Utah License Law
A Utah principal broker who wants to close their brokerage must:
ASimply cancel their license
BNotify the Division of Real Estate, transfer all active listings and trust funds, and ensure all affiliated licenses are properly reassigned✓ Correct
CGive 30 days' notice only to affiliated agents
DHave another broker purchase the brokerage
Explanation
Properly closing a brokerage requires notifying the Division of Real Estate, properly disbursing or transferring all trust funds, transferring active listings and pending transactions to other brokerages, and ensuring affiliated licensees affiliate with new brokers.
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Key Terms to Know
Proration
The division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
State-Specific Concepts
Trust Account Rules
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