity who personally participates in or is an accessory to any violation of…

61-2f-406. Grounds for revocation of principal broker's license. (1) An unlawful act or violation of this chapter committed by a person listed in Subsectionis cause for: (2) the revocation, suspension, or probation of a principal broker's license; or the imposition of a fine agai…

61-2f-407. Remedies and action for violations. (1) The director shall issue and serve upon a person an order directing that person to cease and desist from an act if: the director has reason to believe that the person has been engaging, is about to engage, or is engaging in the a…

61-2f-408. Court-ordered discipline. The division shall promptly withhold, suspend, restrict, or reinstate the use of a license issued under this chapter if so ordered by a court.

61-2f-409. Actions for recovery of compensation restricted. (1) A person may not bring or maintain an action in any court of this state for the recovery of a commission, fee, or compensation, for any act done or service rendered if the act or service is prohibited under this chap…

61-2f-410. Effect of expiration, revocation, or suspension -- Notice required. (1) The revocation or suspension of a principal broker license automatically inactivates an associate broker license or a sales agent license that was issued based upon the licensee's affiliation with …

61-2f-411. Enforcement related to a property manager -- Maintenance of client funds. (1) Nothing in this section applies to an individual: buying, selling, or exchanging real estate for another person; or offering to buy, sell, or exchange real estate for another person. (2) When…

61-2f-501. Title. This part is known as the "Real Estate Education, Research, and Recovery Fund Act."

61-2f-502. Definitions. For purposes of this part: (1) "Civil judgment" means a judgment in a civil action that: is awarded in an action brought against a real estate licensee on the basis of fraud, misrepresentation, or deceit in a real estate transaction; and awards actual dama…

61-2f-503. Real Estate Education, Research, and Recovery Fund. (1) There is created an expendable special revenue fund known as the "Real Estate Education, Research, and Recovery Fund." The actual interest earned on the fund shall be deposited into the fund. (2) The money in the …

61-2f-504. Use of money. (1) Money accumulated in the fund in excess of $100,000 shall be set aside and segregated to be used by the division to: investigate violations of this chapter related to fraud, misrepresentation, or deceit; and advance education and research in the field…

61-2f-505. Additional license fee. (1) An individual who applies for or renews a principal broker or associate broker license shall pay, in addition to the application or renewal fee, a reasonable annual fee of up to $18, as determined by the division with the concurrence of the …

61-2f-506. Procedure to make a claim against the fund. (1) A person may bring a claim against the fund if: the person obtains a final judgment; the person complies with the requirements under this part; the person is not complicit in the fraud, misrepresentation, or deceit that i…

61-2f-507. Division authority to act upon receipt of petition. (1) When the division is served a petition under Section, the division may: 61-2f-506 file an answer to the petition in the court; initiate a review proceeding conducted by the division; or appear in any proceeding in…

61-2f-508. Court determination and order. If a court determines that the fund should pay a claim under this part, in its order the court shall direct the division to pay from the fund that portion of the final judgment that is payable from the fund in accordance with Section.

61-2f-509. Insufficient funds to satisfy judgments -- Procedure and interest. If money deposited in the fund and allotted for satisfying a final judgment against a real estate licensee is insufficient to satisfy an order issued in accordance with Section, when sufficient money is…

61-2f-510. Division subrogated to claimant -- Authority to revoke license. (1) If the division pays a claim against the fund in accordance with this chapter, the division is subrogated to the rights of the person who is paid the claim for the amounts paid out of the fund. The div…

61-2f-511. Authority to take disciplinary action. (1) This part does not limit the authority of the director of the division to take disciplinary action against a real estate licensee for a violation of this chapter or of the rules of the commission and division. (2) A real estat…

61-2f-512. Failure to comply with provisions constitutes a waiver. A person's failure to comply with this part constitutes a waiver of any right under this part.