Section R162-2f-205 - Registration Required(1) A principal broker may not engage in any activity described in Section 61-2f-201 through: (a) an entity as defined in Section 61-2f-102;(d) a separate property management company; without first registering the entity, branch office, assumed name, or separate property management company with the division.
(2) The following locations may be used to conduct real estate business without being registered as branch offices:(b) a project sales office; and(c) a facility established for 12 months or less as a temporary site for marketing activity, such as an exhibit booth.(3) To register with the division, a principal broker shall: (a) evidence that the name of the registrant is registered with the Division of Corporations;(b) certify that the registrant is affiliated with a principal broker who:(i) is authorized to use the name of the registrant; and(ii) will actively supervise the activities of each sales agent, associate broker, branch broker, and unlicensed staff member;(c) if registering a branch office, submit an application that identifies: (i) the branch broker who will actively supervise each licensee and unlicensed staff working from the branch office;(ii) the physical address of the branch office;(iii) the name and license number of the branch broker;(iv) the names of associate brokers and sales agents assigned to the branch office; and(v) the location and account number of each real estate and property management trust account in which funds received at the registered location will be deposited;(d) if the applicant is not a branch office, submit an application that identifies:(i) the location and account number of each operating account used by the registrant; and(ii) the location where brokerage records will be kept; and(e) pay a nonrefundable application fee.(4) Restrictions. (a)(i) The division may not register a registrant proposing to use a business name that: (A) is likely to mislead the public into thinking that the registrant is not a real estate brokerage or property management company;(B) closely resembles the name of another registrant of the division; or(C) the division determines might otherwise be confusing or misleading to the public.(ii) Approval by the division of a registrant's business name does not ensure or grant to the registrant a legal right to use or operate under that name.(b) A branch office shall operate under the same business name as the principal brokerage.(c) A registrant may not designate a post office box as its business address, but may designate a post office box as a mailing address.(d) Each trust account and operating account used by a registrant shall be maintained in a bank or credit union located in the state.(5) Registration not transferable. (a) A registrant may may not transfer the registration to any other person.(b) A registrant may not allow an unlicensed person to use the registrant's registration to perform work for which licensure is required.(c) If a change in structure of a registrant creates a separate and unique legal entity, branch office, assumed name, or separate property management company, the principal broker shall obtain a unique registration, and may not operate under an existing registration.(d) The dissolution or termination of an entity, branch office, assumed name, or separate property management company registered with the division terminates the registration.(6) The division may not bring an action for enforcement of this section after the expiration of four years following the occurrence of the violation.Utah Admin. Code R162-2f-205
Amended by Utah State Bulletin Number 2020-21, effective 10/21/2020Amended by Utah State Bulletin Number 2021-12, effective 6/8/2021Amended by Utah State Bulletin Number 2022-11, effective 5/25/2022