Utah Admin. Code 162-2f-501

Current through Bulletin 2024-20, October 15, 2024

Section R162-2f-501 - Appendices

(1) When submitting evidence of qualifying experience as part of an application for licensure as a broker, an applicant shall select from the applicant's total qualifying experience at least 60 documented experience points and no more than 80 documented experience points for review and approval by the division.

(2) A minimum of 45 experience points of the required 60 experience points for qualification as a broker must comply fully with the requirements in Section R162-2f-401a. As provided for in Subsection R162-2f-202b(2), a broker applicant may receive partial experience points for up to 15 of the 60 required experience points if the applicant can successfully document from signed agency agreements or purchase contracts that the applicant created or confirmed their agency with the clients they represented. Partial experience points must be documented from the transactions originally submitted by applicant totaling the maximum of 80 experience points and approved by the division.

(3) When calculating experience points in Table 1, experience points for a transaction subject to an agency agreement other than an exclusive brokerage agreement as defined in Subsection 61-2f-308(1)(d) are limited to one-quarter of the points described in Table 1.

(4) When calculating experience points from Tables 1 and 2, experience points are limited to points for those activities which require a real estate license and comply with Section R162-2f-401a. A minimum of one-half of the points in Tables 1 and 2 must derive from transactions of properties located in Utah.

TABLE 1 APPENDIX 1 - REAL ESTATE SALES TRANSACTIONS EXPERIENCE TABLE
RESIDENTIAL - points can be accumulated from either the selling or the listing side of a real estate sales transaction:	Points that may be earned
(a) One-unit dwelling	2.5 points
(b) Two- to four-unit dwellings	5 points
(c) Apartments, 5 units or over	10 points
(d) Improved lot	2 points
(e) Vacant land or subdivision	10 points
COMMERCIAL	Points that may be earned
(f) Hotel or motel	10 points
(g) Industrial or warehouse	10 points
(h) Office building	10 points
(i) Retail building	10 points

TABLE 2 APPENDIX 2 - LEASING TRANSACTIONS AND PROPERTY MANAGEMENT EXPERIENCE TABLE
RESIDENTIAL	Points that may be earned
(a) Each property management agreement	1 point per unit up to 5 points
(b) Each unit leased	1.25 points per unit
(c) Other property management	0.25 points per month*
COMMERCIAL -- hotel, motel, industrial, warehouse, office, or retail building	Points that may be earned
(a)(ii) Each property management agreement	1 point per unit up to 5 points
(ii) Each unit leased	1.25 points per unit
(b) Each Owner Agreement of 5 units+	5 points
(ii) Each unit leased	1.25 pts < 2,000 sf 3 pts 2,001 -- 5,000 sf 5 pts > 5,000 sf
(e) Property management	1 pt/100,000 sf/month
(f) Other property management	1 pt/100,000 sf/month*
* When calculating experience points from Table 2, the total combined monthly experience credit claimed for "Other property management" combined, both residential and commercial, may not exceed 25 points in any application to practice as a real estate broker.

TABLE 3 APPENDIX 3 - OPTIONAL EXPERIENCE TABLE
	Points that may be earned
Real Estate Attorney	1 pt/month
C PA -Certified Public Accountant	1 pt/month
Mortgage Loan Officer	1 pt/month
Licensed Escrow Officer	1 pt/month
Licensed Title Agent	1 pt/month
Designated Appraiser	1 pt/month
Licensed General Contractor	1 pt/month

Utah Admin. Code R162-2f-501

Amended by Utah State Bulletin Number 2016-2, effective 12/16/2015

Amended by Utah State Bulletin Number 2017-2, effective 12/22/2016

Amended by Utah State Bulletin Number 2017-4, effective 1/19/2017

Amended by Utah State Bulletin Number 2018-18, effective 8/21/2018

Amended by Utah State Bulletin Number 2022-11, effective 5/25/2022

Amended by Utah State Bulletin Number 2023-17, effective 8/16/2023