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:
Terms Used In Utah Code 61-2f-201
Associate broker: means an individual who is:
(a)
employed or engaged as an independent contractor by or on behalf of a principal broker to perform an act described in Subsection (20) for valuable consideration; and
Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
Principal broker: means an individual who is licensed or required to be licensed as a principal broker under this chapter who:
(a)
sells or lists for sale real estate, including real estate being sold as part of a foreclosure rescue, or a business opportunity with the expectation of receiving valuable consideration;
(b)
buys, exchanges, or auctions real estate, an option on real estate, a business opportunity, or an improvement on real estate with the expectation of receiving valuable consideration;
(c)
advertises, offers, attempts, or otherwise holds the individual out to be engaged in the business described in Subsection (20)(a) or (b);
(d)
is employed by or on behalf of the owner of real estate or by a prospective purchaser of real estate and performs an act described in Subsection (20)(a), whether the individual's compensation is at a stated salary, a commission basis, upon a salary and commission basis, or otherwise;
(e)
with the expectation of receiving valuable consideration, manages property owned by another person;
(f)
advertises or otherwise holds the individual out to be engaged in property management;
(g)
with the expectation of receiving valuable consideration, assists or directs in the procurement of prospects for or the negotiation of a transaction listed in Subsections (20)(a) and (e);
(h)
except for a mortgage lender, title insurance producer, or an employee of a mortgage lender or title insurance producer, assists or directs in the closing of a real estate transaction with the expectation of receiving valuable consideration;
(i)
engages in foreclosure rescue; or
(j)
advertises, offers, attempts, or otherwise holds the person out as being engaged in foreclosure rescue. See Utah Code 61-2f-102
Real estate: includes leaseholds and business opportunities involving real property. See Utah Code 61-2f-102
Sales agent: means an individual who is:
(a)
affiliated with a principal broker, either as an independent contractor or an employee as provided in Section 61-2f-303, to perform for valuable consideration an act described in Subsection (20); and
State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(a)
engage in the business of a principal broker, associate broker, or sales agent;
(b)
act in the capacity of a principal broker, associate broker, or sales agent;
(c)
advertise or assume to act as a principal broker, associate broker, or a sales agent.
(2)
Except as provided in Section 61-2f-202, an individual is required to be licensed as a principal broker, associate broker, or a sales agent if the individual performs, offers to perform, or attempts to perform one act for valuable consideration of:
(a)
buying, selling, leasing, managing, or exchanging real estate for another person; or
(b)
offering for another person to buy, sell, lease, manage, or exchange real estate.
Renumbered and Amended by Chapter 379, 2010 General Session
