Utah Code 61-2f-202. Exempt persons and transactions
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Terms Used In Utah Code 61-2f-202
- Administrator: includes "executor" when the subject matter justifies the use. See Utah Code 68-3-12.5
- Armed forces: means the United States Army, Navy, Air Force, Marine Corps, Space Force, and Coast Guard. See Utah Code 68-3-12.5
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- City: includes , depending on population, a metro township as defined in Section
10-3c-102 . See Utah Code 68-3-12.5 - Commission: means the Real Estate Commission established under this chapter. See Utah Code 61-2f-102
- Concurrence: means the entities given a concurring role must jointly agree for action to be taken. See Utah Code 61-2f-102
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Division: means the Division of Real Estate. See Utah Code 61-2f-102
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Land: includes :(18)(a) land;(18)(b) a tenement;(18)(c) a hereditament;(18)(d) a water right;(18)(e) a possessory right; and(18)(f) a claim. See Utah Code 68-3-12.5
- 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
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Oversight: Committee review of the activities of a Federal agency or program.
- Person: means an individual or entity. See Utah Code 61-2f-102
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Principal broker: means an individual who is licensed or required to be licensed as a principal broker under this chapter who:
(20)(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;(20)(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;(20)(c) advertises, offers, attempts, or otherwise holds the individual out to be engaged in the business described in Subsection (20)(a) or (b);(20)(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;(20)(e) with the expectation of receiving valuable consideration, manages property owned by another person;(20)(f) advertises or otherwise holds the individual out to be engaged in property management;(20)(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);(20)(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;(20)(i) engages in foreclosure rescue; or(20)(j) advertises, offers, attempts, or otherwise holds the person out as being engaged in foreclosure rescue. See Utah Code 61-2f-102- Property: includes both real and personal property. See Utah Code 68-3-12.5
- Property management: means engaging in, with the expectation of receiving valuable consideration, the management of real estate owned by another person or advertising or otherwise claiming to be engaged in property management by:
(21)(a)(i) advertising for, arranging, negotiating, offering, or otherwise attempting or participating in a transaction calculated to secure the rental or leasing of real estate;(21)(a)(ii) collecting, agreeing, offering, or otherwise attempting to collect rent for the real estate and accounting for and disbursing the money collected; or(21)(a)(iii) authorizing expenditures for repairs to the real estate. See Utah Code 61-2f-102- Real estate: includes leaseholds and business opportunities involving real property. See Utah Code 61-2f-102
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- real property: includes :
(31)(a) land;(31)(b) a tenement;(31)(c) a hereditament;(31)(d) a water right;(31)(e) a possessory right; and(31)(f) a claim. See Utah Code 68-3-12.5- Regular salaried employee: means an individual who performs a service for wages or other remuneration, whose employer withholds federal employment taxes under a contract of hire, written or oral, express or implied. See Utah Code 61-2f-102
- 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
- Statute: A law passed by a legislature.
- Town: includes , depending on population, a metro township as defined in Section
10-3c-102 . See Utah Code 68-3-12.5- Trustee: A person or institution holding and administering property in trust.
- United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
(1)(a) Except as provided in Subsection (1)(b), a license under this chapter is not required for:(1)(a)(i) a person who as owner or lessor performs an act described in Subsection 61-2f-102(20) with reference to real estate owned or leased by that person;(1)(a)(ii) a regular salaried employee of the owner or lessor of real estate who, with reference to nonresidential real estate owned or leased by the employer, performs an act described in Subsection 61-2f-102(20)(b) or (c);(1)(a)(iii) a regular salaried employee of the owner of real estate who performs property management services with reference to real estate owned by the employer, except that the employee may only manage real estate for one employer;(1)(a)(iv) an individual who performs property management services for the apartments at which that individual resides in exchange for free or reduced rent on that individual’s apartment;(1)(a)(v) a regular salaried employee of a condominium homeowners’ association who manages real estate subject to the declaration of condominium that established the condominium homeowners’ association, except that the employee may only manage real estate for one condominium homeowners’ association;(1)(a)(vi) a regular salaried employee of a licensed property management company or real estate brokerage who performs support services, as prescribed by rule, for the property management company or real estate brokerage; or(1)(a)(vii) in the event a principal broker dies, is incapacitated, or is unable to perform the duties of a principal broker, an individual qualified and designated as the commission determines by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, with the concurrence of the division, as an acting principal broker:(1)(a)(vii)(A) in relation to each transaction pending on the day on which the principal broker dies, becomes incapacitated, or becomes unable to perform the duties of a principal broker, including the distribution of compensation for each transaction; and(1)(a)(vii)(B) until the day on which each transaction described in Subsection (1)(a)(vii)(A) is completed.