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New Real Estate Administrative Rules

Rule Number Rule Sub-Heading Effective Date
R162-2f-102 "Residential property" is defined as real property consisting of, or improved by, a single-family one to four-unit dwelling. August 10, 2011
R162-2f-205 This amendment states that an entity may not register under a business name that closely resembles the name of another registered entity or that the division determines might otherwise prove confusing or misleading to the public. August 10, 2011
R162-2f-401a This amendment outlines standards that a licensee must follow in disclosing to a buyer in a residential purchase transaction the source from which the licensee obtains square footage data of a property. August 10, 2011
R162-2f-407 An applicant or respondent must be given at least 30 days notice of a hearing. August 22, 2011
R162-2f-403 This amendment clarifies that a principal broker may not pay a commission out of a trust account without first depositing the withdrawn funds into an operating account, unless the parties who have an interest in the trust funds have otherwise agreed pursuant to Subsection R162-2f-403(6)(a). August 10, 2011
R162-2f-202b An individual who applies for licensure as a principal broker within two years after allowing a principal broker license to expire must demonstrate having amassed three years of full-time professional real estate experience within the seven-year period preceding the date of application. November 21, 2011

 

 

Rule amendments that are out for public comment and may be viewed at: http://www.rules.utah.gov/publicat/bulletin.htm.