Utah License Law
The Utah Division of Real Estate may audit a broker's trust account:
AOnly when a complaint is filed
BAt any time as part of its regulatory oversight✓ Correct
COnly at the end of each license renewal period
DOnly with a court order
Explanation
The Utah Division of Real Estate has statutory authority to audit brokers' trust accounts at any time to ensure client funds are properly safeguarded, not just when complaints are received.
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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.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Adverse PossessionA doctrine by which a person can gain legal title to another's land by openly, continuously, and adversely occupying it for a statutory period.
State-Specific Concepts
Trust Account RulesLicense Law
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