To Renew Your License Before Expiration
To Renew Your License Before Expiration
To Renew Your License Before Expiration
- Deadlines. You have must renew your license every 2 years. You must have all your continuing education (CE) submitted to the Division of Real Estate (Division) by the 15th of the month in which your license expires. When you apply for renewal, you must not have a felony conviction or a record of fraud, misrepresentation, or deceit as determined by a court.
- Hour Requirements. In your first renewal, you must complete the 12-hour New Agent Training and an additional 6 hours of either core or elective.
Every renewal after your first requires completion of 18 hours of CE. Of those 18 hours, 9 must be core topics, and the remaining 9 can be elective. The core topics are outline by regulation; however, I suggest that you not rely on the topic but the actual class you go to take. Some classes that seem to fit within a core topic can end up being approved as electives instead, so the best bet is to make sure the class you want to take is approved for core. This information should be known by the class provider, and it will also be posted on the Division's website.
When a principal broker renews his/her license, they mist certify that their business name is still current and in good standing with the Division of Corporations, and that the to account is still current and compliant with Regulations.
REALTOR FIELD GUIDE
Utah Administrative Code
Utah Administrative Code
Real Estate Rules and Regulations
The Division of Real Estate has the legal authority to promulgate regulations over the real estate industry. This authority was granted to it by the Utah State Legislature and carries the full force of law. However, despite the legal weight behind these regulations, the punishments for violating regulations are significantly different than what a court of law can impose upon an agent who violates the Utah Code.
The punishments for breaking a regulation cannot include jail time or money damages but can be fines and actions against an agent's license, such as probation, suspension, and revocation.
The following is not a full and complete overview of the regulations pertaining to real estate agents and brokers. I have taken only those regulations that affect your day-to-day operations as an agent. There are numerous provisions of the Real Estate Rules and Regulations that pertain to things such as, education, instructors, licensing fees and procedures, changes in corporate structure, and others that are not necessarily applicable to the daily life of a real estate agent.
Additionally, this overview is intended as a quick reference for you to check and ensure your compliance when issues arise. As a result, if you need a thorough examination of a Rule as it pertains to your situation, you must seek your own legal counsel. An overview of the Rules is not and cannot be construed as legal advice for your specific situation. As always, it's your responsibility to stay on top of the law.
TO ACTIVATE A LICENSE
To Activate and Inactive Your License
Inactivate Your License. As an agent, you must submit a change form through the Real Estate License Management System ("RELMS*). If you're a principal broker, you must give written notice of your decision to inactivate your license to all your licensees and show the Division proof of your notice before you can submit your change form through the RELMS system.
Activate Your License. Submit a change form through RELMS along with (1) proof of having been issued an active license previously (the Division can help with this as it's usually on record); (2) proof that you've completed 18 hours of continuing education (9 hours being core topics) within 1 year before your activation request; and (3) pass the State exam within 6 months prior of your activation request. Of course, you must have a broker to affiliate with as well.
What YOU Must Do Under Law
What You MUST Do Under The Law
- Fiduciary Duties. You must uphold your fiduciary duties to your client (undivided loyalty, obedience, full disclosure, confidentiality, reasonable care and diligence, and accounting, and any others created by the agency agreement).
- Written Agency Agreements. You must execute a written agency agreement with all clients. Yes, buyers included.
- Limited Agency Agreements.
You must get opposing clients* informed consent
before representing them in the same transaction.
- Your Duties as a Limited Agent. You must act as a
neutral party in your loyalty, disclosure, and confidentiality. You must still uphold the duties of obedience, reasonable care and diligence, and accounting, as well as any others created by your agency agreements. - First Contact Disclosure. In your first contact with the other party, you must disclose your status as a real estate agent, regardless of whether you are active or inactive.
- Pre-REPC Disclosure. Prior to your client (or you) executing a REPC, you must disclose in writing to your client and the other side the following: If you are a principal in the transaction;
- Your agency relationships (that you represent the seller/buyer/landlord/ tenant);
• The existence of a possible due-on-sale clause; and > The potential consequence of selling or buying property without obtaining a lien holder's authorization
7. Marketing Data Accuracy. You must make reasonable efforts to verify the accuracy and content of the information you are using in your marketing.
8. Square Footage Disclosure. You must disclose the source that you are relying on for any square footage data you use in your marketing. This disclosure must be made in each of the following: > In the REPC; and
• In a written disclosure to the buyer at or before Seller's Disclosure Deadline indicated in the REPC;
- Agency Relationship Disclosure. You must disclose your agency relationship with your client to the other side upon first contact with them. There is no legal requirement that this disclosure be in writing.
- REPC Agency Confirmation. You must confirm your agency relationships in the purchase contract.
- Lease Agency Confirmation. When executing a lease agreement, you must confirm your agency relationships in the lease agreement.
