Utah Administrative Code
Topic - Commerce
Title R162 - Real Estate
Rule R162-2f - Real Estate Licensing and Practices Rule
Section R162-2f-401i - Standards for Real Estate Auctions
Universal Citation: UT Admin Code R 162-2f-401i
Current through Bulletin 2024-06, March 15, 2024
For auctions of real property in this state:
(1) the auctioneer or auction company shall:
(a) be licensed as a principal broker under
the Real Estate Licensing and Practices Act; or
(b) affiliate with a licensed principal
broker for purposes of advertising and conducting each aspect of the
auction;
(2) the auctioneer or auction company shall not advertise the services of the auctioneer or auction company directly to an owner of real property who is already subject to an agency agreement;
(3) if an auctioneer or auction company affiliates with a principal broker as provided in R162-2f-401i(1)(b), the principal broker shall:
(a) ensure that each
aspect of the auction complies with the requirements of this section and any
other law applicable to real estate licensees in real estate
transactions;
(b) ensure that
advertising and promotional materials associated with an auction name the
principal broker;
(c) attend and
supervise the auction;
(d) ensure
that any purchase agreement used at the auction is completed by an individual
holding an active Utah real estate license and is filled out in compliance with
Section
61-2f-306;
(e) ensure that any money deposited at the
auction is placed in trust pursuant to Utah Administrative Code
R162-2f-401c(1)(i);
and
(f) ensure that adequate
arrangements are made for the closing of any real estate transaction arising
out of the auction.
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