Utah Code 61-2f-103. Real Estate Commission
Current as of: 2024 | Check for updates
|
Other versions
(1) There is created within the division a Real Estate Commission.
Terms Used In Utah Code 61-2f-103
- Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
- 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
- Branch office: means a principal broker's real estate brokerage office that is not the principal broker's main office. See Utah Code 61-2f-102
- 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
- Director: means the director of the Division of Real Estate. See Utah Code 61-2f-102
- Division: means the Division of Real Estate. See Utah Code 61-2f-102
- Entity: means :
(14)(a) a corporation;(14)(b) a partnership;(14)(c) a limited liability company;(14)(d) a company;(14)(e) an association;(14)(f) a joint venture;(14)(g) a business trust;(14)(h) a trust; or(14)(i) any organization similar to an entity described in Subsections (14)(a) through (h). See Utah Code 61-2f-102- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- 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- 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- Quorum: The number of legislators that must be present to do business.
- Real estate: includes leaseholds and business opportunities involving real property. 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- 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
(2) The commission shall:(2)(a) subject to concurrence by the division and in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, make rules for the administration of this chapter that are not inconsistent with this chapter, including:(2)(a)(i) licensing of:(2)(a)(i)(A) a principal broker;(2)(a)(i)(B) an associate broker; and(2)(a)(i)(C) a sales agent;(2)(a)(ii) registration of:(2)(a)(ii)(A) an entity;(2)(a)(ii)(B) an assumed name under which a person conducts business;(2)(a)(ii)(C) a branch office; and(2)(a)(ii)(D) a property management company;(2)(a)(iii) prelicensing and postlicensing education curricula;(2)(a)(iv) examination procedures;(2)(a)(v) the certification and conduct of:(2)(a)(v)(A) a real estate school;(2)(a)(v)(B) a course provider; or(2)(a)(v)(C) an instructor;(2)(a)(vi) proper handling of money received by a licensee under this chapter;(2)(a)(vii) brokerage office procedures and recordkeeping requirements;(2)(a)(viii) property management;(2)(a)(ix) standards of conduct for a licensee under this chapter;(2)(a)(x) if the commission, with the concurrence of the division, determines necessary, a rule as provided in Subsection 61-2f-306(3) regarding a legal form;(2)(a)(xi) the qualification and designation of an acting principal broker in the event a principal broker dies, is incapacitated, or is unable to perform the duties of a principal broker, as described in Section 61-2f-202; and(2)(a)(xii) giving or paying an inducement gift or a closing gift to a buyer or seller in a real property transaction;(2)(b) establish, with the concurrence of the division, a fee provided for in this chapter, except a fee imposed under Part 5, Real Estate Education, Research, and Recovery Fund Act;(2)(c) conduct an administrative hearing not delegated by the commission to an administrative law judge or the division relating to the:(2)(c)(i) licensing of an applicant;(2)(c)(ii) conduct of a licensee;(2)(c)(iii) the certification or conduct of a real estate school, course provider, or instructor regulated under this chapter; or(2)(c)(iv) violation of this chapter by any person;(2)(d) with the concurrence of the director, impose a sanction as provided in Section 61-2f-404;(2)(e) advise the director on the administration and enforcement of a matter affecting the division and the real estate sales and property management industries;(2)(f) advise the director on matters affecting the division budget;(2)(g) advise and assist the director in conducting real estate seminars; and(2)(h) perform other duties as provided by this chapter.(3)(3)(a) Except as provided in Subsection (3)(b), a state entity may not, without the concurrence of the commission, make a rule that changes the rights, duties, or obligations of buyers, sellers, or persons licensed under this chapter in relation to a real estate transaction between private parties.(3)(b) Subsection (3)(a) does not apply to a rule made:(3)(b)(i) under Title 31A, Insurance Code, or Title 7, Financial Institutions Act; or(3)(b)(ii) by the Department of Commerce or any division or other rulemaking body within the Department of Commerce.(4)(4)(a) The commission shall be comprised of five members appointed by the governor and approved by the Senate in accordance with Title 63G, Chapter 24, Part 2, Vacancies.(4)(b) Four of the commission members shall:(4)(b)(i) have at least five years’ experience in the real estate business; and(4)(b)(ii) hold an active principal broker, associate broker, or sales agent license.(4)(c) One commission member shall be a member of the general public.(4)(d) The governor may not appoint a commission member described in Subsection (4)(b) who, at the time of appointment, resides in the same county in the state as another commission member.(4)(e) At least one commission member described in Subsection (4)(b) shall at the time of an appointment reside in a county that is not a county of the first or second class.(5)(5)(a) Except as required by Subsection (5)(b), as terms of current commission members expire, the governor shall appoint each new member or reappointed member to a four-year term ending June 30.(5)(b) Notwithstanding the requirements of Subsection (5)(a), the governor shall, at the time of appointment or reappointment, adjust the length of terms to ensure that the terms of commission members are staggered so that approximately half of the commission is appointed every two years.(5)(c) Upon the expiration of the term of a member of the commission, the member of the commission shall continue to hold office until a successor is appointed and qualified.(5)(d) A commission member may not serve more than two consecutive terms.(5)(e) Members of the commission shall annually select one member to serve as chair.(6) When a vacancy occurs in the membership for any reason, the governor, with the advice and consent of the Senate, shall appoint a replacement for the unexpired term.(7) A member may not receive compensation or benefits for the member’s service, but may receive per diem and travel expenses in accordance with:(7)(a) Section 63A-3-106;(7)(b) Section 63A-3-107; and(8)(8)(a) The commission shall meet at least monthly.(8)(b) The director may call additional meetings:(8)(b)(i) at the director’s discretion;(8)(b)(ii) upon the request of the chair; or(8)(b)(iii) upon the written request of three or more commission members.(9) Three members of the commission constitute a quorum for the transaction of business.(10) A member of the commission shall comply with the conflict of interest provisions described in Title 63G, Chapter 24, Part 3, Conflicts of Interest.