Utah Administrative Code
Topic - Commerce
Title R162 - Real Estate
Rule R162-2f - Real Estate Licensing and Practices Rule
Section R162-2f-202b - Broker Licensing Fees and Procedures
Universal Citation: UT Admin Code R 162-2f-202b
Current through Bulletin 2023-24, December 15, 2023
(1) To obtain a Utah license to practice as a broker, an individual shall:
(a) evidence
honesty, integrity, truthfulness, and reputation pursuant to Subsection
R162-2f-201(1);
(b) evidence competency to transact the
business of real estate pursuant to Subsection
R162-2f-201(2);
(c)
(i)
successfully complete 120 hours of approved prelicensing education, including:
(A) 45 hours of broker principles;
(B) 45 hours of broker practices;
and
(C) 30 hours of Utah law and
testing; or
(ii) apply
to the division for waiver of all or part of the education requirement by
virtue of:
(A) completing equivalent education
as part of a college undergraduate or postgraduate degree program, regardless
of the date of the degree; or
(B)
completing other equivalent real estate education within the 12-month period
before the date of application;
(d)
(i)
apply with a testing service designated by the division to sit for the
licensing examination; and
(ii) pay
a nonrefundable examination fee to the testing center;
(e) pursuant to Subsection (5)(a), take and
pass both the state and national components of the licensing
examination;
(f)
(i) unless Subsection (4)(a) applies,
evidence the individual's having, within the five-year period preceding the
date of application either:
(A) three years
full-time, licensed, active real estate experience; or
(B) two years full-time, licensed, active,
real estate experience and one year full-time professional real estate
experience from the optional experience table in Appendix 3; and
(ii) evidence having accumulated,
within the five-year period preceding the date of application, a total of at
least 60 documented experience points complying with Section
R162-2f-401a, as follows:
(A) 45 to 60 points pursuant to the
experience points tables found in Appendices 1 and 2, of which a maximum of 25
points may have been accumulated from the "Other property management"
subsections of Appendix 2; and
(B)
0 to 15 points pursuant to the experience point table found in Appendix
3;
(iii) a minimum of
one-half of the experience points from Tables 1 and 2 must derive from
transactions of properties located in Utah;
(iv) evidence of qualifying experience which
the individual shall submit to the division by:
(A) selecting from the individual's total
qualifying experience documented experience points for which the experience
complies with the requirements in Section
R162-2f-401a; and
(B) submitting for review and approval by the
division documentation of at least 60 documented experience points and no more
than 80 documented experience points of the individual's qualifying experience;
and
(v) if an individual
submits evidence of experience points for transactions involving a team or
group, experience points are limited to those transactions for which the
individual is named in any written agency agreements and purchase and lease
contracts and the applicable experience points will be divided proportionally
among the licensees identified in the agency agreements and lease
contracts;
(g) pursuant
to Subsection (3)(b), submit to the division an application for licensure
including:
(i) documentation indicating
successful completion of the approved broker prelicensing education;
(ii) a report of the examination showing a
passing score for each component of the examination; and
(iii) the applicant's business, home, and
email addresses;
(h)
provide from any state where licensed as a real estate agent or broker:
(i) a written record of the applicant's
license history; and
(ii) complete
documentation of any disciplinary action taken against the applicant's
license;
(i) if applying
for an active license, affiliate with a registered company;
(j) pay the nonrefundable fees required for
licensure, including the nonrefundable fee required under Section
61-2f-505 for the Real Estate
Education, Research, and Recovery Fund;
(k) if applying for licensure as a principal
broker, establish real estate and property management trust accounts, as
applicable pursuant to Sections
R162-2f-403a and
R162-2f-403b that:
(i) for a real estate trust account contains
either the term "real estate trust account" or "real estate escrow account" in
the account name;
(ii) for a
property management trust account contains either the term "property management
trust account" or "property management escrow account" in the account name;
and
(iii) are separate from any
operating accounts of the registered entity for which the individual will serve
as principal broker; and
(1) if applying for
licensure as a principal broker, identify the locations where brokerage records
will be kept.
