Utah Code 61-2f-406. Grounds for revocation of principal broker’s license
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(1) An unlawful act or violation of this chapter committed by a person listed in Subsection (2) is cause for:
Terms Used In Utah Code 61-2f-406
- Associate broker: means an individual who is:(1)(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(1)(b) licensed under this chapter as an associate broker. See Utah Code 61-2f-102
- Person: means an individual or entity. See Utah Code 61-2f-102
- 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- Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
- Sales agent: means an individual who is:
(28)(a) affiliated with a principal broker, either as an independent contractor or an employee as provided in Section61-2f-303 , to perform for valuable consideration an act described in Subsection (20); and(28)(b) licensed under this chapter as a sales agent. See Utah Code 61-2f-102(1)(a) the revocation, suspension, or probation of a principal broker‘s license; or(1)(b) the imposition of a fine against the principal broker in an amount not to exceed $5,000 per violation.(2) Subsection (1) applies to an act or violation by any of the following:(2)(a) a sales agent or associate broker employed by a principal broker;(2)(b) a sales agent or associate broker engaged as an independent contractor by or on behalf of a principal broker; or(2)(c) an employee, officer, or member of a principal broker.