Utah License Law
A Utah licensee who solicits listings in an area where they do not have comparable sales experience should:
ANever solicit in unfamiliar areas
BDisclose their limited experience in that area and ensure they are competent before taking the listing✓ Correct
CImmediately obtain a specialist endorsement
DRefer all such listings to another agent without compensation
Explanation
The duty of competence requires agents to have the skills and knowledge necessary to represent a client adequately. If an agent lacks specific market knowledge, they must disclose this and obtain the needed competence before proceeding.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
State-Specific Concepts
Continuing Education
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