(1)(b) Subsection (1)(a) does not exempt from licensing:(1)(b)(i) an employee engaged in the sale of real estate regulated under:(1)(b)(i)(A) Title 57, Chapter 11, Utah Uniform Land Sales Practices Act; or(1)(b)(i)(B) Title 57, Chapter 19, Timeshare and Camp Resort Act;(1)(b)(ii) an employee engaged in the sale of cooperative interests regulated under Title 57, Chapter 23, Real Estate Cooperative Marketing Act; or(1)(b)(iii) an individual whose interest as an owner or lessor is obtained by that individual or transferred to that individual for the purpose of evading the application of this chapter, and not for another legitimate business reason.(2) A license under this chapter is not required for:(2)(a) an isolated transaction or service by an individual holding an unsolicited, duly executed power of attorney from a property owner;(2)(b) subject to Subsection 61-2f-401(5), services rendered by an attorney admitted to practice law in this state in performing the attorney’s duties as an attorney;(2)(c) a receiver, trustee in bankruptcy, administrator, executor, or an individual acting under order of a court;(2)(d) a trustee or employee of a trustee under a deed of trust or a will;(2)(e) a public utility, officer of a public utility, or regular salaried employee of a public utility, unless performance of an act described in Subsection 61-2f-102(20) is in connection with the sale, purchase, lease, or other disposition of real estate or investment in real estate unrelated to the principal business activity of that public utility;(2)(f) a regular salaried employee or authorized agent working under the oversight of the Department of Transportation when performing an act on behalf of the Department of Transportation in connection with one or more of the following:(2)(f)(i) the acquisition of real estate pursuant to Section 72-5-103;(2)(f)(ii) the disposal of real estate pursuant to Section 72-5-111;(2)(f)(iii) services that constitute property management; or(2)(f)(iv) the leasing of real estate; and(2)(g) a regular salaried employee of a county, city, or town when performing an act on behalf of the county, city, or town:(2)(g)(i) in accordance with:(2)(g)(i)(A) if a regular salaried employee of a city or town:(2)(g)(i)(A)(I) Title 10, Utah Municipal Code; or(2)(g)(i)(A)(II) Title 11, Cities, Counties, and Local Taxing Units; and(2)(g)(i)(B) if a regular salaried employee of a county:(2)(g)(i)(B)(I) Title 11, Cities, Counties, and Local Taxing Units; and(2)(g)(i)(B)(II) Title 17, Counties; and(2)(g)(ii) in connection with one or more of the following:(2)(g)(ii)(A) the acquisition of real estate, including by eminent domain;(2)(g)(ii)(B) the disposal of real estate;(2)(g)(ii)(C) services that constitute property management; or(2)(g)(ii)(D) the leasing of real estate.(3) A license under this chapter is not required for an individual registered to act as a broker-dealer, agent, or investment adviser under the Utah and federal securities laws in the sale or the offer for sale of real estate if:(3)(a)(3)(a)(i) the real estate is a necessary element of a “security” as that term is defined by the Securities Act of 1933 and the Securities Exchange Act of 1934; and(3)(a)(ii) the security is registered for sale in accordance with:(3)(a)(ii)(A) the Securities Act of 1933; or(3)(a)(ii)(B) Title 61, Chapter 1, Utah Uniform Securities Act; or(3)(b)(3)(b)(i) it is a transaction in a security for which a Form D, described in 17 C.F.R. § 239.500, has been filed with the Securities and Exchange Commission pursuant to Regulation D, Rule 506, 17 C.F.R. § 230.506; and(3)(b)(ii) the selling agent and the purchaser are not residents of this state.(4) Except as otherwise provided by statute or rule, the following individuals may engage in the practice of an occupation or profession regulated by this chapter, subject to the stated circumstances and limitations, without being licensed under this chapter:(4)(a) an individual licensed under the laws of this state, other than under this chapter, to practice or engage in an occupation or profession, while engaged in the lawful, professional, and competent practice of that occupation or profession;(4)(b) an individual serving in the armed forces of the United States, the United States Public Health Service, the United States Department of Veterans Affairs, or any other federal agency while engaged in activities regulated under this title as a part of employment with that federal agency if the individual holds a valid license to practice the regulated occupation or profession issued by any other state or jurisdiction recognized by the department; and(4)(c) the spouse of an individual serving in the armed forces of the United States while the individual is stationed within this state, if:(4)(c)(i) the spouse holds a valid license to practice the regulated occupation or profession issued by any other state or jurisdiction recognized by the department; and(4)(c)(ii) the license is current and the spouse is in good standing in the state or jurisdiction of licensure.(5) As used in this section, “owner” does not include:(5)(a) a person who holds an option to purchase real property;(5)(b) a mortgagee;(5)(c) a beneficiary under a deed of trust;(5)(d) a trustee under a deed of trust; or(5)(e) a person who owns or holds a claim that encumbers any real property or an improvement to the real property.(6) The commission, with the concurrence of the division, may provide, by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the circumstances under which a person or transaction qualifies for an exemption that is described in this section.