Title 61, Securities Division - Real Estate Division

61-2f-402. Investigations -- Disciplinary actions. (1)(a) 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 o…

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)(a) On the basis of a violation of this chapter, the commission with the concurrence of the director, may issue an order: (i) imposing an educational requirement; (ii) imposing a civil penalty not to exceed the greater of: (A)…

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 Subsection (2) is cause for: (a) the revocation, suspension, or probation of a principal broker's license; or (b) the imposition of a …

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

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) 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 c…

61-2f-410. Effect of expiration, revocation, or suspension -- Notice required. (1)(a) 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 wi…

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

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: (a) 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 (b) awards act…

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

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: (a) investigate violations of this chapter related to fraud, misrepresentation, or deceit; and (b) advance education and research in t…

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: (a) the person obtains a final judgment; (b) the person complies with the requirements under this part; (c) the person is not complicit in the fraud, misrepresentation, or d…

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

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 61-2…

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 61-2f-508, when sufficien…

61-2f-510. Division subrogated to claimant -- Authority to revoke license. (1)(a) 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. (b) …

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.

61-2g-101. Title. This chapter is known as the "Real Estate Appraiser Licensing and Certification Act."

61-2g-102. Definitions. (1) As used in this chapter: (a)(i) "Appraisal" means an analysis, opinion, or conclusion relating to the nature, quality, value, or utility of a specified interest in, or aspect of, identified real estate or identified real property. (ii) An appraisal is …

61-2g-103. Other law unaffected. This chapter may not be considered to prohibit a person licensed, certified, or registered under this chapter from engaging in the practice of real estate appraising as a professional corporation or a limited liability company in accordance with: …

61-2g-201. Duties and powers of division in general. (1) The division shall administer and enforce this chapter. (2) The division has the following powers and duties: (a) The division shall: (i) receive an application for licensing, certification, or registration; (ii) establish …

61-2g-202. Division service fees -- Federal registry fees. (1) The division, with the concurrence of the board, shall establish and collect fees in accordance with Section 63J-1-504 for its services under this chapter. (2) The division shall collect the annual registry fee establ…

61-2g-203. Division to publish roster of appraisers. (1) The division shall prepare and issue at least once each calendar year a roster of appraisers containing the information required by the Federal Financial Institutions Examination Council. The division shall transmit the ros…

61-2g-204. Real Estate Appraiser Licensing and Certification Board. (1)(a) There is established a Real Estate Appraiser Licensing and Certification Board that consists of seven regular members as follows: (i) one state-licensed or state-certified appraiser who may be either a res…

61-2g-205. Duties of board. (1)(a) The board shall provide technical assistance to the division relating to real estate appraisal standards and real estate appraiser qualifications. (b) The board has the powers and duties listed in this section. (2) The board shall: (a) determine…

61-2g-301. License or certification required. (1) Except as provided in Subsection (2), it is unlawful for a person to prepare, for valuable consideration, an appraisal, an appraisal report, a certified appraisal report, or perform a consultation service relating to real estate o…

61-2g-302. Registration as trainee. (1) An individual shall register with the division as a trainee before the individual acts in the capacity of a trainee or earns experience for licensure. (2) Subject to Subsection (2), the board, with the concurrence of the division, shall mak…

61-2g-304. Application for licensure, certification, or registration. (1) An application for the following shall be sent to the division on a form approved by the division: (a) original certification, licensure, or registration; and (b) renewal of certification, licensure, or reg…

61-2g-304.5. Background checks. (1) An individual applying for licensure, certification, or registration under this chapter shall, at the time the individual files an application for licensure: (a) submit to the division, with the individual's application, a fingerprint card in a…

61-2g-305. Expiration of license, certification, or registration. (1) An initial license, certification, or registration issued under this chapter expires on the expiration date indicated on the license, certificate, or registration. (2) A renewal license, certification, or regis…

61-2g-306. Renewal of license, certification, or registration. (1) To renew a license, certification, or registration, before the license, certification, or registration expires, the holder of the license, certification, or registration shall submit to the division in compliance …

61-2g-307. Continuing education requirements. (1) As a prerequisite to renewal of a license, certification, or registration, the applicant for renewal shall present evidence satisfactory to the division of having met the continuing education requirements of this section. (2) A pe…

61-2g-308. Licensing, certification, or registration requirements for nonresidents -- Temporary license or certificate -- Revocation. (1) An individual applicant for licensure, certification, or registration under this chapter who is not a resident of this state shall submit with…

61-2g-309. Approval with conditions or restrictions, or denial, of licensure, certification, or registration. The division may, upon compliance with Title 63G, Chapter 4, Administrative Procedures Act, on any of the grounds described in this chapter: (1) deny the issuance of a li…

61-2g-310. Reciprocal licensure. (1) An applicant for licensure or certification in this state who is credentialed under the laws of any other state, territory, or district may obtain a reciprocal credential in this state if: (a) the individual holds a current, valid credential i…

61-2g-311. State-licensed appraiser -- Authority and qualifications. (1) A state-licensed appraiser is authorized to appraise complex and noncomplex 1-4 family residential units in this state having a transaction value permitted under the Financial Institutions Reform, Recovery, …

61-2g-312. State-certified appraisers -- Authority. (1) A state-certified residential appraiser: (a) is authorized to appraise the types of real estate that a state-licensed appraiser is authorized to appraise; (b) is authorized to appraise 1-4 unit residential real estate withou…

61-2g-313. State-certified residential appraiser -- Authority and qualifications. (1) An applicant for certification as a residential appraiser shall provide to the division evidence of: (a) the applicant's good moral character, honesty, competency, integrity, truthfulness, and g…

61-2g-314. State-certified general appraiser -- Application -- Qualifications. (1) An applicant for certification as a general appraiser shall provide to the division evidence of: (a) the applicant's good moral character, honesty, competency, integrity, truthfulness, and general …

61-2g-315. Licensing, certification, and registration documents -- Assigned number to be used on contracts -- Surrender of documents upon suspension. (1) The division shall issue to a person licensed, certified, or registered under this chapter a document: (a) stating that the pe…

61-2g-316. 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): (a) does not prevent the division from pursuin…