Utah Admin. Code 162-57a-13

Current through Bulletin 2024-20, October 15, 2024
Section R162-57a-13 - Unprofessional Conduct
(1) Developer.
(a) Affirmative duties. A developer or an individual designated by the developer shall:
(i) actively supervise project salesperson(s) to ensure compliance with Section 57-19 et seq. and these rules;
(ii) provide the complete property report to each prospective purchaser pursuant to Subsection R162-57a-11(2)(b)(i);
(iii) obtain a signed receipt for property report from a prospective purchaser prior to:
(A) executing a purchase agreement; or
(B) receiving any item of value toward the purchase of an interest; and
(iv)
(A) clearly inform a purchaser of the purchaser's right to rescind the agreement if, during the rescission period mandated by Section 57-19-12, the purchaser expresses a desire to terminate a contract or agreement entered into by the purchaser; and
(B) ensure compliance with this Subsection (iv)(A) by:
(I) all subsidiaries of the developer;
(II) all persons affiliated with the developer; and
(III) all persons affiliated with a subsidiary of the developer.
(b) Prohibited conduct. A developer is subject to discipline if the developer or an affiliated person:
(i) makes a misrepresentation or material omission in a document submitted to the division; or
(ii) fails to comply with an order of the division.
(2) Salesperson. A salesperson shall comply with:
(a) Section 57-19 et seq.;
(b) these rules; and
(c) this Subsection (1)(a)(ii)-(iv).

Utah Admin. Code R162-57a-13