Utah Code 61-2f-410. Effect of expiration, revocation, or suspension — Notice required
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Terms Used In Utah Code 61-2f-410
- 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
- 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- 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- Writing: includes :
(48)(a) printing;(48)(b) handwriting; and(48)(c) information stored in an electronic or other medium if the information is retrievable in a perceivable format. See Utah Code 68-3-12.5(1)(a) The revocation or suspension of a principal broker license automatically inactivates an associate broker license or a sales agent license that was issued based upon the licensee’s affiliation with the principal broker whose license is revoked or suspended, pending a change of principal broker affiliation.(1)(b) If an individual’s associate broker license or sales agent license becomes inactive under Subsection (1)(a), the individual may affiliate with another principal broker licensed under this chapter.(2) Before the day on which a suspension or revocation of a principal broker’s license is effective, the principal broker shall notify, in writing, each licensee affiliated with the principal broker:(2)(a) that the principal broker’s license will be revoked or suspended;(2)(b) of the day on which the revocation or suspension is effective; and(2)(c) that the licensee’s license will be inactive beginning on the day on which the principal broker’s license is revoked or suspended.(3) If a principal broker fails to timely renew the principal broker’s license in accordance with this chapter, on the day on which the principal broker’s license expires, the principal broker shall notify, in writing, each licensee affiliated with the principal broker:(3)(a) that the principal broker’s license is expired;(3)(b) of the day on which the principal broker’s license expired; and(3)(c) that the licensee’s license is inactive beginning on the day on which the principal broker’s license expired. - Principal broker: means an individual who is licensed or required to be licensed as a principal broker under this chapter who: