Utah License Law
A Utah real estate agent who receives a gift from a client (such as tickets to a Utah Jazz game) after closing:
AMust refuse all gifts as they are always prohibited
BMay accept reasonable gifts not given in exchange for a referral or as a kickback✓ Correct
CMust report the gift to the Division of Real Estate
DMust split the gift's value with their broker
Explanation
Reasonable gifts from clients after a transaction are generally permissible, unlike kickbacks or undisclosed referral fees. The key distinction is that the gift is a genuine expression of gratitude, not compensation for referrals.
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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.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
State-Specific Concepts
License Law
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