Utah Administrative Code
Topic - Commerce
Title R162 - Real Estate
Rule R162-57a - Timeshare and Camp Resort Rules
Section R162-57a-13 - Unprofessional Conduct
Universal Citation: UT Admin Code R 162-57a-13
Current through Bulletin 2024-06, March 15, 2024
(1) Developer.
(a) Affirmative duties. A developer or an
individual designated by the developer shall:
(i) actively supervise project salesperson(s)
to ensure compliance with Section 57-19 et seq. and these rules;
(ii) provide the complete property report to
each prospective purchaser pursuant to Subsection
R162-57a-11(2)(b)(i);
(iii) obtain a signed receipt for property
report from a prospective purchaser prior to:
(A) executing a purchase agreement;
or
(B) receiving any item of value
toward the purchase of an interest; and
(iv)
(A)
clearly inform a purchaser of the purchaser's right to rescind the agreement
if, during the rescission period mandated by Section
57-19-12,
the purchaser expresses a desire to terminate a contract or agreement entered
into by the purchaser; and
(B)
ensure compliance with this Subsection (iv)(A) by:
(I) all subsidiaries of the
developer;
(II) all persons
affiliated with the developer; and
(III) all persons affiliated with a
subsidiary of the developer.
(b) Prohibited conduct. A developer is
subject to discipline if the developer or an affiliated person:
(i) makes a misrepresentation or material
omission in a document submitted to the division; or
(ii) fails to comply with an order of the
division.
(2) Salesperson. A salesperson shall comply with:
(a) Section 57-19 et seq.;
(b) these rules; and
(c) this Subsection
(1)(a)(ii)-(iv).
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