Utah Administrative Code
Topic - Commerce
Title R162 - Real Estate
Rule R162-2f - Real Estate Licensing and Practices Rule
Section R162-2f-102 - Definitions
Current through Bulletin 2023-24, December 15, 2023
(1) "Active license" means a license granted to an applicant who:
(2) "Advertising" means a commercial message through:
(3) "Affiliate:"
(4) "Branch broker" means an associate broker who manages a branch office under the supervision of the principal broker.
(5) "Branch office" means a principal broker's real estate brokerage office other than the principal broker's main office.
(6) "Brokerage" means a real estate sales or a property management company.
(7) "Brokerage record" means any record related to the business of a principal broker, including:
(8) "Business day" is defined in Section 61-2f-102.
(9) "Certification" means authorization from the division to:
(10) "Closing gift" means any gift given by a principal broker, or a licensee affiliated with the principal broker, to a buyer or seller, lessor or lessee, in appreciation for having used the services of a real estate brokerage.
(11) "Commission" means the Utah Real Estate Commission.
(12) "Continuing education" means professional education required as a condition of renewal in accordance with Section R162-2f-204 and may be:
(13) "Correspondence course" means a self-paced real estate course that:
(14) "Day" means calendar day unless specified as business day.
(15)
(16) "Division" means the Utah Division of Real Estate.
(17) "Double contract" means executing two or more purchase agreements, one of which is not made known to the prospective lender or loan funding entity.
(18) "Expired license" means a license that is not renewed pursuant to Section 61-2f-204 and Section R162-2f-204 by:
(19) "Guaranteed sales plan" means:
(20) "Inactive license" means a license that has been issued pursuant to Sections R162-2f-202a through 202c or renewed pursuant to Section R162-2f-204, but that may not be used to conduct the business of real estate because the license holder is not affiliated with a principal broker. Pursuant to Section R162-2f-203, a license may be inactivated:
(21) "Inducement gift" means any gift given by a principal broker, or a licensee affiliated with the principal broker, to a buyer or seller, lessor or lessee, in a real estate transaction as an incentive to use the services of a real estate brokerage.
(22) "Informed consent" means written authorization, obtained from both principals to a single transaction, to allow a licensee to act as a limited agent.
(23) "Limited agency" means the representation of each of the principals in the same transaction to negotiate a mutually acceptable agreement:
(24) "Net listing" means a listing agreement under which the real estate commission is the difference between the actual selling price of the property and a minimum selling price as set by the seller.
(25)
(26) "Nonresident applicant" means a person:
(27) "Principal brokerage" means the main real estate or property management office of a principal broker.
(28) "Principal" in a transaction means an individual who is represented by a licensee and may be:
(29) "Provider" means an individual or business that is approved by the division to offer continuing education.
(30) "Property management" is defined in Section 61-2f-102.
(31) "Registration" means authorization from the division to engage in the business of real estate as:
(32) "Reinstatement" is defined in Section 61-2f-102.
(33) "Reissuance" is defined in Section 61-2f-102.
(34) The acronym RELMS means "real estate licensing and management system," which is the online database through which licensees shall submit licensing information to the division.
(35) "Renewal" is defined in Section 61-2f-102.
(36) "Residential property" means real property consisting of, or improved by, a single-family one- to four-unit dwelling.
(37) "School" means:
(38) "Sponsor" means:
(39) "Third party service provider" means an individual or entity that provides a service necessary to the closing of a specific transaction and includes:
(40) "Traditional education" means education in which instruction takes place between an instructor and students where both the instructor and students are physically present in the same classroom.
(41) "Undivided fractionalized long-term estate" is defined in Section 57-29-102.
(42) "Virtual-live continuing education" means continuing education that is presented in a live, video conferencing format, using interactive instructional methods where teacher and student may be separated by distance but not by time. The teacher can is able to interact, and does interact in real time with the students.
Amended by Utah State Bulletin Number 2016-6, effective 2/23/2016
Amended by Utah State Bulletin Number 2016-12, effective 5/31/2016
Amended by Utah State Bulletin Number 2017-4, effective 1/19/2017
Amended by Utah State Bulletin Number 2019-4, effective 1/23/2019
Amended by Utah State Bulletin Number 2021-12, effective 6/8/2021
Amended by Utah State Bulletin Number 2022-11, effective 5/25/2022