Except as provided in Subsection (2), 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 or sales agent is affiliated.
Terms Used In Utah Code 61-2f-305
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
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
Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
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 associate broker or sales agent may receive valuable consideration for the performance of an act specified in this chapter from a person other than the principal broker with whom the associate broker or sales agent is affiliated if:
(a)
the valuable consideration is paid with a payment instrument prepared by a title insurance agent; and
(b)
the title insurance agent complies with the written instructions of the principal broker:
(i)
in preparing the payment instrument; and
(ii)
delivering the payment instrument to the associate broker or sales agent.
defining what constitutes a “payment instrument” for purposes of this section; or
(b)
the form and contents of the written instructions required by Subsection (2), including providing that the contents of the written instructions indicate that the payment instrument process is an assignment to the associate broker or sales agent by the principal broker of a portion of the consideration the title insurance agent is obligated to pay the principal broker.
