An individual who is not a principal broker may not engage in an act described in Section 61-2f-201 unless the individual is affiliated with a principal broker as:
Terms Used In Utah Code 61-2f-302
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
any organization similar to an entity described in Subsections (14)(a) through (h). See Utah Code 61-2f-102
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
An inactive associate broker or sales agent may not conduct a real estate transaction until the inactive associate broker or sales agent becomes affiliated with a principal broker and submits the required documentation to the division.
(b)
An inactive principal broker may not conduct a real estate transaction until the principal broker’s license is activated with the division.
(3)
A sales agent or associate broker may not affiliate with more than one principal broker at the same time.
(4)
An individual may not be a principal broker of an entity and a sales agent or associate broker for a different entity at the same time.
(5)
An owner, purchaser, lessor, or lessee who engages the services of a principal broker may designate which sales agents or associate brokers affiliated with that principal broker will also represent that owner, purchaser, lessor, or lessee in the purchase, sale, lease, or exchange of real estate, or in exercising an option relating to real estate.
Amended by Chapter 184, 2010 General Session Renumbered and Amended by Chapter 379, 2010 General Session
