Utah Administrative Code
Topic - Commerce
Title R162 - Real Estate
Rule R162-2f - Real Estate Licensing and Practices Rule
Section R162-2f-207 - Reporting a Change of Information
Universal Citation: UT Admin Code R 162-2f-207
Current through Bulletin 2024-06, March 15, 2024
(1) Individual notification requirements.
(a) An individual licensed as a sales agent,
associate broker, or principal broker shall report the following to the
division:
(i) a change in licensee's name; and
(ii) a change in licensee's
business, home, email, or mailing address.
(b) In addition to complying with Subsection
(1)(a):
(i) an individual licensed as a sales
agent or associate broker shall report to the division a change in affiliation
with a principal broker; and
(ii)
an individual licensed as a principal broker shall report to the division:
(A) the termination of a sales agent,
associate broker, or branch broker, if the change is not reported pursuant to
Subsection (1)(b)(i);
(B) a change
in assignment of branch broker; and
(C) the termination of the principal broker's
affiliation with an entity.
(2) A registered entity shall report the following to the division:
(a) a change in
entity's name;
(b) a change in
entity's affiliation with a principal broker;
(c) a change in corporate
structure;
(d) the dissolution of
incorporation; and
(e) a change of
location where brokerage records are kept.
(3) Notification procedures.
(a) To report a change in name, a person
shall submit to the division a change form and:
(i) if the person is an individual, attach to
it official documentation such as a:
(A)
marriage certificate;
(B) divorce
decree;
(C) court order;
or
(D) driver license;
and
(ii) if the person
is an entity:
(A) obtain prior approval from
the division of the new entity name; and
(B) attach to the change form proof that the
new name as approved by the division pursuant to Subsection (3)(a)(ii)(A) is
registered with, and approved by, the Division of Corporations.
(b) To report a change
in address, a person shall enter the change into RELMS.
(c) Affiliation.
(i) To terminate an affiliation between an
individual and a principal broker, a person shall submit a change form through
RELMS to inactivate or transfer the individual's license; and
(A)
(I)
obtain the electronic affirmation of the other party to the terminated
affiliation; or
(II) comply with
Subsection (4); and
(B)
if a sales agent, associate broker, or branch broker simultaneously establishes
an affiliation with a new principal broker, obtain the electronic affirmation
of the new principal broker on a change form.
(ii) To terminate an affiliation between a
principal broker and an entity:
(A) the
principal broker shall submit a change form to the division to inactivate or
transfer the principal broker's license; and
(B) if the entity does not simultaneously
affiliate with a new principal broker, the entity shall:
(I) cease operations;
(II) submit to the division a company or
branch change form to inactivate the entity registration;
(III) submit change forms through RELMS to
inactivate the license of any licensee affiliated with the entity;
(IV) advise the division as to the location
where records will be stored;
(V)
notify each listing and management client that the entity is no longer in
business and that the client may enter into a new listing or management
agreement with a different brokerage;
(VI) notify each party and cooperating broker
to any existing contracts; and
(VII) retain money held in trust under the
control of a signer on the trust account, or an administrator or executor,
until each party to every transaction agrees in writing to the disposition or
until a court of competent jurisdiction issues an order relative to the
disposition.
(iii) To change an assignment of branch
broker, a principal broker shall submit a change form to the
division.
(d) Corporate
structure.
(i) To report a change in corporate
structure of a registered entity, the affiliated principal broker shall:
(A) if the change does not involve a new
business license, or a new registration with the Utah Division of Corporations
and Commercial Code, submit a letter to the division, fully explaining the
change; and
(B) if the change
involves a new business license or a new registration with the Utah Division of
Corporations and Commercial Code for a purpose other than a company name
change, obtain a new registration.
(ii) To report the dissolution of an entity
registered with the division, a person shall comply with Subsection
(3)(c)(ii)(B).
(e) To
report a change in the location where brokerage records are kept, the principal
broker of the registered entity shall submit to the division a letter on
brokerage letterhead.
(4) If an individual is unavailable to sign or electronically affirm a change form, the person responsible to report the change may do so by:
(a) sending a letter by
certified mail to the last known address of the individual to notify that
individual of the change and, as applicable:
(i) entering the certified mail reference
number into the appropriate field on the electronic change form; or
(ii) providing to the division a copy of the
certified mail receipt; or
(b) sending an email to notify the
individual.
The division may not bring an action for enforcement of this subsection after the expiration of four years following the occurrence of the violation.
(5) The termination of affiliation by sending an email is effective 10 days after the date that the email was sent.
(6) The division may require a notification submitted pursuant to this section to be accompanied by a nonrefundable change fee.
(7) Deadlines.
(a) A change in affiliation shall be reported
to the division before the change is made.
(b) A change in branch manager shall be
reported to the division when the change is made.
(c) Any other change shall be reported to the
division within ten business days of the change taking effect.
(d) As to a change that requires submission
of a paper form or document, if the deadline specified in this Section
R162-2f-207 falls on a day when the division is closed for business, the
deadline shall be extended to the next business day.
(8) A change reported in compliance with this section becomes effective with the division the day on which the properly executed change form is received by the division.
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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