(2) A broker
applicant must accumulate a minimum of 45 experience points of the minimum 60
required experience points according to Experience Tables 1, 2, or 3, Section
R162-2f-501, Appendices, which
experience points comply with agency requirements specified in Section
R162-2f-401a. A broker applicant
may receive partial experience points for up to 15 of the 60 required
experience points if the applicant can successfully document from signed agency
agreements or purchase contracts that the applicant created or confirmed their
agency with the clients they represented. Partial experience points must be
documented from the transactions originally submitted by applicant totaling the
maximum of 80 experience points and approved for partial experience points by
the division.
(3) To obtain a Utah
license to practice as a broker, an individual who is currently and actively
licensed as a broker in another state shall:
(a) evidence honesty, integrity,
truthfulness, and reputation pursuant to Subsection
R162-2f-201(1);
(b) evidence competency to transact the
business of real estate pursuant to Subsection
R162-2f-201(2);
(c) successfully complete division approved
prelicensing education relating to Utah law and administrative rules;
(d)
(i)
apply with a testing service designated by the division to sit for the state
component of the licensing examination; and
(ii) pay a nonrefundable examination fee to
the testing center;
(e)
pursuant to Subsection (5)(a), take and pass the state component of the
licensing examination;
(f) pursuant
to Subsection (5)(b), submit to the division an application for licensure
including:
(i) documentation indicating
successful completion of the required prelicensing education;
(ii) a report of the examination showing a
passing score for the state component of the examination; and
(iii) the applicant's business, home, and
email addresses;
(g)
provide from each state where licensed:
(i) a
written record of the applicant's license history; and
(ii) complete documentation of any
disciplinary action taken against any license held by the applicant;
and
(h) pay the
nonrefundable fees required for licensure, including the nonrefundable fee
required under Section
61-2f-505 for the Real Estate
Education, Research, and Recovery Fund.
(4)
(a) If
an individual applies under this section within two years of allowing a broker
license to expire, the experience required under Subsection (1)(f) shall be
accumulated within the seven-year period preceding the date of
application.
(b) Pursuant to
Section R162-2f-407, an individual whose
application is denied by the division for failure to meet experience
requirements under Subsection (1)(f) may bring the application before the
commission.
(5)
Deadlines for passing tests and submitting an application are as follows:
(a) If an individual passes one test
component but fails the other, the individual shall retake and pass the failed
component:
(i) within six months of the date
on which the individual achieves a passing score on the passed component;
and
(ii) within 12 months of the
date on which the individual completes the prelicensing education.
(b) An application for licensure
shall be submitted:
(i) within 90 days of the
date on which the individual achieves passing scores on both examination
components; and
(ii) within 12
months of the date on which the individual completes the prelicensing
education.
(c) If any
deadline in this section falls on a day when the division is closed for
business, the deadline shall be extended to the next business day.
(6) A broker license may not be
granted to an applicant whose sales agent license is on suspension or probation
at the time of application.
(7)
(a)
(i) A
person who holds or obtains a dual broker license may function as the principal
broker of a property management company that is a separate entity from the
person's real estate brokerage.
(ii) A dual broker may not conduct real
estate sales activities from the separate property management
company.
(iii) A principal broker
may conduct property management activities from the person's real estate
brokerage:
(A) without holding a dual broker
license; and
(B) in accordance with
Sections R162-2f-401j,
R162-2f-403a, and
R162-2f-403b.
(b) A dual broker who
wishes to consolidate real estate and property management operations into a
single brokerage may:
(i) at the broker's
request, convert the dual broker license to a principal broker license;
and
(ii)
(A) convert the property management company
to a branch office of the real estate brokerage, including the assignment of a
branch broker and using the same name as the real estate brokerage;
or
(B) close the separate property
management company.
Amended by Utah State Bulletin Number 2016-2, effective 12/16/2015
Amended by Utah State Bulletin Number 2018-18, effective 8/21/2018
Amended by Utah State Bulletin Number 2020-21, effective 10/21/2020
Amended by Utah State Bulletin Number 2021-12, effective 6/8/2021
Amended by Utah State Bulletin Number 2022-11, effective 5/25/2022
Amended by Utah State Bulletin Number 2023-17, effective 8/16/2023
Disclaimer: These regulations may not be the most recent version. Utah may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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