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New AMC Administrative Rules

Rule Number Rule Sub-Heading Effective Date
R162-2f-202b A new subsection (5) provides that a property management company that is not registered under a dual broker license is no longer prohibited from engaging in the business of real estate. The subsection also creates a process by which the Division will convert existing property management registrations and licenses to real estate registrations and licenses. May 8, 2013
R162-2f-401a Existing language is amended to clarify (1) that a licensee is required to obtain an agency agreement as to all sellers or buyers the licensee represents; and (2) that parties under a contract for new construction may use forms that are not approved by the state as long as they comply with Section 61-2f-306(2)(b)-(c). May 8, 2013
R162-2f-401b Existing language is amended to clarify (1) that a nominal payment, up to $200 per lease, to an unlicensed employee or current tenant in a property management transaction does not constitute unprofessional conduct; and (2) that a licensee may not charge inflated or unearned fees in a real estate transaction. May 8, 2013
R162-2f-401c Record-keeping requirements are moved into a new subsection. Language is modified to clarify how the existing requirements apply differently in real estate and property management transactions. May 8, 2013
R162-21-401j  Existing language is amended to clarify a principal broker's supervisory duties in property management transactions, particularly as to unlicensed employees. May 8, 2013
R162-2f-401k This is a new section in which all existing requirements regarding record retention and management are combined for easy reference. May 8, 2013
R162-2f-403a-403c The existing trust account standards and requirements are divided into three sections: one for general provisions that apply to all trust accounts; one for provisions that apply specifically to real estate trust accounts; and one for provisions that apply specifically to property management trust accounts. May 8, 2013
R162-2e-401 The unprofessional conduct rules are amended to clarify that Utah Code § 61-2e prohibits an entity from using an employee to complete an appraisal assignment if the entity represents itself to the client as an AMC. If the entity timely discloses to the client that it is acting as an appraisal firm rather than as an AMC, then the entity is permitted to use an employee to complete an appraisal assignment. August 8, 2013
R162-2e-102 The term "employee" is defined. August 8, 2013