Utah License Law
A Utah real estate broker who closes their business must:
ATransfer all pending transactions to any other willing broker
BProperly close out all trust accounts, ensure licensees are transferred, and notify the Division✓ Correct
CSimply stop conducting business without notification
DFile for bankruptcy to close the brokerage
Explanation
When closing a brokerage, the principal broker must properly wind down operations: return or disburse all trust account funds, transfer affiliated licenses to other brokers, close open transactions, and notify the Division of Real Estate.
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Key Terms to Know
State-Specific Concepts
Trust Account Rules
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